Liberty Project Elevated To Pre-Feasibility Level Study

LAKEWOOD, CO - General Moly, Inc. reported the elevation of the Company’s wholly-owned molybdenum-copper Liberty Project from a Preliminary Economic Assessment (PEA) announced April 8, 2014 to a National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administration (NI 43-101) compliant Pre-Feasibility Study (PFS). The timeframe for completing the PFS remains unchanged from the PEA estimate, with expected conclusion by the end of July 2014. The Liberty Project is located 20 miles north of Tonopah, Nevada.

Bruce D. Hansen, Chief Executive Officer of General Moly, said,  Based on the quality of the underlying data and the level of technical and economic assessment already completed at the Liberty Project, we in combination with our consultants, decided that the study qualifies as a PFS under Canadian NI 43-101 standards. Assuming positive results, this will allow us to more rapidly advance the Liberty Project through full feasibility and permitting.

Hansen continued, Our prior concept of focusing on copper production in the early years of development has transitioned to a mine plan driven by maximizing upfront value based on reasonable long term copper and molybdenum prices. Optimization of the mine plan includes incorporating a portion of the shallow sulfide chalcocite copper mineralization later in the mine sequence, as its net realizable value per ton is less than some of the existing resources containing high grade molybdenum with copper by-product mineralization.

Hansen concluded, The updated Liberty PFS maintains the PEA's scoped process rate of approximately 25,000 short tons per day throughput rate and will leverage significant pre-existing infrastructure to reduce initial capital costs compared with a typical green-field development. We anticipate that results from the PFS will demonstrate the inherent value of the Liberty Project to shareholders and potential strategic investors. Even as we complete the PFS on the Liberty Project, we are continuing to aggressively pursue the full financing alternatives for our 80% owned Mt. Hope Project, and the recent rise in the molybdenum price to around $13 per pound has increased interest among potential partners who could support a debt package to provide the bulk of the Mt. Hope development requirements.

Anaconda developed and operated at the Liberty site between 1982 and 1985 before selling it to Cyprus Minerals who operated from 1988 to 1991. Equatorial Minerals operated a copper leach project on the Liberty site from 1999 to 2001. General Moly acquired the site in 2006.