LAKEWOOD, COLORADO – August 26, 2019, General Moly, Inc. (the “Company”) (NYSE American and TSX: GMO), the only western-exchange listed, pure-play molybdenum mineral development company, announced today that the Final Supplemental Environmental Impact Statement (“SEIS”) Notice of Availability (“NOA”) for the Mt. Hope Project in Nevada was published in the Federal Register on August 23, 2019.
Previously, on March 6, 2019, the NOA for the Draft SEIS was published in the Federal Register, which commenced the 45-day public comment period. With the publication of the NOA for the Final SEIS, the U.S. Bureau of Land Management (“BLM”) and the Department of Interior have concluded their review of the Draft SEIS and comments received from the public. The SEIS addresses the narrow concerns raised by the December 28, 2016 Opinion of the U.S Court of Appeals for the Ninth Circuit.
A Record of Decision (“ROD”) is expected after a 30-day period from the August 23, 2019 NOA publication. Issuance of the ROD constitutes approval from the BLM, subject to environmental protection measures and mitigation, to develop and operate the Mt Hope Project molybdenum mine.
Bruce D. Hansen, Chief Executive Officer of General Moly, said, “We are very pleased to achieve this important milestone in the Mt. Hope Project permitting process. We continue to expect receipt of a favorable ROD near the end of the third quarter of 2019. With the receipt of the water permits from the Nevada State Engineer as announced in the Company’s July 29, 2019 news release and the anticipated ROD in about 30 days, the Mt. Hope Project will be fully permitted for future development. Having a fully permitted Mt. Hope Project further enhances our capacity to attract incremental capital and pursue various other strategic alternatives with our financial advisors.
“In addition, with our cash on hand, plus proceeds from closing on non-core asset sales, we should have sufficient cash into October 2019. We also anticipate non-core asset sales by Eureka Moly, LLC, our 80%-owned joint venture company which operates the Mt. Hope Project, and the subsequent potential recovery of approximately $700,000 advanced to Eureka Moly.” (For further details about General Moly’s advance to Eureka Moly, please see the Company’s May 14, 2019 news release.)
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