General Moly Updates Mt. Hope Permitting Progress

General Moly Inc. on Aug. 5 provided a permitting progress update on Mt. Hope and reiterated its current expectation to receive all required permits by mid-2009. Mt. Hope, located in central Nevada, is considered one of the world's largest and highest grade molybdenum deposits.

General Moly's interests in this property and its Liberty Project, also in central Nevada, complement the company's goal to become the largest primary molybdenum producer by the middle of the next decade.

"We continue to execute against our permitting timeline and have filed applications for the key Nevada State permits," said Bruce D. Hansen, chief executive officer. "Although we recognize that we do not fully control the ultimate timing, our technical data for the EIS [environmental impact statement] continues to be submitted in a timely manner, and we continue to expect all the key Nevada State issued permits will be received no later than Q1 2009 and the final EIS Record of Decision in mid-2009.

"Our plans call for environmental protections that are intended to be at the leading edge of mining industry environmental efforts. Our goal is to build a facility that will stand out as a model in the industry."

According to the press release, the company has submitted applications for permits for Class II Air Quality Control, Water Pollution Control, Dam Safety from the state.

To date, the company has completed nearly all of the baseline studies that form the basis of the draft EIS. Outstanding baseline (technical) reports relate to hydrology and geochemical modeling and assessment. The company expects to complete these technical studies by the end of the summer. The Battle Mountain office of the Bureau of Land Management (BLM), through its consultant, EnviroScientists, is currently writing preliminary chapters of the draft EIS for further public and cooperating agency review.

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