General Moly Announces Receipt of Reclamation Permit for the Mt. Hope Project
General
Moly, Inc. (the 'Company') (NYSE MKT and TSX: GMO), a U.S.-based
molybdenum mineral development, exploration and mining company,
announced that the State of Nevada Division of Environmental Protection
(NDEP) has issued a Reclamation Permit for the Mt. Hope Project.
Bruce D. Hansen, Chief Executive Officer of General Moly, said, 'We are
pleased to receive the Reclamation Permit from the Nevada Division of
Environmental Protection, which along with the Record of Decision issued
by the U.S. Bureau of Land Management on November 16, represent two
important milestones for the permitting process at Mt. Hope. NDEP
continues to make progress finalizing the Water Pollution Control
Permit, the last major operating permit for the Mt. Hope Project.?
NDEP published a Notice of Proposed Action on October 1, 2012 stating
their tentative decision to issue a Reclamation Permit for the Mt. Hope
Project. Following the 30-day public review and comment period, the
hearing for the permit took place on October 30, 2012.
The Reclamation Permit authorizes surface disturbance and construction
of facilities. The permit was issued on the basis of a site specific
application detailing the reclamation methods to be used to return the
land to safe and stable conditions and a productive post-mining land
use. The Reclamation Permit also approved the reclamation cost estimate
of approximately $73 million and established bonding requirements based
on this estimate.
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
http://www.generalmoly.com
info@generalmoly.com