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News: $GMO General Moly Announces Positive Results of Annual Meeting
LAKEWOOD, COLORADO / ACCESSWIRE / June 27, 2019 / General Moly, Inc . (the "Company") (NYSE American and TSX: GMO), the only western exchange listed, pure-play molybdenum mineral development company, announced that it received approval for all proposals submitted to stockholders at its Annu...
Got this from https://marketwirenews.com/news-releases/general-moly-announces-positive-results-of-annual-meeting-8422840.html
LAKEWOOD, COLORADO, June 27, 2019 – General Moly, Inc. (the “Company”) (NYSE American and TSX: GMO), the only western exchange listed, pure-play molybdenum mineral development company, announced that it received approval for all proposals submitted to stockholders at its Annual Meeting of Stockholders, which was held on June 24, 2019 in Lakewood, Colorado.
Stockholders re-elected Chief Executive Officer Bruce D. Hansen and Mark A. Lettes to the Board of Directors to each serve for a term of three years. Stockholders also overwhelmingly approved by 90.9% of votes cast to amend the Company's certificate of incorporation to allow the Board the flexibility to effect a reverse stock split. This proxy proposal had been prompted by the notice of deficiency by the NYSE American LLC in December 2018 as the General Moly stock had traded for a low price for an extended period of time.
The Company is pleased to report that with its improved average stock price, the NYSE American recently notified the Company that it is back in compliance with the stock exchange's continued listing standards. Thus, the Company does not anticipate the need to effect a reverse stock split. The stockholder-approved proxy measure allowing the Board to effect a reverse stock split expires one year from the proxy vote.
In addition at the Annual Meeting of Stockholders, stockholders also approved the Company’s executive compensation structure through an advisory vote, and the 2006 executive compensation plan as amended and restated, and ratified the selection of Plante & Moran PLLC as the Company's independent registered public accounting firm for 2019.
Voting results on all matters voted on at the Annual Meeting of Stockholders is shown below and will be filed on www.sedar.com.
*****
About General Moly
General Moly is a U.S.-based, molybdenum mineral exploration and development company listed on the NYSE American (NYSE AMER), recently known as the NYSE MKT and former American Stock Exchange, 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 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
They need to get the mine up and running and start producing revenues.
Nice - I picked up as it crossed .35 / this one looks like there’s a lot of promise. We should know soon
LAKEWOOD, COLORADO – June 10, 2019, General Moly, Inc. (the "Company") (NYSE American and TSX: GMO) announced that the Company, through a subsidiary, received approval of its water right applications for the Mt. Hope molybdenum project in Nevada.
On June 6, 2019, the Nevada State Engineer issued Ruling 6464 granting the Company's water right applications for mining purposes. The specific water right permits for the Mt. Hope Project are anticipated to be issued following completion of administrative paperwork later next week. With receipt of and in compliance with the terms of the water permits, the water will be available for consumptive use.
Bruce D. Hansen, Chief Executive Officer, said, “We are extremely pleased that the State Engineer has considered our applications and the efforts made to resolve the concerns and protests of third parties, including the ranchers and growers in the Kobeh Valley and Diamond Valley water basins, and the County of Eureka in once again approving our water rights. We maintain our commitment to the Eureka Producers’ Cooperative through the establishment of the Sustainability Trust to help Diamond Valley conserve water and enhance the viability of the agricultural community. The approval of our water applications represents a major milestone for the development of the Mt. Hope Project.”
*****
About General Moly
General Moly is a U.S.-based, molybdenum mineral exploration and development company listed on the NYSE American, recently known as the NYSE MKT and former American Stock Exchange, 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 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
Good day here today. I will be adding more as soon as my powder clears.
* * $GMO Video Chart 05-29-2019 * *
Link to Video - click here to watch the technical chart video
I guess I set my sight .04 cents to high. Now I will just sit back and watch and wait for what the future holds. Hope everyone is having a good day.
News: $GMO General Moly Reports Final Protests to Mt. Hope Project's Water Applications Withdrawn
LAKEWOOD, CO / ACCESSWIRE / May 23, 2019 / General Moly, Inc. (the "Company" or "General Moly") (NYSE AMERICAN and TSX: GMO), the only western-exchange listed, pure-play molybdenum ("moly") development company, announced that the Kobeh Valley, Nevada ranching family's ("Ranchers") protests...
