Moly, Inc. (the 'Company?) (NYSE MKT: GMO) (TSX: GMO), a U.S.-based
molybdenum mineral development, exploration and mining company,
announced that on Friday, August 31, the U.S. Bureau of Land Management
(BLM) completed the Preliminary Final Environmental Impact Statement
(PFEIS) for the Mt. Hope project, which was delivered to the cooperating
agencies on Tuesday, September 4. Cooperating agencies, including the
County of Eureka, the National Park Service, and the Nevada Division of
Wildlife, as well as the U.S. Environmental Protection Agency (EPA),
will have 15 business days to review the PFEIS.
'We continue to move forward in the Environmental Impact Statement (EIS)
permitting process for our Mt. Hope project and are pleased at the
diligence, focus and progress the BLM continues to demonstrate,? said
Bruce D. Hansen, Chief Executive Officer. 'We anticipate the BLM to
finalize the EIS shortly, and we continue to expect a receipt of our
Record of Decision (RoD) as well as completion of the remaining major
Nevada State permits by the end of 2012, and to commence construction
shortly thereafter.?
After the Final EIS is completed, the document will be printed and a
Notice of Availability (NOA) for the EIS will be published in the
Federal Register. Upon NOA publication, there is a mandatory 30 day
public review period after which a RoD and Plan Approval is anticipated
to be issued. Issuance of a favorable RoD constitutes BLM approval,
subject to environmental restrictions and mitigation to be described in
the RoD, to construct and operate the Mt. Hope Mine.
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. Our primary asset, our
interest in the Hope project located in central Nevada, is considered one of the
world′s largest and highest grade deposits. Combined with our second molybdenum property, the project that is also located in central Nevada, our goal is to become
the largest primary molybdenum producer by the middle of the decade. For
more information on the Company, please visit our website at
Forward-Looking Statements
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 obtain required permits to commence production
and its ability to raise required financing, adverse governmental
regulation and judicial outcomes. The closing of the Hanlong transaction
and obtaining bank financing are subject to a number of conditions
precedent that may not be fulfilled. The bank financing and subordinated
loans are subject to final negotiation and satisfaction of conditions
precedent. 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 forward-looking
statements.
