General Moly Granted Permit to Construct Transmission Line Powering Mt. Hope Project
General
Moly, Inc. (the 'Company') (NYSE MKT: GMO)(TSX: GMO), a U.S.-based
molybdenum mineral development, exploration and mining company,
announced through its 80% owned Mt. Hope subsidiary, Eureka Moly, LLC,
that the Public Utilities Commission of Nevada ('PUCN?) has granted a
permit to construct a 230 kV power line that interconnects with Nevada
Energy′s transmission system at the existing Machacek Substation located
near the town of Eureka, NV and extend it approximately 25 miles to the
planned Mt. Hope Substation. In addition, the Bureau of Land Management
('BLM?) has notified the Company that its surety bonds were approved for
Rights-of-Way grants for the 230 kV power transmission line.
Bob Pennington, Chief Operating Officer of General Moly, said, 'This
permit allows us to build the transmission infrastructure in a timely
manner and provide the necessary capacity to power everything from the
electric shovels we will begin to use during pre-stripping operations to
the 60,000 ton per day mill which will start up when Mt. Hope begins
production. Construction of the transmission line will also include
upgrades to an existing substation near Eureka that will improve the
reliability of electrical power to that community. We appreciate the
focus and diligence the PUCN and BLM showed in expediting these
approvals.?
At full production the Mt. Hope mine will have a total electrical demand
load of approximately 75 megawatts. Transmission capacity was secured in
2008 with a cash deposit of approximately $13 million. The Company is
currently negotiating for generating capacity, which will be available
once the power line is constructed and energized.
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
http://www.generalmoly.com
info@generalmoly.com