In case you are interested https://marketwirenews.com/news-releases/general-moly-reports-final-protests-to-mt-hope-project-s-water-applications-withdrawn-8233214.html
LAKEWOOD, COLORADO – May 23, 2019, General Moly, Inc. (the “Company” or “General Moly”) (NYSE AMERICAN and TSX: GMO), the only western-exchange listed, pure-play molybdenum (“moly”) development company, announced that the Kobeh Valley, Nevada ranching family’s (“Ranchers”) protests to the Mt. Hope Project’s water rights applications pending before the Nevada State Engineer have been formally withdrawn in exchange for the funding of the initial $1 million payment to a trust account. The release of funds to the Ranchers is pending issuance of the water permits from the Nevada State Engineer.
With the withdrawal of protests, the Ranchers have also forfeited any right to judicial review of any decision by the Nevada State Engineer concerning the water rights applications and permits, and the Ranchers agree not to oppose any other proceedings with any state or federal agency related to the Mt. Hope Project.
At such time that the Mt. Hope joint venture partners at Eureka Moly, LLC (“EMLLC”) secure project financing, additional consideration representing less than 1.5 % of the remaining project capital budget will be payable to the Ranchers. If EMLLC has not secured Mt. Hope Project financing within 12 months of the April 30, 2019 executed settlement agreement, EMLLC will make monthly payments of $10,000 to the Ranchers until financing is achieved and the remaining consideration will be paid to the Ranchers. EMLLC, which operates the Mt. Hope Project, is owned 80% by General Moly and 20% by POS-Minerals Corporation, a subsidiary of POSCO of South Korea
The Company is working cooperatively with the Nevada State Engineer for the anticipated approval of the water applications and issuance of water permits for the development and operation of the Mt. Hope Project.
*****
About General Moly
General Moly is a U.S.-based, molybdenum mineral exploration and development company listed on the NYSE American, recently known as the NYSE MKT and former American Stock Exchange, 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 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
Glad I grabbed .17’s and then averaged up at .23 once the settlement was announced over water rights. Let’s have a good day here today!
quite possible
* * $GMO Video Chart 05-17-2019 * *
Link to Video - click here to watch the technical chart video
Been in and out of this and waiting for the better part of 10 years for the water rights, this is going to be exciting. Stock at one point in time traded at $7.25/share. Could we breach that? I hope so.
If they really understood the NEWS, they will not sell the Stock
https://marketwirenews.com/news-releases/general-moly-reaches-settlement-with-final-protester-to-clear-a-path-to-mt-hope-project-water-permits-8179466.html
Let’s keep this going! GREAT WEEK AND GREAT NEWS!!! Can not wait for GMO’s bright future!
* * $GMO Video Chart 05-16-2019 * *
Link to Video - click here to watch the technical chart video
Been a good week here so far. Hopefully the future is bright with GMO!
I’ve been in and out of this for at least a decade. Might be time to load some more here.
Wow, what is this over a decade in the making?
Are they finally going to be able to start mining moly soon?
News: $GMO General Moly Reaches Settlement with Final Protester to Clear a Path to Mt. Hope Project Water Permits
Anticipated Tranche 3 Equity Investment by Largest Shareholder LAKEWOOD, CO / ACCESSWIRE / May 14, 2019 / General Moly, Inc. (the "Company" or "General Moly") (NYSE American and TSX: GMO), the only western-exchange listed, pure-play molybdenum ("moly") development company, announced...
In case you are interested https://marketwirenews.com/news-releases/general-moly-reaches-settlement-with-final-protester-to-clear-a-path-to-mt-hope-project-water-permits-8179466.html
LAKEWOOD, COLORADO – May 14, 2019, General Moly, Inc. (the “Company” or “General Moly”) (NYSE AMERICAN and TSX: GMO), the only western-exchange listed, pure-play molybdenum (“moly”) development company, announced that the Mt. Hope Project joint venture company, Eureka Moly, LLC, (“EMLLC) has entered into a settlement agreement with a Kobeh Valley, Nevada ranching family (“Ranchers”), resolving the last set of protests pending before the Nevada State Engineer pertaining to the Mt. Hope Project’s water rights applications.
