General Moly Announces U.S. District Court Order Confirming Bureau of Land Management's Record of Decision Approving the Mt. ...
July 25 2014 - 8:00AM
Business Wire
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. District Court for the District of
Nevada ("the Court") issued its Order denying the plaintiffs'
Motion for Summary Judgment which sought to vacate the U.S. Bureau
of Land Management's ("BLM") November 2012 Record of Decision
("ROD") approving the Plan of Operations for the development and
construction of the Mt. Hope Project and the corresponding Final
Environmental Impact Statement prepared by the BLM.
The Court on July 23, 2014 issued its 31 page Order denying the
plaintiffs’ Motion for Summary Judgment. A copy of the Court's
Order has been posted in the News Releases section of the Company's
website.
Bruce D. Hansen, Chief Executive Officer of General Moly, said,
"We are pleased that the BLM's thorough and inclusive process in
approving the Mt. Hope Project's ROD has been confirmed by the
Court. Obtaining the ROD for the Mt. Hope Project was 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. We will continue
working closely and collaboratively with all of our stakeholders to
develop the Mt. Hope Project in an environmentally and socially
responsible manner.”
Mr. Hansen added, “We are pursuing financing alternatives for
the Mt. Hope Project, and continue to have substantive dialogue
with potential strategic partners capable of supporting a debt
package to provide the bulk of the Mt. Hope Project’s capital
requirements.”
The ROD issued by the BLM for the Mt. Hope Project approved the
Plan of Operations for construction and operation of the mining and
processing facilities and also granted the Rights-of-Way for the
230 kV power transmission line. The Mt. Hope Project is a large
scale, high grade molybdenum project located 23 miles northwest of
Eureka, Nevada.
* * * *
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. The
Company’s 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 the Company’s second project, the Liberty Project, a
molybdenum and copper property 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 maintain required permits
to continue construction, commence production and its ability to
raise required project financing, adverse governmental regulation
and judicial outcomes, including appeal of the Record of Decision
and appeal of water permits and estimates related to cost of
production, capital, operating and exploration expenditures. 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 MolyInvestorsScott Kozak,
303-928-8591skozak@generalmoly.comorMediaZach Spencer,
775-748-6059zspencer@generalmoly.comorWebsite:
http://www.generalmoly.cominfo@generalmoly.com
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