General Moly, (the “Company”) (NYSE MKT and TSX: GMO), the only western exchange listed, pure-play molybdenum mineral development company, announced that the Bureau of Land Management (“BLM”) has published its Notice of Intent (“NOI”) to complete a Supplemental Environmental Impact Statement (“Supplemental EIS”) for General Moly’s majority-owned Mt. Hope Project. The Supplemental EIS will address concerns raised by the December 28, 2016 Opinion of the U.S Court of Appeals for the Ninth Circuit (“Ninth Circuit”).
Bruce D. Hansen, Chief Executive Officer, said:
“We are pleased that the Supplemental EIS process is underway as evidenced by the publication of the NOI. We look forward to receiving the Record of Decision, and anticipate this approval in late 2017, or early 2018.
This time frame could align with the continuing gradual recovery of the molybdenum market. Our internal go-ahead decision for construction will require a sustained period of higher molybdenum prices and re-instatement of water permits from the state of Nevada, followed by approval from the Board of Directors.”