General Moly Focused On Progressing Efforts

 

LAKEWOOD, CO - Bruce D. Hansen, Chief Executive Officer of General Moly, Inc., said, "We remain focused on progressing efforts to reinstate our permits for water rights at the Mt. Hope Project and working with the Bureau of Land Management ("BLM") to resolve the technical deficiencies noted by the U.S. Court of Appeals for the Ninth Circuit concerning the baseline air quality requirements under the National Environmental Policy Act ("NEPA") and complete a supplemental Environmental Impact Statement to obtain the reissuance of our Record of Decision ("ROD").  In addition to advancing the Mt. Hope Project, we are continuing to progress efforts with our strategic partner AMER and others as we review value accretive base metals and molybdenum related opportunities.  We have seen the molybdenum price increase by over 30% year to date to trade at approaching $9/lb and anticipate an improved molybdenum market going forward as we see the oil market stabilize and energy related steel production increasing.  In addition, general construction and infrastructure development bodes well for the molybdenum market as global steel production grew over 5% in the quarter."

Hansen continued, "On April 17, 2017, the Company and AMER entered into a First Amendment to the AMER warrant extending the deadline two months for satisfaction of all conditions to vesting of the warrant.  We appreciate our continuing relationship with AMER, and agreed to a short extension of the expiration of the warrant while we discuss a longer-term modification of our agreements, supportive of our strategic partnership. As we look forward, we continue to take decisive cost-cutting actions that better position our Company to advance development when market conditions improve and expect to average approximately $1.5 million in spend per quarter going forward in 2017."