General Moly Posts $3-million Net Loss for Q1 2013

General Moly Inc. (TSX:GMO) released its unaudited financial results for the first quarter of 2013, commenting that it saw a net loss of $3 million for the period, slightly less than the $3.2 million it lost in the year-ago period.

As quoted in the press release:

Excluding restricted cash, the Company’s cash balance at March 31, 2013 was approximately $57 million compared to $68 million at December 31, 2012. During the first quarter, cash use of $16 million was the result of Mt. Hope Project development, engineering, and procurement costs as well as general and administrative expenses partially offset by the receipt of $5 million in contribution payments from POS-Minerals Corporation.

Bruce D. Hansen, CEO of General Moly, commented:

We are working with Hanlong to secure another Chinese strategic partner to help advance the full financing of the Mt. Hope Project and reinvigorate advanced stage loan negotiations with China Development Bank. Our efforts to secure such a strategic partner are enhanced, given that we are advancing a fully permitted, construction-ready, high grade / lower cost molybdenum deposit along with our EMLLC partner POS-Minerals.

Click here to read the full General Moly Inc. (TSX:GMO) press release.