Press release from Business Wire
General Moly Announces Preliminary Injunction Motion Denied, Without Prejudice, Related to Mt. Hope Record of Decision Appeal
Monday, August 26, 2013
General Moly Announces Preliminary Injunction Motion Denied, Without Prejudice, Related to Mt. Hope Record of Decision Appeal08:30 EDT Monday, August 26, 2013
LAKEWOOD, Colo. (Business Wire) -- General Moly, Inc. (the "Company") (NYSE MKT and TSX: GMO), a U.S.-based molybdenum mineral development, exploration and mining company, announced that on August 22, 2013 U.S. District Court Judge Robert C. Jones issued an Order denying, without prejudice, the Motion for Preliminary Injunction filed by Great Basin Resource Watch and the Western Shoshone Defense Project (“Plaintiffs”) scheduled previously for oral argument on September 3, 2013. Prior to the Court's Order, the parties had filed a Joint Stipulation to Continue Preliminary Injunction Oral Argument, advising the Court that as a result of current economic conditions, including the Company's ongoing financing efforts, all major ground disturbing construction activities had ceased at the Mt. Hope Project. The parties agreed that upon the Company's decision to recommence significant ground-disturbing activities approved by the Record of Decision (“ROD”) issued by the U.S Bureau of Land Management (“BLM”), sixty days advance notice will be provided to Plaintiffs. The Court's Order permits Plaintiffs to refile their Motion for Preliminary Injunction at that time, or if the scope of minor ongoing approved site activities exceeds the stipulated agreement. The Complaint remains pending before the U.S. District Court.
As reported earlier, on February 15, 2013, Plaintiffs filed a Complaint against the United States Department of Interior and BLM in the U.S. District Court, District of Nevada, seeking relief under the National Environmental Policy Act and other federal laws challenging the BLM's issuance of the ROD for the Mt. Hope Project, and on February 20, 2013 filed a Motion for a Preliminary Injunction. The Order also denied, without prejudice, Plaintiffs' Motion for Order Regarding Scope of Any Hearing on Motion for Preliminary Injunction.
Bruce D. Hansen, Chief Executive Officer of General Moly, said “We are pleased with the Court's decision that vacates the September 3rd hearing denying the preliminary injunction (without prejudice) challenging the ROD. We are also continuing our preparation for addressing the merits of the Plaintiffs' Complaint and validating the exhaustive environmental analysis and review that lasted more than 6 years. The Company supports the work completed by the BLM and believes that the ROD complies with all federal statutes and rules, and is highly robust and very defensible."
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 pure play primary molybdenum producer in the world. For more information on the Company, please visit our website at http://www.generalmoly.com.
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 maintain required permits to continue construction, commence production and its ability to raise required project financing, adverse governmental regulation and judicial outcomes, including recent request for preliminary injunction and appeal of the Record of Decision, and appeal of water permits. 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.
Scott Kozak, 303-928-8591
Zach Spencer, 775-748-6059