General Moly Announces That the Notice of Availability for the Mt. Hope Final Environmental Impact Statement Has Been Processed and is Scheduled for Publication in the Federal Register October 12, 2012
LAKEWOOD, Colo.--(BUSINESS WIRE)-- General Moly, Inc. (the "Company") (NYSE MKT: GMO) (TSX: GMO), a U.S.-based molybdenum mineral development, exploration and mining company, announced that the U.S. Bureau of Land Management (BLM) has completed the Final Environmental Impact Statement (FEIS) for the Mt. Hope Project and the Department of Interior (DOI) has processed the Notice of Availability (NOA). The NOA is scheduled for publication in the Federal Register on October 12, 2012.
Bruce D. Hansen, Chief Executive Officer of General Moly (GMO), said, "We are pleased to announce this next important step in the Mt. Hope permitting process and appreciate the diligence of the BLM in finalizing the EIS and processing the NOA. We continue to expect receipt of a favorable 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."
The NOA is an announcement that the Final EIS is available for public review. The NOA process required that summary document be reviewed and signed by four officials of the DOI. Completion of this process allows the NOA to be published in the Federal Register. Upon NOA publication, there is a mandatory public review period of at least 30 days after which a RoD and Plan Approval are 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 Mt. Hope project located in central Nevada, is considered one of the world's largest and highest grade molybdenum deposits. Combined with our second molybdenum property, the Liberty project that is also located in central Nevada, our goal is to become the largest 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 Companys 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 Companys 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.
Scott Kozak, 303-928-8591
Zach Spencer, 775-748-6059
Source: General Moly, Inc.Copyright Business Wire 2012