General Moly Announces Receipt of the Record of Decision for the Mt. Hope Project Environmental Impact Statement

General
Moly, Inc. (the 'Company') (NYSE MKT and TSX: GMO), a U.S.-based
molybdenum mineral development, exploration and mining company,
announced that the U.S. Bureau of Land Management ('BLM?) has issued a
Record of Decision ('ROD?) authorizing development of the Mt. Hope
Project in Eureka County, Nevada. The Record of Decision is effective as
of November 16, 2012.

Bruce D. Hansen, Chief Executive Officer of General Moly, said, 'This is
the culmination of six years of hard work and dedicated effort from our
team and the BLM, with significant input from all the cooperating and
commenting agencies and the general public to responsibly develop the
world-class Mt. Hope Project. We along with our partners at POS-Minerals
Corporation are very pleased to achieve this important permitting
milestone, and want to thank our regulatory agency partners who have
been so responsive and diligent in carrying out this process. We will
continue working closely and collaboratively with all of our
stakeholders to develop Mt. Hope in an environmentally and socially
responsible manner.'

Mr. Hansen continued, 'With the receipt of the Record of Decision, and
what we believe will be the relatively expeditious issuance of the Water
Pollution Control Permit and Reclamation Permit from the State of Nevada
Division of Environmental Protection, we expect to move aggressively
from a successful permitting process, to finalizing our project
financing, and initiating the construction and development of Mt. Hope.
We anticipate that the Mt. Hope Project will become an important
contributor to economic development and job opportunities in Northern
Nevada for decades to come.'

The ROD issued by the BLM for the Mt. Hope Project approves the Plan of
Operations for construction and operation of the mining and processing
facilities and also grants the Rights-of-Way for the 230 kV power
transmission line. Monitoring and mitigation measures identified in the
ROD developed in collaboration with the regulatory agencies involved
throughout the permitting process will avoid, minimize, and mitigate
environmental impacts, and reflect General Moly′s commitment to operate
this mine to the highest environmental standards.

Mt. Hope is a large scale, high grade molybdenum project located 23
miles northwest of Eureka, Nevada. A multi-generational project with an
expected mine-life exceeding 40 years, the mine contains 1.3 billion
pounds of molybdenum in proven and probable reserves. Over the first
five years of operations, Mt. Hope is expected to supply annual
production of approximately 40 million pounds with process grades of
0.1% molybdenum. The engineering design of Mt. Hope is over 60% complete.

General Moly is a U.S.-based molybdenum mineral development, exploration
and mining company listed on the NYSE MKT (formerly the NYSE AMEX) and
the Toronto Stock Exchange under the symbol GMO. Our primary asset, our
interest in the Mt.
Hope ?project located in central Nevada, is considered one of
the world's largest and highest grade molybdenum
deposits. Combined with our second molybdenum property, the Liberty
project that is also located in central Nevada, our goal is to become
the largest pure play primary molybdenum producer in the world. For more
information on the Company, please visit our website at http://www.generalmoly.com.

Forward-Looking Statements

Statements herein that are not historical facts are 'forward-looking
statements? within the meaning of Section 27A of the Securities Act, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended and are intended to be covered by the safe harbor created by
such sections. Such forward-looking statements involve a number of risks
and uncertainties that could cause actual results to differ materially
from those projected, anticipated, expected, or implied by the Company.
These risks and uncertainties include, but are not limited to, metals
price and production volatility, global economic conditions, currency
fluctuations, increased production costs and variances in ore grade or
recovery rates from those assumed in mining plans, exploration risks and
results, political, operational and project development risks, including
the Company′s ability to obtain required permits to commence production
and its ability to raise required financing, adverse governmental
regulation and judicial outcomes. The closing of the Hanlong transaction
and obtaining bank financing are subject to a number of conditions
precedent that may not be fulfilled. The bank financing and subordinated
loans are subject to final negotiation and satisfaction of conditions
precedent. For a detailed discussion of risks and other factors that may
impact these forward looking statements, please refer to the Risk
Factors and other discussion contained in the Company′s quarterly and
annual periodic reports on Forms 10-Q and 10-K, on file with the SEC.
The Company undertakes no obligation to update forward-looking
statements.

General Moly

Investors:

Scott Kozak, 303-928-8591

skozak@generalmoly.com

or

Media:

Zach
Spencer, 775-748-6059

zspencer@generalmoly.com

or

info@generalmoly.com

http://www.generalmoly.com