General Moly Has Completed All permitting to begin construction of the Mt. Hope mine.
The FEIS is completed. The Notice of Availability has been published.
The ROD for Mt Hope was published in mid November.
Expected timeline for start of construction by end of year 2012
ALL State of Nevada required permits are issued for Mt. Hope-
Water Pollution Control
ALL GRANTED- ALL ISSUED - Multi-year Process is Over - Construction to Begin
Information on Mt. Hope project from October 2010 - includes information on the permitting and construction process
General Moly is on track to become the world's largest primary moly producer.
General Moly, Inc. (AMEX & TSX: GMO) is a U.S. based mineral company engaged in the exploration, development and mining of molybdenum ("moly"). The company has two world-class assets, its 80% interest in the Mt. Hope project and the Liberty project. Both are located in central Nevada. These assets are two of the best primary molybdenum development properties in the world. Once production commences at Mt. Hope and Liberty, General Moly is expected to become the world's largest primary moly producer.
The Mt. Hope project is one of the world's largest and highest-grade deposits of undeveloped molybdenum. The property contains 1.3 billion pounds of proven and probable reserves, with an average process grade of 0.103% molybdenum over the first five years of mining. General Moly owns 80% of Mt. Hope through a joint venture with POSCO, the world's third largest steel company. GMO recently announced the BLM's submission of the Preliminary FEIS. Once the FEIS is published, the ROD (Record of Decision) is grated about 30 days later. This marks the Bureau of Land Management's approval for mine construction. There are a several other permits which are all anticipated to be cleared before GMO plans Construction Operations in January 2013. GMO's financing Agreement with Hanlong is scheduled to close in December of 2012, once the ROD is granted. This Agreement should satisfy budgetary shortfalls for GMO to construct the Mt. Hope mine.
The Liberty project is one of the world's top three molybdenum projects currently being considered for development. Based on a Pre-feasibility Study completed in 2008, the Liberty project will produce 503 million pounds of molybdenum over a 33-year mine life. The Pre-feasability Study was updated in November 2011 showing an Estimated Net Present Value of $538 Million. General Moly owns 100% of the Liberty project on a royalty-free basis.
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MOLYBDENUM IN DEPTH
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