With this settlement and upon satisfaction of all associated conditions, the Ranchers have agreed to withdraw all of their protests and forfeit any rights to judicial review of the Nevada State Engineer’s anticipated approval of the water applications and issuance of water permits. Additionally, the Ranchers have agreed not to oppose any other proceedings with any state or federal agency related to the Mt. Hope Project.
Under this settlement, General Moly is working with the Nevada State Engineer to address potential permit terms for approval of the applications and receiving the water permits. EMLLC which operates the Mt. Hope Project, is owned 80% by General Moly and 20% by POS-Minerals Corporation, a subsidiary of POSCO of South Korea.
General Moly previously reached a settlement on protests filed by Eureka County and Diamond Natural Resources Protection & Conservation Association (“DNR”) at the start of the public hearing on the water applications before the Nevada State Engineer, which was completed in September 2018. With the settlement, Eureka County and DNR withdrew their protests and were excused from the hearing. (Further details are in the Company’s October 15, 2018 news release.)
When operational the Mt. Hope moly mine will be one of the largest primary moly mines in the world for potentially decades. Thus, throughout the Mt. Hope permitting process, over more than 10 years, General Moly has conscientiously sought to resolve protest issues by engaging with concerned parties in an open, fair, and fact-based dialogue, seeking viable long-term solutions while protecting the project’s economic value for all shareholders.
Progressing Towards a Fully Permitted Mt. Hope Project in 2019
Bruce D. Hansen, Chief Executive Officer of General Moly, remarked, “We are extremely pleased to have reached a compromise settlement with the Ranchers and have now resolved all remaining protests filed with the Nevada State Engineer to the water permit application for the Mt. Hope Project. We will continue to focus on the future development of the Mt. Hope moly mine for the economic betterment of the broader community and the state of Nevada.”
Commenting on the future, Mr. Hansen added, “We look forward to an even closer working partnership with our largest shareholder AMER International Group (“AMER”) with their anticipated further investment into our Company through the Tranche 3 $10 million private placement, conditioned upon the receipt of the Mt. Hope Project water permits. We are on the cusp of having the Mt. Hope Project fully permitted as the federal Bureau of Land Management is finalizing its review of public comments recently received on the draft Supplemental Environmental Impact Statement and preparing a final Supplemental Environmental Impact Statement ahead of issuing the anticipated Record of Decision later this year.”
AMER Tranche 3 Private Placement & Project Loan Support
Once the water permits are issued, AMER, based in Shenzhen, China, is obligated to subscribe to an additional Tranche 3 purchase of 20 million General Moly common shares priced at $0.50/share, providing General Moly with $10 million under the existing amended Securities Purchase Agreement. AMER will also help to source and guarantee a $700 million bank loan with Chinese banks for the development of the Mt. Hope Project. The remaining capital expenditures to build the Mt. Hope mine are $1.03 billion (100% basis) based upon an optional mine plan from an internal study using the 2014 Canada National Instrument 43-101 Technical Report Feasibility Study.
AMER is a non-ferrous metals and manufacturing conglomerate ranked as the 111th largest company in the world based on 2018 revenues of $72.8 billion, a 46.5% increase over 2017, according to the Fortune Global 500 ranking. AMER jumped ahead of companies like Panasonic, Mitsubishi, and Procter & Gamble from its previous ranking of 183rd in the world.
Improving Moly Market
The process to initiate financing for the construction of the Mt. Hope Project will be driven by the continuing improvement in moly prices and a robust moly market outlook. The CPM Group, a leading commodities research and consulting firm in New York, projects that global moly supply will fall into a deficit later in 2019 through 2022. CPM forecasts the average nominal moly price to increase from $13.36 per pound (“/lb”) in 2019 to $17.67 in 2022.
General Moly believes that improving fundamentals for moly supply and demand underpin strengthening moly prices, which are nearing levels conducive for optimal financing options for the Mt. Hope Project.
