General Moly Announces Receipt of Reclamation Permit for the Mt. Hope Project
LAKEWOOD, Colo.--(BUSINESS WIRE)-- General Moly, Inc. (the "Company") (NYSE MKT and TSX: GMO), a U.S.-based molybdenum mineral development, exploration and mining company, announced that the State of Nevada Division of Environmental Protection (NDEP) has issued a Reclamation Permit for the Mt. Hope Project.
Bruce D. Hansen, Chief Executive Officer of General Moly (GMO), said, "We are pleased to receive the Reclamation Permit from the Nevada Division of Environmental Protection, which along with the Record of Decision issued by the U.S. Bureau of Land Management on November 16, represent two important milestones for the permitting process at Mt. Hope. NDEP continues to make progress finalizing the Water Pollution Control Permit, the last major operating permit for the Mt. Hope Project.
NDEP published a Notice of Proposed Action on October 1, 2012 stating their tentative decision to issue a Reclamation Permit for the Mt. Hope Project. Following the 30-day public review and comment period, the hearing for the permit took place on October 30, 2012.
The Reclamation Permit authorizes surface disturbance and construction of facilities. The permit was issued on the basis of a site specific application detailing the reclamation methods to be used to return the land to safe and stable conditions and a productive post-mining land use. The Reclamation Permit also approved the reclamation cost estimate of approximately $73 million and established bonding requirements based on this estimate.
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 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 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