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Press release from Business Wire

General Moly Announces Liberty Project Drill Hole Results Ahead of Revised Resource Estimate

<p> <i><b>Long Intervals of High-Grade Molybdenum Intersected</b></i> </p>

Tuesday, July 05, 2011

General Moly Announces Liberty Project Drill Hole Results Ahead of Revised Resource Estimate16:34 EDT Tuesday, July 05, 2011 LAKEWOOD, Colo. (Business Wire) -- General Moly (NYSE Amex and TSX: GMO) announced the results of 33 core holes that were not previously included in the Liberty project's 2008 pre-feasibility study. Bruce D. Hansen, Chief Executive Officer, said, "As part of our effort to re-start project development activities at the Liberty project this year, I am pleased to release these encouraging drill results from our second, world-class moly property. In addition to ongoing permitting achievements that we anticipate at the Mt. Hope project in the second half of the year, we are also advancing the Liberty project and anticipate releasing a revised resource estimate in the third quarter, as well as an updated pre-feasibility study early next year. Liberty is a solid project with robust economics for which we feel we receive minimal market valuation; however I am confident that we will continue to build value for our shareholders by driving both Mt. Hope and Liberty project development." Highlights of the 33 holes include 19 holes that had at least one moly mineralization interval of greater than 200 feet and in excess of 0.100% moly contained in sulfide mineralization. These long, high-grade intervals range in length from 240 feet to 1,239 feet and range in grade from 0.1049% to 0.2419% moly contained in sulfide mineralization. These 19 holes are summarized in the following table and additional drill hole information is reported as an appendix to this release. Complete assay results are available on the Company's website.                       Hole ID   From (Ft)   To (Ft)   Length (Ft)   Total Mo (%)   Total Cu (%) LM-791   845   1,725   880   0.1547   0.0358 LM-795   0   1,239   1,239   0.1922   0.0453 LM-798   10   570   560   0.1343   0.0493 LM-799   10   485   475   0.1404   0.0494 LM-801   0   470   470   0.1170   0.0480 LM-803   220   650   430   0.1400   0.0427 LM-804   370   810   440   0.1521   0.0483 LM-805   420   850   430   0.1939   0.0449 LM-813   380   810   430   0.1410   0.0406 LM-835   835   1,145   310   0.1586   0.0343 LM-837   470   710   240   0.1140   0.0482 LM-837   805   1,207   402   0.1139   0.0274 LM-838   300   555   255   0.1052   0.1302 LM-843   470   980   510   0.2419   0.0474 LM-844   625   981   356   0.1187   0.0259 LM-845   615   1,000   385   0.1292   0.0263 LM-846   455   840   385   0.1582   N/A LM-851B   0   280   280   0.1119   0.0478 LM-852   175   860   685   0.1475   0.0405 LM-853   395   905   510   0.1049   0.0452           The following table highlights the independent intervals with total copper in excess of 0.2% over a distance of greater than 50 feet with associated moly grades contained in sulfide mineralization.                       Hole ID   From (Ft)   To (Ft)   Length (Ft)   Mo (%)   Total Cu (%) LM-811   75   160   85   0.0225   0.2793 LM-837   175   230   55   0.0358   0.3591 LM-842   65   150   85   0.0606   0.2278 LM-845   105   230   125   0.0515   0.3216 LM-847   75   175   100   0.0212   0.3852 LM-850   395   500   105   0.0405   0.2311 LM-854   190   365   175   0.0395   0.2437           These 33 holes were principally focused on demonstrating in-fill continuity, increasing metallurgical understanding and examining ore body extensions to the east and at depth. These holes augment a pre-existing database containing information from 716 holes previously drilled by Anaconda, Cyprus Minerals, Equatorial, and General Moly. This drilling information, combined with updated modeling parameters, will form the basis for a revised Liberty NI 43-101 compliant resource estimate, which is anticipated to be completed in the third quarter of the year. The revised resource estimate will be utilized in an updated pre-feasibility study that is anticipated to be completed