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General Moly Continues to Place Long-Lead Equipment Orders
LAKEWOOD, Colo.-(Business Wire)-March 13, 2008 - General Moly Inc. (AMEX:GMO)(TSX:GMO) announced that the Company, through its 80% owned subsidiary Eureka Moly LLC, has placed orders for two 44 cubic-yard P&H 2800XPC Shovels from P&H Mining Equipment Inc. An initial deposit payment of $2 million has been made and the total cost of the shovels remains in line with the Company's Bankable Feasibility Study. The Letter of Award provides for shipment of the two shovels in May 2009 and October 2009, respectively, and commissioning at the Mt. Hope site within five months of shipment. The Company's feasibility study identified the need for a total of three electric shovels for Mt. Hope. The two P&H electric shovels will be supported by other, more mobile, hydraulic loading equipment providing for pre-development mining flexibility during the initial open pit operations.
General Moly is a U.S.-based molybdenum mineral exploration and development company listed on the American Stock Exchange 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 Hall-Tonopah project which is also located in central Nevada, our goal is to become the largest primary molybdenum producer by the middle of the next decade. For more information on the Company, please visit our website at http://www.generalmoly.com.
Forward-Looking Statements
Statements herein that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to, the Company's ability to obtain required permits to commence production and its ability raise required financing, metals price and production volatility, exploration risks and results, project development risks, including, without limitation, uncertainties involved in the interpretation of results and other tests and the estimation of mineralized material. For a more 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-QSB and 10-KSB, as the same are amended from time to time, on file with the SEC. The Company undertakes no obligation to update forward-looking statements.
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