General Moly Inc. Gets Approval from BLM for Mt. Hope

General Moly Inc. (TSX:GMO, NYSE:GMO) announced that the Bureau of Land Management has accepted its reclamation bonding for the Mt. Hope Project and that surface disturbing activities will commence.

As quoted in the press release:

The surety program has been funded with an initial cash payment of $5.6 million and requires additional cash funding of$11.6 million through the construction process for a total of $17.2 million which is in alignment with the net cash bonding cost included in the August 2012 capital estimate.

General Moly’s COO, Bob Pennington, said:

After receiving funding from POS-Minerals Corporation, our joint venture partner on the Mt. Hope Project, and obtaining authorization from the BLM on reclamation bonding, we will now move beyond our ongoing cultural clearance program and initiate light construction activities including early well field development and clearing and grubbing as we prepare for heavy construction in the spring.

To view the full press release, click here.