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Press release from Business Wire

General Moly Announces Continued Permitting Progress for the Mt. Hope Project

Monday, October 01, 2012

General Moly Announces Continued Permitting Progress for the Mt. Hope Project08:30 EDT Monday, October 01, 2012 LAKEWOOD, Colo. (Business Wire) -- General Moly, Inc. (the "Company") (NYSE MKT: GMO) (TSX: GMO), a U.S.-based molybdenum mineral development, exploration and mining company, provided an update to the Mt. Hope Project's permitting progress. With regards to the Federal Environmental Impact Statement process, the U.S. Bureau of Land Management has received comments from cooperating agencies on the Preliminary Final Environmental Impact Statement for the Mt. Hope Project and is working to finalize the Environmental Impact Statement and process the Notice of Availability for publication in the Federal Register. In addition, the State of Nevada Division of Environmental Protection (NDEP) published Notices of Proposed Action stating their tentative decision to issue a Water Pollution Control Permit and a Reclamation Permit for the Mt. Hope Project. Also, General Moly received a Federal Explosives Permit from the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives. Bruce D. Hansen, Chief Executive Officer of General Moly, said: "We are continuing to move the permitting process for our Mt. Hope Project forward. The Company is pleased that the 30-day public review and comment period for the Water Pollution Control and Reclamation Permits has been initiated and look forward to NDEP expeditiously issuing these permits after reviewing and addressing any germane comments. We continue to expect receipt of a favorable Record of Decision as well as completion of the remaining major Nevada State permits by the end of 2012, and to commence construction shortly thereafter.” The Water Pollution Control Permit is issued by NDEP on the basis of a site-specific permit application which must demonstrate that the proposed facility will meet Nevada regulations regarding design criteria for containment of process fluids. The permit will also approve the operational and closure plans for the Mt. Hope Mine, and establish monitoring requirements. The Reclamation Permit issued by NDEP will authorize surface disturbance and construction of facilities. The permit will be issued on the basis of a site specific application detailing the reclamation methods to be used to return the land to safe and stable conditions and a productive post-mining land use. The Reclamation Permit will also approve the reclamation cost estimate and establish bonding requirements based on this estimate. The Federal Explosives Permit, received from the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives on September 6, 2012, allows transport, storage and use of explosives associated with the open pit mining operation, and is necessary for the construction period at the Mt. Hope Project. General Moly is a U.S.-based molybdenum mineral development, exploration and mining company listed on the NYSE MKT (formerly the NYSE AMEX) 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 in the world. 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. The bank financing and subordinated loans are subject to final negotiation and satisfaction of conditions precedent. 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 - Scott Kozak, (303) 928-8591skozak@generalmoly.comorMedia ? Zach Spencer, (775) 748-6059zspencer@generalmoly.comorinfo@generalmoly.comWebsite: http://www.generalmoly.com