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%.

“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.”