The current moly price at $12.33/lb is higher than the $11.88 price at end of 2018 and a 20% increase from $10.25/lb at the end of 2017. Global and China’s stainless-steel output, which is a major consumer of moly, remains steadfast.
Settlement Description
Having executed the settlement agreement, EMLLC is obligated to fund an initial payment of $1 million into a trust account; distribution to the Ranchers will be pending issuance of the water permits. Upon receipt of the dollars into the trust, the Ranchers have agreed to withdraw their protests and forfeit any judicial review of the anticipated approval of the water applications and issuance of the water permits from the Nevada State Engineer.
As discussed above, when the conditions exist, inclusive of the receipt of water permits, for EMLLC to secure project financing, additional consideration representing less than 1.5 % of the remaining project capital budget will be payable to the Ranchers. If EMLLC has not secured Mt. Hope project financing within 12 months of the executed settlement agreement, EMLLC will make monthly payments of $10,000 to the Ranchers until financing is achieved and the remaining consideration will be paid to the Ranchers.
Funding for the $1 million is to be advanced to EMLLC by General Moly, to preserve the joint venture’s existing reserve account. General Moly is sourcing $500,000 from its available cash, and will receive the remaining $500,000 from closing of a sale under the General Moly Preferred Convertible Shares private placement (further details are in the Company’s March 13, 2019 news release) with Mount Hope Mines Inc. (“MHMI”), the project’s claim/land lessor, anticipated later this week. The purchase agreement with MHMI also allows MHMI the option to partially or fully redeem the preferred shares and receive a minimum payment of six months of 5% annual dividend, upon the Company’s receipt of the AMER Tranche 3 funds. In exchange for General Moly advancing the $1 million initial funding, the EMLLC members have agreed to repay the $1 million advance from the proceeds of ongoing sales of non-critical EMLLC assets and lands.
*****
About General Moly
General Moly is a U.S.-based, molybdenum mineral exploration and development company listed on the NYSE American, recently known as the NYSE MKT and former American Stock Exchange, 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 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
Wanting an as of yet undetermined RS for the sole purpose of not being delisted. Not good.
Need some positive news here but until water rights, I don’t think we will hear much.
Brutal day today. Wonder what happened in the afternoon-it just dropped off a Cliff. Oh well, time to get more cheapies.
General Moly Board Engages Financial Advisors to Evaluate and Recommend Strategic Alternatives,
And Secures Private Placement of Convertible Preferred Shares
March 13, 2019
VIEW ONLINE
DOWNLOAD PDF
LAKEWOOD, COLORADO, March 13, 2019 – General Moly, Inc. (the “Company”) (NYSE American and TSX: GMO), the only western exchange listed, pure-play molybdenum mineral development company, reports that its Board of Directors has retained XMS Capital Partners, Headwall Partners, and Odinbrook Global Advisors (collectively, the “Advisors”), as financial advisors to assist the Board and management with evaluating and recommending strategic alternatives.
The range of strategic alternatives being evaluated include sourcing of potential incremental capital financing, sale of interest(s) in the assets of the Company or the Company, and restructuring of the convertible debt issued in a December 2014 private placement, which matures in December 2019.
Pivotal 2019 for General Moly
General Moly is on the threshold of having a fully permitted Mt. Hope molybdenum (“moly”) project in central Nevada later in 2019. The Company recently reported a significant milestone concerning the commencement of the public comment period for the Draft Supplemental Environmental Impact Statement (“DSEIS”) for the Mt. Hope Project in a news release on March 6, 2019. The public comment period will close April 22, 2019. Following the public comment period, the Bureau of Land Management will consider comments received in developing a Final Supplemental Environmental Impact Statement and issuing a Record of Decision (“ROD”) later in 2019.
Additionally, the Company anticipates receipt of its water permits from the Nevada State Engineer by mid-year 2019 in compliance with the Nevada statutory deadline of June 6, 2019, which represents 240 days after receipt of the September 2018 water hearing transcript. In September 2018, the Company negotiated a settlement agreement with Eureka County and the Diamond Natural Resources Protection & Conservation Association, resolving all of their respective protest issues during the public hearing on the Mt. Hope water applications. The September hearing was completed before the State Engineer, addressing the remaining protest issues asserted by a local ranching family, who refused to participate in the settlement.
