General Moly Announces Fourth Quarter and Full Year 2012 Results

General
Moly, Inc. (the 'Company') (NYSE MKT:GMO) (TSX:GMO), a U.S.-based
molybdenum mineral development, exploration and mining company,
announced its unaudited financial results for the fourth quarter and
full year ended December 31, 2012. Net loss for the three months ended
December 31, 2012 was $2.0 million ($0.03 per share), compared to a loss
of $2.9 million ($0.03 per share) for the year ago period. Net loss for
the full year ended December 31, 2012 was $9.9 million ($0.11 per
share), compared to a loss of $14.8 million ($0.16 per share) for the
year ago period.

The Company′s cash balance at December 31, 2012 was $68.3 million not
including restricted cash compared to $22.4 million at September 30,
2012. During the fourth quarter, cash use of $22 million was the result
of $18 million in Mt. Hope Project development, engineering and
procurement costs and $4 million in General and Administrative expenses.
This cash use was more than offset by the receipt of $104 million in
contribution payments from POS-Minerals Corporation, a 20% joint venture
partner on the Mt. Hope Project. The members of Eureka Moly, General
Moly and POS-Minerals, agreed that $36 million of the contribution be
held in a reserve account to maintain additional liquidity pending
confirmation of a previously announced $665 million Chinese sourced Term
Loan that is being negotiated with China Development Bank ('CDB?).

Bruce D. Hansen, Chief Executive Officer of General Moly, said 'We
achieved a number of significant milestones in 2012, including receipt
of all major federal and state operating permits for the Mt. Hope
Project and the initiation of preliminary construction activities at the
site. We also received more than $100 million in additional financing
from POS-Minerals. Looking into 2013, we are moving aggressively to
conclude our financing and start heavy construction at Mt. Hope in the
spring. We will also push forward with feasibility work and permitting
on Liberty, our second world-class molybdenum project, after Mt. Hope
has commenced heavy construction.'

MT. HOPE PROJECT PERMITTING UPDATE

As announced on October 12, 2012, the Mt. Hope Final Environmental
Impact Statement ('EIS?) Notice of Availability was published in the
Federal Register. The public review period for the Final EIS ended on
November 13, 2012. On November 16, 2012 the U.S. Bureau of Land
Management issued a Record of Decision ('ROD?) authorizing development
of the Mt. Hope Project.

In addition to the ROD, three Nevada state-issued permits, the Air
Quality Permit, the Reclamation Permit and the Water Pollution Control
Permit were viewed as major environmental permits for the Mt. Hope
Project. The Air Quality Permit was received on May 30, 2012, the
Reclamation Permit was received on November 20, 2012 and the Water
Pollution Control Permit was received on November 21, 2012.

Additionally, 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.
On December 26, 2012, the Public Utilities Commission of Nevada 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.

MT. HOPE PROJECT FINANCING UPDATE

After the ROD and three major Nevada state-issued permits were received,
POS-Minerals Corporation pursuant to the terms of the LLC agreement for
the development and operation of the Mt. Hope Project funded its final
$56 million initial contribution, plus 20% of all costs the Company has
spent on the Mt. Hope Project to date for a combined total payment of
approximately $104 million. Hereafter, the Mt. Hope Project will be
funded 80% by the Company and 20% by POS-Minerals Corporation. The
members of Eureka Moly, General Moly and POS-Minerals, agreed that $36
million of the contribution be held in a reserve account to maintain
additional liquidity pending confirmation of a previously announced $665
million Chinese sourced Term Loan that is being negotiated with China
Development Bank.

As previously announced, the Company and Hanlong (USA) Mining
('Hanlong?) on October 26, 2012, signed a Subordinated Loan Agreement
('Sub Debt Facility?) under which Hanlong agreed to provide up to $125
million subject to certain conditions to assist the Company in financing
capital cost increases. The Sub Debt Facility supplements a previously
announced $665 million Chinese sourced Term Loan that is being
negotiated with China Development Bank. The Company had previously
announced a letter of intent related to this facility with Hanlong on
August 1, 2012. Under the Sub Debt Facility, Hanlong will lend in two
tranches. Tranche A in the amount of $75 million will be available to
the Company during the Mt. Hope Project′s construction period. Tranche
B, in the amount of $50 million, will be available during the six-month
period following the commencement of commercial production. Tranche A of
the Sub Debt Facility can be reduced to the extent equipment is leased
for the Mt. Hope Project by Eureka Moly, LLC. Both tranches of the Sub
Debt Facility will mature 5 years after the achievement of commercial
production at the Mt. Hope Project and will have mandatory payments of
50% of the Company′s semi-annual net free cash flow after debt service
payments on the CDB term loan and any other Mt. Hope Project funding
requirements. The Sub Debt Facility will be subordinated to the CDB term
loan, with covenants to follow the Term Loan, and will bear interest at
6-month LIBOR plus 4%, with interest paid semi-annually.

MT. HOPE PROJECT CONSTRUCTION UPDATE

Early construction activities are progressing as planned at the Mt. Hope
Project site including cultural clearance, clearing and grubbing, wood
harvesting, and the development of wells and water pipelines. Kautz
Environmental Consultants has completed field mitigation activities for
all 32 cultural sites identified in the Phase I Cultural Mitigation of
the initial construction program. Official releases from the Bureau of
Land Management and the State Historical Preservation Office have been
obtained for 27 of the 32 cultural sites. Ames Construction mobilized in
early January and has since cleared and grubbed approximately 1,000
acres in preparation for starting major earthworks. The mine, process
plant, and tailings dam areas and associated roads have been
substantially cleared. Ames has also commenced work on eight miles of
water pipeline to supply construction water from the permitted well
field to the plant site and will next establish site construction
offices and communication systems. Additionally, TIC will soon begin the
installation of seven miles of electrical power lines and will install
the pumping stations to support the approximately 2,000 gallons per
minute of construction water in preparation for heavy earthworks in the
spring.

MT. HOPE PROJECT ENGINEERING AND EQUIPMENT PROCUREMENT UPDATE

Engineering efforts, which were paused in March 2009, were restarted in
2012 by M3 Engineering & Technology. Through December ?31, 2012, Eureka
Moly LLC has made deposits of $69.7 million on equipment orders and has
paid $12.0 million into an escrow arrangement for electricity
transmission services.

The Company has now ordered or purchased most of the long-lead milling
equipment, haul trucks, mine production drills, and has entered into a
non-firm agreement for the purchase of electric shovels. While equipment
procurement has restarted, firm orders for some loading equipment and
other process equipment will be placed shortly after completion of
project financing expected before mid year 2013.

MOLYBDENUM MARKET UPDATE

During 2012, molybdenum prices traded in a relatively narrow dollar
range between $10.83 and $14.95 per pound, according to Ryan′s Notes,
a ferro-alloy industry news and pricing publication. Prices are
currently trading at $11.25 per pound.

Additional information on the Company′s fourth quarter 2012 results will
be available in General Moly′s 2012 Form 10-K, which will be filed with
the Securities and Exchange Commission and posted on the Company′s
website.

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, including recent request for
preliminary injunction and appeal of the ROD. 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

info@generalmoly.com

Website:
http://www.generalmoly.com