LAKEWOOD, Colo., Aug. 1, 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 it has entered into an Option Agreement and Land Lease
Agreement (if the option is exercised) with SRPV, a subsidiary of
SolarReserve, LLC of Santa Monica,
California for photovoltaic solar energy development at
General Moly's Liberty Project.
The Agreement provides for a three-year option to lease a
minimum of 500 acres and easements associated with vacant land
owned by the Liberty Project near Tonopah, Nevada. If the
option is exercised, the parties will enter into a 30-year lease
for up to 700 acres of land, with an option to extend for an
additional five years at the end of the initial lease term.
The vacant land parcel is wholly owned by the Company, and its use
by the photovoltaic solar project will not impact the Liberty
Project's future proposed mining plans.
Bruce D. Hansen, Chief Executive
Officer, said, "We are pleased to collaborate with SolarReserve to
promote renewable energy in Nevada. If the option is
exercised, we look forward to offsetting a portion of the Liberty
Project's ongoing care and maintenance expenses with lease revenue
for land that would not be utilized in our proposed mine
plans. Additionally, we may consider the solar project as a
future power source for the proposed Liberty mine, after
prospective power purchase agreements are fulfilled."
"We applaud General Moly for their leadership in sustainability,
and look forward to working with them and local stakeholders to
help meet renewable energy supply targets, stimulate long-term
economic development, and create new jobs," said Tom Georgis, SolarReserve's Senior Vice
President of Development. "The region is well suited to solar
projects, and we see a bright future ahead for renewables in
Nevada."
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.
About SolarReserve
SolarReserve is a U.S.-based developer of utility-scale solar
power projects, which include electricity generation by solar
thermal energy and photovoltaic panels. In addition, SolarReserve
has commercialized its proprietary ThermaVault™ advanced solar
thermal technology with integrated molten salt energy storage that
delivers renewable power 24-hours per day. The company
currently has more than $1.8 billion
of projects in operation globally, with a pipeline of over 13
gigawatts across the world's most attractive, high growth renewable
energy markets.
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.
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SOURCE General Moly, Inc.