LAKEWOOD, Colo., July 20, 2017 /CNW/ -- General Moly, Inc.
(the "Company") (NYSE MKT and TSX: GMO), the only western exchange
listed, pure-play molybdenum mineral development company, announced
that the Bureau of Land Management ("BLM") has published its Notice
of Intent ("NOI") to complete a Supplemental Environmental Impact
Statement ("Supplemental EIS") for General Moly's majority-owned
Mt. Hope Project. The Supplemental EIS will address concerns raised
by the December 28, 2016 Opinion of
the U.S Court of Appeals for the Ninth Circuit ("Ninth
Circuit").
The NOI was published in the Federal Register on July 19, 2017. The Company has been working
closely with the BLM to resolve the technical matters noted by the
Ninth Circuit under the National Environmental Policy Act
("NEPA").
Bruce D. Hansen, Chief Executive
Officer, said, "We are pleased that the Supplemental EIS process is
underway as evidenced by the publication of the NOI. We look
forward to receiving the Record of Decision, and anticipate this
approval in late 2017, or early 2018. This time frame could align
with the continuing gradual recovery of the molybdenum
market. Our internal go-ahead decision for construction will
require a sustained period of higher molybdenum prices and
re-instatement of water permits from the state of Nevada, followed by approval from the Board of
Directors."
With the publication of the NOI, the public is informed of the
Supplemental EIS's proposed scope to provide updated information
regarding certain air quality data and analysis used in the
original EIS, and to also provide clarification regarding the
existence and status of any Public Water Reserves, which may be
potentially impacted by the Mt. Hope Project. The Ninth Circuit
affirmed all other aspects of the original EIS.
After a draft of the Supplemental EIS is completed, the BLM will
publish a Notice of the Availability (NOA) of the Draft
Supplemental EIS in the Federal Register for public review and
comment, specific only to the narrow scope of the Supplemental
EIS. Thereafter, the BLM will address substantive comments and
any additional analysis will then be incorporated into the Final
Supplemental EIS. Once the Final Supplemental EIS is
completed the BLM will again publish an NOA in the Federal
Register. Thereafter, it is anticipated that the BLM will
reissue a Record of Decision authorizing the construction and
operation of the Mt. Hope Project.
About General Moly
General Moly is a U.S.-based molybdenum mineral development,
exploration and mining company listed on the NYSE MKT and the
Toronto Stock Exchange under the symbol GMO. The Company's primary
asset, an 80% 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 wholly-owned Liberty Project, a
molybdenum and copper property also located in central Nevada, General Moly's goal is to become the
largest pure play primary molybdenum producer in the world.
Molybdenum is a metallic element used primarily as an alloy
agent in steel manufacturing. When added to steel, molybdenum
enhances steel strength, resistance to corrosion and extreme
temperature performance. In the chemical and petrochemical
industries, molybdenum is used in catalysts, especially for cleaner
burning fuels by removing sulfur from liquid fuels, and in
corrosion inhibitors, high performance lubricants and polymers.
Contact:
Scott
Roswell
(303) 928-8591
info@generalmoly.com
Website: 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 a re-grant of its water permits and Record of Decision,
ability to maintain required federal and state permits to continue
construction, and commence production, ability to raise required
project financing, ability to respond to adverse governmental
regulation and judicial outcomes, and ability to maintain and /or
adjust 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.
View original content with
multimedia:http://www.prnewswire.com/news-releases/mt-hope-projects-supplemental-eis-published-in-federal-register-moving-project-towards-rod-300491348.html
SOURCE General Moly, Inc.