Press release from Business Wire
General Moly Announces Strong Support for Mt. Hope Project among Eureka County Residents
Tuesday, May 18, 2010
General Moly Announces Strong Support for Mt. Hope Project among Eureka County Residents16:30 EDT Tuesday, May 18, 2010 LAKEWOOD, Colo. (Business Wire) -- General Moly (NYSE Amex: GMO) (TSX: GMO) announced that an independent poll of Eureka County residents commissioned by the Company showed overwhelming support for the Mt. Hope project and the General Moly team. Bruce D. Hansen, Chief Executive Officer, said, "The results of this survey are extremely encouraging. That 74% of Eureka County residents support the development of the Mt. Hope project and 60% have a positive impression of our Company are phenomenal results for a modern greenfield mining project and speak to the importance of doing things right and maintaining open and honest communication with the community. "Clearly the survey results also indicate we can do a better job in terms of educating Eureka residents with respect to Mt. Hope's planned water usage in Kobeh Valley as opposed to Diamond Valley and emphasizing that our operations are anticipated to have virtually no impact to the agricultural community of Eureka. With such broad community support, we will be continuing our ongoing efforts to work cooperatively and reasonably with the County and community on their concerns, including the County's continued opposition to our water applications." Full details of the survey will be discussed tomorrow at a luncheon and open house in Eureka at the Opera House beginning at 11:30 a.m. The public and media are invited and encouraged to attend. The survey results will also be posted to the Company's website with this release. Highlights of the survey include: Importance and Support of Mining Industry 89% of respondents are supportive or very supportive of mining in Eureka County with only 8% opposed; 65% of respondents believe mining is the most important industry in Eureka County, followed by agriculture/ranching at 25%. Support / Opposition to Mt. Hope Of residents aware of General Moly's plans to open the Mt. Hope project, 59% had a positive view of the Company and explained their support by citing benefits to the economy that the company would bring and the positive personal impressions of General Moly employees; 74% of residents were supportive of the development of the Mt. Hope mine, including 33% who were very supportive compared to 15% of residents that were opposed; Among those supportive, the most important factor was high-paying jobs to the area (42%) followed by increased revenues for local businesses (27%); 79% believed that Eureka County should work cooperatively with General Moly in its efforts to open the Mt. Hope mine while only 8% disagreed. Water Usage Just 37% of respondents knew that Mt. Hope will draw its water from the Kobeh Valley, 15 miles north-west of the agricultural community of Eureka while 14% mentioned Diamond Valley and 47% didn't know. General Moly is a U.S.-based molybdenum mineral development, exploration and mining company listed on the NYSE Amex (formerly the American Stock Exchange) and the Toronto Stock Exchange under the symbol GMO. Our primary asset, our interest in the Mt. Hope project located in central Nevada, is considered one of the world's largest and highest grade molybdenum deposits. Combined with our second molybdenum property, the Liberty project that is also located in central Nevada, our goal is to become the largest primary molybdenum producer by the middle of the next decade. For more information on the Company, please visit our website at http://www.generalmoly.com. Forward-Looking Statements Statements herein that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and are intended to be covered by the safe harbor created by such sections. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected, or implied by the Company. These risks and uncertainties include, but are not limited to, metals price and production volatility, global economic conditions, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, exploration risks and results, political, operational and project development risks, including the Company's ability to obtain required permits to commence production and its ability to raise required financing, adverse governmental regulation and judicial outcomes. The closing of the Hanlong transaction and obtaining bank financing are subject to a number of conditions precedent that may not be fulfilled. For a detailed discussion of risks and other factors that may impact these forward looking statements, please refer to the Risk Factors and other discussion contained in the Company's quarterly and annual periodic reports on Forms 10-Q and 10-K, on file with the SEC. The Company undertakes no obligation to update forward-looking statements.