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Press release from Business Wire

General Moly Provides Update on State of Nevada Permits

Friday, November 11, 2011

General Moly Provides Update on State of Nevada Permits08:30 EST Friday, November 11, 2011 LAKEWOOD, Colo. (Business Wire) -- General Moly, Inc. (the "Company") (NYSE Amex and TSX: GMO) provided an update to progress related to major State of Nevada permits, including the Air Quality Permit, Water Pollution Control Permit, Reclamation Permit, and Dam Safety Permits for the Mt. Hope project. Air Quality: Today, the Nevada Division of Environmental Protection ("NDEP") submitted public notice of its intent to issue a Class II Air Quality Operating Permit. The public comment period will close on December 16, 2011 and comments will be considered in drafting the final permit. The Company anticipates the permit to be issued in the second quarter of 2012. The Air Quality Operating Permit authorizes surface disturbance for the Mt. Hope project and, based on emission control engineering, construction and operation of processing facilities, including the roaster. Water Pollution Control: The NDEP's Bureau of Mining Regulation and Reclamation ("BMRR") has stated that the Company's application is administratively complete. Based on the agency's current workload, the Company is anticipating the Water Pollution Control Permit to be issued in the second or third quarter of 2012. Reclamation: The Company has updated the reclamation plan and permit application as needed to reflect minor changes to the Plan of Operations over the past five years. The Reclamation permit is anticipated to be issued by the BMMR roughly in conjunction with receipt of the Record of Decision from the U.S. Bureau of Land Management. Dam Safety: Permits for the construction of the Mt. Hope project's tailings storage facility and underdrain pond were issued by the Nevada Division of Water Resources on October 25, 2010. Once final engineering design is completed, permits may be required for stormwater collection ponds. If necessary, applications will be submitted following re-start of engineering and are anticipated to be issued prior to initiation of construction activities. Bruce D. Hansen, Chief Executive Officer, said, "Our state-level permitting efforts continue to progress on pace and we feel comfortable that process times for these state of Nevada permits will support the Mt. Hope project's overall development schedule." 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, 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 MolyInvestors and Business DevelopmentSeth Foreman, 303-928-8591sforeman@generalmoly.comorMediaZach Spencer, 775-748-6059zspencer@generalmoly.comhttp://www.generalmoly.cominfo@generalmoly.com