Once the water permits are issued, AMER International Group (“AMER”), the Company’s largest shareholder is committed to subscribe to an additional Tranche 3 purchase of 20 million General Moly common shares priced at $0.50/share, providing General Moly with $10 million under the existing Securities Purchase Agreement. AMER will also help to source and guarantee a $700 million bank loan for the development of the Mt. Hope Project upon further improved moly prices coupled with the receipt of water permits and the ROD.
Related to General Moly’s Mt. Hope Project financing needs, General Moly has a long-term advisory engagement with Cutfield Freeman & Co. (“Cutfield Freeman”) for business development support in China and in its financing discussions with AMER.
Private Placement with Management Insiders
In advance of receiving the water permits, members of management of the Company led by Chief Executive Officer Bruce D. Hansen agreed in principle with the Audit Committee of the Board to provide interim incremental liquidity to the Company through a private placement purchase of up to $900,000 of Convertible Preferred Shares of General Moly with a 5% annual dividend, which is anticipated to close by the end of March 2019. The transaction is subject to a definitive purchase agreement and approval by the disinterested members of the Board.
The Convertible Preferred Shares are priced at $100.00/preferred share, convertible at any time at the holder’s discretion into common shares whereby one preferred share converts at a price of $0.27/common share to 370.37 common shares. The conversion price was set as yesterday’s closing price of the common stock, which was the day before this announcement of the private placement. Upon maturity or full repayment of the $7.1 million convertible debt currently outstanding, there will be mandatory redemption of the preferred shares in exchange for equivalent cash for the principal invested, plus any accrued and unpaid dividends. The Company believes this transaction will provide the liquidity necessary for the Company to operate through the anticipated receipt of the water permits.
The Company is discussing with AMER the potential for AMER to accelerate a portion of the existing Tranche 3 share purchase obligation through participation with members of management, or separately, through a restructured Tranche 3.
Mr. Hansen noted, “Receipt of the final Nevada water permits and the Record of Decision approving the Supplemental Environmental Impact Statement later in 2019 will be significant steps in de-risking the Mt. Hope Project. Thereafter, the Company will proceed to financing development upon a sustained improvement in the moly price which has been trading in the $12/lb range and risen 1.5 times higher than $5.15 at the end of 2015. (Price source: Platts.)
“Moly was the best price performer among the common metals and minerals in 2018. Additionally, the moly market is anticipated to fall into deficit supply later in 2019 through 2022, according to the February 2019 Molybdenum Quarterly report by the CPM Group, a leading commodities research and consulting firm. Strengthening moly demand from rising output in stainless steel and specialty steels for the oil and gas industry in 2018, including the burgeoning liquid natural gas global trade, is expected to continue in 2019 and beyond. CPM forecasts the average nominal moly price to rise from $13.36/lb in 2019 to $17.67/lb in 2022.”
Mr. Hansen, who currently owns 4.2% of the Company’s common shares as well as $1.1 million of the convertible debt and warrants exercisable for an additional 3.5 million common shares, further commented, “Our Board has directly engaged the Advisors for the evaluation of strategic options to optimize the value of the Company’s assets and address its sustainability. We look forward to working with the Advisors to consider strategic options and opportunities for the benefit of the Company and its shareholders.”
Ricardo M. Campoy, Chairman, Lead Independent Director and a member of the Finance Committee of the Board, said, “2019 may prove to be a pivotal year for General Moly. After years of diligent work by our management team and staff on progressing reinstatement of our permits and ROD for the Mt. Hope Project, we are on the cusp of having the Mt. Hope Project fully permitted. The primary focus for the Board and management is to secure and build shareholder value. In view of the fiscal needs of the Company in a challenging market for small cap metal companies, we are pleased to structure a bridge financing agreement with our senior management on fair terms for our shareholders. Equally as important, we have engaged the team of Advisors with the deep experience and relationships with a broad spectrum of investors around the world and within the global steel industry to help us unlock the worth of Mt. Hope and Liberty projects and maximize value for our shareholders. On behalf of the Board, we appreciate the efforts and professionalism of our valued employees who do their utmost every day to strengthen General Moly.”
