General Moly Initiates Cultural Clearance at Mt. Hope
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 its 80% owned subsidiary, Eureka Moly, LLC, has initiated cultural clearance activities at the Mt. Hope Project. The State Archeologist at the Nevada State Office of the Bureau of Land Management issued an Archaeological Resource Protection Act Permit for the Mt. Hope Project treatment plan on November 29, 2012.
Bob Pennington, Chief Operating Officer of General Moly (GMO), said, Cultural clearance is an important component of our environmental protection commitment and will be completed before major earthworks are done in any of the construction areas. We will concentrate on clearing priority areas for initial construction and then continue mitigation throughout the disturbance footprint. We believe that using this phased approach will allow us to maintain uninterrupted construction progress after a few weeks of initial clearance work is completed. Our contractors will conduct the clearance in accordance with the previously approved treatment plan, which reflects General Molys commitment to environmental excellence.
Kautz Environmental Consultants has been contracted by Eureka Moly to initiate cultural clearance mitigation and will be onsite until the conclusion of the process. Kautz is a well-known and respected firm specializing in cultural resource surveys, mitigation, and regulatory compliance. They have extensive experience in Nevada and throughout the Western United States, having completed numerous projects since 1994.
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