General Moly Starts Cost-reduction Program

General Moly Inc. (TSX:GMO,NYSEMKT:GMO) announced that it has begun a cost-reduction program aimed at preserving its liquidity as it pursues financing options for its Mount Hope project.

As quoted in the press release:

• 25% reduction in base cash compensation for the CEO and members of the Board of Directors with other senior employees receiving 10 to 20% salary reductions.
• Prudent focus on reducing all other expenditures including engineering, administrative and procurement expenses.
• General Moly has implemented a personnel retention program to facilitate due-diligence by potential lenders and investors and for the start of full construction activities at Mt. Hope. In parallel with compensation reductions, the Company has provided cash and equity incentives for employees who remain with General Moly through January 15th, 2015 or earlier under certain circumstances.

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