General Moly, Inc. (the "Company") (NYSE MKT: GMO) (TSX: GMO), a U.S.-based molybdenum mineral development, exploration and mining company, announced through its 80% owned Mt. Hope subsidiary, Eureka Moly, LLC, the initiation of preliminary construction activities including early well field development and clearing and grubbing of terrain that coincide with the Company’s ongoing cultural clearance efforts at its Mt. Hope Project in Eureka County, Nevada. A crew from Ames Construction, Inc. has been mobilized, and is initially focused on clearing the administrative office and mill site areas as well as clearing the water pipeline corridor in preparation for developing the well field and water distribution system to support heavy construction activities.
Bruce D. Hansen, Chief Executive Officer of General Moly, said, “We are pleased to start preliminary construction activities at Mt. Hope as we prepare for heavy construction in the spring. Our work plan emphasizes careful cost management, a timeline of continuous construction and close collaboration with all of our stakeholders to develop Mt. Hope in an environmentally and socially responsible manner.”
Bob Pennington, Chief Operating Officer of General Moly, said, “At this early stage, developing a robust infrastructure of communications, water management and office space is essential, and we expect to make rapid progress in each of these areas. In addition, we are moving forward on health and safety measures including our recent contracting for an onsite emergency response provider. We are also pursuing environmental priorities such as salvaging topsoil for use in reclamation and maximizing utilization of natural resources by supplying local communities with firewood from the trees we are harvesting during the clearing process.”
Mr. Pennington added, “We believe the Mt. Hope Project will become an important contributor to economic development and job opportunities in Northern Nevada for decades to come and have been gratified by the support we are receiving from the state and local community. Recently, a ceremony to bless the ground and the project was performed by the tribal elders and spiritual leaders of the Duckwater Shoshone Tribe.”
Ames Construction, Inc. has been contracted for civil construction at Mt. Hope including clearing and grubbing, well field development, grading, structural concrete, underground piping, tailings dam construction, pre-stripping and waste rock disposal construction and will be onsite until the conclusion of the process. A full-service, heavy civil and industrial general contractor, Ames has extensive experience throughout the Western United States having completed numerous mine facility construction projects for clients including Rio Tinto plc, Barrick Gold Corporation and Newmont Mining Corporation. Recent work in Nevada includes development of Newmont’s Phoenix Copper Leach Pad, Barrick Cortez Tailings Raise and Cell 4 Tailings Facility Construction and the raising of Barrick Goldstrike Mines’ North Block Tailings Dam.
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 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.
Scott Kozak, 303-928-8591
Zach Spencer, 775-748-6059
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