General Moly Updates Mt. Hope Project╒s Permitting Progress 

LAKEWOOD, CO - General Moly reported on the Mt. Hope Project's permitting progress.

The Preliminary Draft Environmental Impact Statement (PDEIS) was completed and provided to cooperating agencies, which include the County of Eureka, Nevada, the National Park Service and the Nevada Division of Wildlife (Cooperating Agencies), on August 18, 2010. Those agencies, in addition to the Company, the U.S. Fish and Wildlife Service (USFWS), and the Environmental Protection Agency (EPA), provided comments on the PDEIS to the Bureau of Land Management (BLM) on September 23, 2010. Since then, the BLM and its independent EIS contractor have been working to review and incorporate the comments received into a Draft Environmental Impact Statement (DEIS). Recently, the BLM informed the Company that it will schedule a meeting the week of December 13th, 2010 with Cooperating Agencies, the Company, the USFWS, and the EPA to review the BLM's response to comments received on the PDEIS. Edits to the DEIS will largely be finalized during this meeting, and the DEIS can then be published in the Federal Register, after the publication is approved through the Notice of Availability (NOA) process. Given the time required to finalize the DEIS and to receive NOA approval, the Company presently anticipates publication of the DEIS in the first quarter of 2011, likely pushing ultimate permit receipt into the second half of next year. Bruce D. Hansen, Chief Executive Officer, said, "Although it has taken longer than expected for the BLM to review and respond to comments on the PDEIS, this extra effort should result in a robust and defensible EIS. I am pleased at the BLM's progress and commitment toward completing the Mt. Hope Project's EIS process as expeditiously as possible. The Mt. Hope Project continues to receive broad-based local support and we look forward to completing the permitting process so the Mt. Hope Project can begin to create jobs for the Nevada economy and value for General Moly stockholders." General Moly's primary asset is the Mt. Hope project located in central Nevada and 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. The company's address is 1726 Cole Blvd., Suite 115, Lakewood, CO 80401, (303) 928-8599, email: [email protected].