General Moly Announces an 18% Increase in Molybdenum and a 47% Increase in Copper Contained at the Liberty Project

- October 3rd, 2011

General 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.”

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