General Moly Initiates Cultural Clearance at Mt. Hope
General
Moly, Inc. (the 'Company') (NYSE MKT and TSX: GMO), a U.S.-based
molybdenum mineral development, exploration and mining company,
announced that its 80% owned subsidiary, Eureka Moly, LLC, has initiated
cultural clearance activities at the Mt. Hope Project. The State
Archeologist at the Nevada State Office of the Bureau of Land Management
issued an Archaeological Resource Protection Act Permit for the Mt. Hope
Project treatment plan on November 29, 2012.
Bob Pennington, Chief Operating Officer of General Moly, said, 'Cultural
clearance is an important component of our environmental protection
commitment and will be completed before major earthworks are done in any
of the construction areas. We will concentrate on clearing priority
areas for initial construction and then continue mitigation throughout
the disturbance footprint. We believe that using this phased approach
will allow us to maintain uninterrupted construction progress after a
few weeks of initial clearance work is completed. Our contractors will
conduct the clearance in accordance with the previously approved
treatment plan, which reflects General Moly′s commitment to
environmental excellence.?
Kautz Environmental Consultants has been contracted by Eureka Moly to
initiate cultural clearance mitigation and will be onsite until the
conclusion of the process. Kautz is a well-known and respected firm
specializing in cultural resource surveys, mitigation, and regulatory
compliance. They have extensive experience in Nevada and throughout the
Western United States, having completed numerous projects since 1994.
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