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Press release from Business Wire

General Moly Announces Transmittal of Mt. Hope Project Notice of Availability to Washington D.C. Office of Bureau of Land Management

Thursday, November 03, 2011

General Moly Announces Transmittal of Mt. Hope Project Notice of Availability to Washington D.C. Office of Bureau of Land Management08:30 EDT Thursday, November 03, 2011 LAKEWOOD, Colo. (Business Wire) -- General Moly, Inc. (the "Company") (NYSE Amex and TSX: GMO) was notified today that the Nevada office of the Bureau of Land Management ("BLM") has transmitted the Mt. Hope project Notice of Availability ("NOA") associated with the Mt. Hope Draft Environmental Impact Statement ("DEIS") to its Washington, D.C. office. The NOA process requires a summary document to be signed by five officials of the U.S. Department of Interior ("DOI") before being published in the Federal Register, which will trigger the start of a 90-day public comment period. Bruce D. Hansen, Chief Executive Officer, said, "We are pleased that the Battle Mountain and Nevada State offices of the Bureau of Land Management have continued to move this process forward. Although the NOA process has historically taken many months to complete, recent streamlining efforts by the BLM and DOI have resulted in faster processing timelines. Given the urgent need to create jobs in Nevada, we anticipate the BLM will continue to act expeditiously and anticipate that the Mt. Hope NOA will be published in the Federal Register in December. This would then trigger the start of the public comment period on the DEIS for the Mt. Hope project and move us one step closer to the completion of permitting and regulatory approval." 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 Moly:Investors and Business DevelopmentSeth Foreman, 303-928-8591sforeman@generalmoly.comorMediaZach Spencer, 775-748-6059zspencer@generalmoly.com