Flagship Mt. Hope Project
In the meantime, the Mt. Hope Project remains funded at Eureka Moly LLC (“EMLLC”), which is 80% owned by General Moly and 20% by POS-Minerals, a subsidiary of POSCO of South Korea, into 2021, based on estimated care and maintenance expenses with a restricted cash reserve account balance of $8.2 million at the end of September 2018. Engineering at the Mt. Hope Project is approximately 65% complete.
Through its 80% interest, the Company has assets valued at $88.1 million in long-lead-time plant and mine equipment at the Mt. Hope Project, ready for future resumption of development at September 30, 2018. The Company also has recorded cost basis of $11.3 million for water rights and land at or nearby the Mt. Hope Project property.
Other Company Assets
Additionally, the Company has over $9.8 million in assets on a 100% basis attributed to the Liberty Project and other assets at September 30, 2018.
As the Company has reported earlier, there is further development potential for a newly identified shallow, high-grade sulfide zinc mineralization, adjacent to the ultimate moly pit planned at the Mt. Hope property. The 2018 drilling also indicated a deeper high-grade copper and silver mineralized zone. The zinc deposit was confirmed by a drill program in 2018. The Company, along with its EMLLC joint venture partner POS-Minerals, is evaluating the drill results as well as historical drill data for the potential to produce a Preliminary Economic Assessment, subject to funding availability
The Company anticipates issuance of its 2018 financial results news release and filing of its Annual Report on Form 10-K by March 22, 2019.
About the Advisors
The Advisors represent a unique group of skill sets to address General Moly’s near-term and long-term needs, and to maximize valuation for shareholders. The Board and management will be working closely with the team led by Peter J. Scott, Managing Partner of Headwall, Ted Brombach, Managing Partner of XMS, and Steven Strom, Founding Partner of Odinbrook.
About General Moly
General Moly is a U.S.-based, molybdenum mineral exploration and development company listed on the NYSE American, recently known as the NYSE MKT and former American Stock Exchange, 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 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
We need news for this thing to move. Water rights are a must have.
Just received this from investor relations:
LAKEWOOD, COLORADO, March 6, 2019 – General Moly, Inc. (the “Company”) (NYSE American and TSX: GMO), the only western-exchange listed, pure-play molybdenum mineral development company, announced that the Bureau of Land Management ("BLM") published Notice of Availability ("NOA") for the Mt. Hope Project's Draft Supplemental Environmental Impact Statement ("DSEIS") in the Federal Register today, commencing the public comment period.
On July 19, 2017, the BLM published its Notice of Intent (“NOI”) advising the public that the agency intended to complete a Supplemental Environmental Impact Statement to address concerns raised by the December 28, 2016 Opinion of the U.S Court of Appeals for the Ninth Circuit (“Ninth Circuit”).
Bruce D. Hansen, Chief Executive Officer, said, "The publication of the DSEIS to start the public review process represents a major milestone for our 80%-owned Mt. Hope Project in central Nevada. We appreciate the thoughtful time and review by the BLM in the preparation of the DSEIS. We look forward to receiving the Record of Decision (“ROD”) after the BLM reviews any comments from the public, and anticipate this approval later in 2019. This time frame should align with the continuing improvement of the molybdenum price and the anticipated receipt of a Decision from the Nevada State Engineer approving our change applications for water permits at the Mt. Hope Project. We believe that with this supplement to the Environmental Impact Statement, the environmental evaluation conducted for the Mt. Hope Project includes all issues required to be addressed by the BLM and is extremely robust."
The public comment period will close April 22, 2019. Following the public comment period, the BLM will consider comments received in developing a Final Supplemental Environmental Impact Statement and ROD later in 2019.
# # #
About General Moly
General Moly is a U.S.-based, molybdenum mineral exploration and development company listed on the NYSE American (NYSE American), recently known as the NYSE MKT and former American Stock Exchange, 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 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
Nice day today. Anybody know when decision on water rights is expected?
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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.
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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
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