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General Moly Announces an 18% Increase in Molybdenum and a 47% Increase in Copper Contained at the Liberty Project
Oct. 03, 2011 01:48PM PST
Industrial MetalsGeneral Moly, Inc. (AMEX:GMO,TSX:GMO) announced an update to the resource estimate on the Liberty project in Nevada.
General Moly, Inc. (AMEX:GMO,TSX:GMO) announced an update to the resource estimate on the Liberty project in Nevada.
As quoted in the press release:
Highlights of the updated resource estimate include:
- A 18% increase in contained molybdenum within proven and probable reserves to 722 million pounds;
- A 47% increase in contained copper within proven and probable reserves to 894 million pounds;
- A 25% increase in proven and probable tonnage to 541.4 million tons;
- A 6% decrease in proven and probable grades of moly to 0.067%.
General Moly’s CEO, Bruce D. Hansen said:
“The updated pre-feasibility study will present two mining scenarios: one where mining operations stay completely on private land for the first five years, helping to expedite the permitting process and get Liberty started more quickly; and another, more optimized unconstrained mine plan scenario, which will produce more moly earlier in the mine life, but is anticipated to require a longer permitting period.”