LAKEWOOD, Colo.--(BUSINESS WIRE)--Jul. 30, 2014--
Moly, Inc. (the "Company") (NYSE MKT and TSX: GMO), a U.S.-based
molybdenum mineral development, exploration and mining company,
announced that it has filed a technical report (the “Report”) prepared
in accordance with National Instrument 43-101 Standards of Disclosure
for Mineral Projects of the Canadian Securities Administration (“NI
43-101”) for the Liberty Project in Nye County, Nevada. The Report,
which provides detail to the disclosure contained in the Company’s news
release issued on July 24, 2014, which is an update to our November,
2011 Liberty Pre Feasibility Study, may be found on the Company website
or under the Company’s profile at www.sedar.com.
John Marek of Independent Mining Consultants, Inc. is the primary author
and qualified person for this Technical Report.
Bruce D. Hansen, Chief Executive Officer of General Moly, said, “The
43-101 Report for the Liberty Project is consistent with the updated
operating costs, capital costs and project economics we announced last
week. This comprehensive analysis confirms the economically robust
nature of the Liberty Project, and highlights its many significant
attributes including its secure jurisdiction, substantial existing
infrastructure, low initial capital cost and long life.”
Mr. Hansen added, “We look forward to advancing the Liberty Project
through full feasibility which we believe will further demonstrate,
through an updated low capital scenario, its inherent value to
shareholders and potential strategic investors. In addition, concurrent
with the full feasibility study, we intend to initiate the necessary
baseline studies to support permitting to facilitate a rapid start to
The scientific and technical information contained in this news release
has been approved and verified by John M. Marek, P.E., President of
Independent Mining Consultants Inc., for matters relating to Mineral
Reserves, Mineral Resources, and mine production as well as Gabriel A.
Secrest, P.E., Project Manager at M3 Engineering and Technology Corp.,
for matters relating to project capital cost, infrastructure and plant
production. Mr. Marek and Mr. Secrest are independent Qualified Persons
for the purposes of NI 43-101.
* * * *
General Moly is a U.S.-based molybdenum mineral development, exploration
and mining company listed on the NYSE MKT (formerly the NYSE AMEX) and
the Toronto Stock Exchange under the symbol GMO. The Company’s primary
asset, our 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 second project, the Liberty
Project, a molybdenum and copper property also located in central
Nevada, our goal is to become the largest pure play primary molybdenum
producer in the world. For more information on the Company, please visit
our website at http://www.generalmoly.com.
Statements herein that are not historical facts are “forward-looking
statements” within the meaning of Section 27A of the Securities Act, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended and are intended to be covered by the safe harbor created by
such sections. Such forward-looking statements involve a number of risks
and uncertainties that could cause actual results to differ materially
from those projected, anticipated, expected, or implied by the Company.
These risks and uncertainties include, but are not limited to, metals
price and production volatility, global economic conditions, currency
fluctuations, increased production costs and variances in ore grade or
recovery rates from those assumed in mining plans, exploration risks and
results, political, operational and project development risks, including
the Company’s ability to maintain required permits to continue
construction, commence production and its ability to raise required
project financing, adverse governmental regulation and judicial
outcomes, including appeal of the Record of Decision and appeal of water
permits and estimates related to cost of production, capital, operating
and exploration expenditures. For a detailed discussion of risks and
other factors that may impact these forward looking statements, please
refer to the Risk Factors and other discussion contained in the
Company’s quarterly and annual periodic reports on Forms 10-Q and 10-K,
on file with the SEC. The Company undertakes no obligation to update
Cautionary Note to U.S. Investors Concerning Estimates of Reserves
Calculations with respect to "proven reserves" and "probable reserves"
referred to in the technical report have been made in accordance with
National Instrument 43-101, as required by Canadian securities
regulatory authorities. For United States reporting purposes, the U.S.
SEC applies a different standard in order to classify mineralization as
a "reserve". Under SEC standards, mineralization may not be classified
as a "reserve" unless the determination has been made that the
mineralization could be economically and legally extracted or produced
at the time the reserve determination is made. No such determinations
have been made with respect to any mineralization at the Liberty
Project, and it cannot be assured that such a determination will be
made. The report uses the terms “measured”, “indicated” and “inferred”
resources. We caution U.S. investors that while such terms are
recognized and required by Canadian Securities Administrators pursuant
to the National Instrument 43-101, the SEC does not recognize them. U.S.
investors are cautioned not to assume that any part of or all mineral
deposits in these categories will ever be converted into reserves.
“Inferred Resources”, in particular, have a great amount of uncertainty
as to their existence, and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part of an
Inferred Mineral Resource will ever be upgraded to a higher category.
Under Canadian Securities Administration rules, estimates of Inferred
Mineral Resources may not form the basis of feasibility or
pre-feasibility studies. U.S. investors are cautioned not to assume that
part or all of an inferred resource exists, or is economically or
Source: General Moly
Scott Kozak, 303-928-8591