Moly Mines Reports Financing Update on Spinifex Ridge Molybdenum Project

Moly Mines Limited (ASX:MOL) updates on progress toward the completion of the $500M financing facility for the Spinifex Ridge Molybdenum Project.
The press release is quoted as saying:

Overall, Moly Mines said that securing the project finance loan facilities has taken longer than anticipated. The shareholder has advised the Company that the project finance facility documentation and approvals will not be complete to the point that it is available for drawdown by 31 January 2011 as required pursuant to the Subscription Agreement dated 19 Oct. 2009, as amended.

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