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Press release from Business Wire

General Moly Files Universal Registration Statement to Replace Expiring Registration Statement

Friday, November 05, 2010

General Moly Files Universal Registration Statement to Replace Expiring Registration Statement15:05 EDT Friday, November 05, 2010 LAKEWOOD, Colo. (Business Wire) -- General Moly (NYSE Amex: GMO) (TSX: GMO) announced the filing of its $500 million universal Registration Statement, renewing a previously filed Registration Statement set to expire at the end of May 2011. David A. Chaput, Chief Financial Officer, said, "Given our current liquidity position, the $745 million in funding anticipated to be provided through the Hanlong transaction, and warrant proceeds potentially forthcoming early next year, we clearly have no immediate plans to access the capital markets. Nevertheless, maintaining an effective shelf registration statement provides the Company with some additional future flexibility and registers the resale of shares anticipated to be issued through the Hanlong transaction and through outstanding warrant exercises." The Registration Statement also covers the resale from time to time of 43,102,408 shares of Common Stock, including 8,256,699 outstanding shares currently owned by ArcelorMittal, a total of 7,075,709 million shares issuable pursuant to outstanding warrants, and approximately 27,770,000 million shares issuable under the Company's existing Stock Purchase Agreement with Hanlong (USA) Mining Investment, Inc. ("Hanlong"). The Registration Statement has not yet been declared effective by the Securities and Exchange Commission. 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 decade. For more information on the Company, please visit our website at 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. General MolyInvestorsSeth Foreman, 303-928-8591sforeman@generalmoly.comorBusiness DevelopmentGreg McClain, 303-928-8601gmcclain@generalmoly.comorinfo@generalmoly.com