in the first quarter of 2012. The prior 2008 NI 43-101 compliant pre-feasibility study indicated 433 million minable tons at grades of 0.068% moly contained in sulfide mineralization and 0.070% total copper, resulting in 589M pounds of moly contained in sulfide mineralization and 606M pounds of total copper contained in the proven and probable category. A cross section of the deposit as well as a plan view map illustrating the location of the 33 holes can be accessed on the Company's website at www.generalmoly.com under the "news" section. An appendix to this release includes further drill hole information including drill hole location, azimuth, inclination, and total depth. A complete table of drill results, including assays for both moly contained in sulfide mineralization and total copper can also be accessed on the Company's website. Mark W. Osterberg, President of Mine Mappers, L.L.C.., of Tucson, Arizona, and a Registered Professional Geologist is the Qualified Person responsible for the collection and evaluation of geologic data (including Drilling, Sampling, Assaying, and Geological Interpretation) pertaining to the Liberty project. 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 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 of 1933, 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 U.S. Securities and Exchange Commission (the “SEC”). The Company undertakes no obligation to update forward-looking statements. Cautionary Note to U.S. Investors Concerning Estimates of Resources Calculations with respect to “proven reserves” and “probable reserves” referred to above have been made in accordance with, and using the definitions of, National Instrument 43-101, as required by Canadian securities regulatory authorities. For United States reporting purposes, the U.S. SEC applies a different standard in order to classify mineralization as a “reserve”. Under SEC standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally extracted or produced at the time the reserve determination is made. No such determinations have been made with respect to any mineralization at the Liberty project and it cannot be assured that such a determination will be made. APPENDIX Further drill hole information for the 33 holes described in this release is listed below.                                       HoleNumber     Northing     Easting     Elevation(feet)     Total Feet     Azimuth(degrees)     Inclination(degrees) HT–779     13,915,799     1,557,334     6,143     27     0     -90 LM-785 13,915,161 1,556,378 5,816 963 303 -84 LM-791 13,914,697 1,556,403 5,823 1,726 315 -88 LM-795 13,915,535 1,555,605 5,379 1,239 132 -52 LM-798 13,916,034 1,555,503 5,366 908 222 -53 LM-799 13,916,151 1,555,648 5,366 703 0 -90 LM-801 13,916,113 1,555,389 5,369 703 0 -90 LM-803 13,916,219 1,555,831 5,450 650 0 -90 LM-804 13,916,042 1,555,867 5,464 865 0 -90 LM-805 13,915,701 1,555,842 5,491 850 0 -90 LM-811 13,916,365 1,556,431 5,870 1,422 218 -72 LM-813 13,916,756 1,556,876 6,045 1,150 181 -90 LM-815 13,915,592 1,556,977 6,110 550 0 -90 LM-817 13,914,682 1,556,823 6,050 1,315 0 -90 LM-835 13,914,839 1,555,771 5,589 1,233 29 -74 LM-837 13,915,644 1,558,830 6,407 1,207 229 -80 LM-838 13,915,670 1,558,031 6,455 850 224 -78 LM-839 13,916,018 1,557,073 6,154 843 77 -53 LM-840 13,915,949 1,558,302 6,450 936 0 -90 LM-841 13,915,726 1,557,449 6,175 826 223 -79 LM-842 13,916,600 1,558,502 6,278 849 0 -90 LM-843 13,915,339 1,555,895 5,522 1,050 47 -81 LM-844 13,915,775 1,558,532 6,412 981 0 -90 LM-845 13,916,376 1,558,004 6,375 1,067 0 -90 LM-846 13,916,389 1,557,820 6,406 915 0 -90 LM-847 13,914,350 1,557,326 6,089 1,170 0 -90 LM-848 13,914,987 1,557,123 6,192 500 0 -90 LM-849 13,916,284 1,557,965 6,393 48 0 -90 LM-850 13,916,176 1,557,820 6,353 507 219 -72 LM-851B 13,916,511 1,555,576 5,373 400 0 -90 LM-852 13,915,209 1,555,870 5,539 929 302 -83 LM-853 13,916,456 1,557,883 6,424 1,037 0 -90 LM-854     13,915,472     1,558,833     6,392     883     222     -70 General MolyInvestorsSeth Foreman, 303-928-8591sforeman@generalmoly.comorMediaZach Spencer, 775-748-6059zspencer@generalmoly.cominfo@generalmoly.comhttp://www.generalmoly.com