General Moly Still in Financing Talks for Mt. Hope: Corporate Update

General Moly Inc. (TSX:GMO,NYSEMKT:GMO) provided a corporate update on its Mt. Hope and Liberty projects.

Points covered include:

• In connection with the financing efforts for the Mt. Hope Project, the Company continues to advance substantive dialogue with multiple private Chinese industrial companies and a large Chinese financial institution capable of supporting the majority of capital requirements; Discussions are ongoing relating to investment agreement terms, sponsorship requirements, and indicative loan terms associated with a $700 to $750 million debt and equity package;
• The fully permitted Mt. Hope Project remains in a construction-ready status with engineering approximately 65% complete and a substantial amount of long-lead time equipment either fully purchased or substantially paid for;
• The Mt. Hope Project’s capital costs, operating costs and economics were updated by the Company and its independent consultants with a technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administration (‘NI 43-101′) and filed under the Company’s profile at www.sedar.com on January 16, 2014; and
• The Liberty Project is proceeding from a Pre-Feasibility Study to a Full Feasibility Study with a phased program to collect additional deposit samples utilizing a targeted drilling campaign, a metallurgical test program and initial permitting activity following the findings of an updated NI 43-101 Technical Report onJuly 30, 2014 confirming the technical and financial viability of the Liberty Project. A copy of the report is also available under the Company’s profile at www.sedar.com.

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

We are moving aggressively to obtain full Mt. Hope Project financing and subsequent commencement of heavy construction. We remain optimistic that we will secure new financing given the many advantages of the Mt. Hope Project, which is far more advanced today than when our prior financing agreement was reached in 2010.

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