General Moly Announces U.S. District Court Order Confirming Bureau of Land Management's Record of Decision Approving the Mt. Hope Project
LAKEWOOD, Colo.--(BUSINESS WIRE)--Jul. 25, 2014-- General Moly, Inc. (the "Company") (NYSE MKT and TSX: GMO), a U.S.-based molybdenum mineral development, exploration and mining company, announced that the U.S. District Court for the District of Nevada ("the Court") issued its Order denying the plaintiffs' Motion for Summary Judgment which sought to vacate the U.S. Bureau of Land Management's ("BLM") November 2012 Record of Decision ("ROD") approving the Plan of Operations for the development and construction of the Mt. Hope Project and the corresponding Final Environmental Impact Statement prepared by the BLM.
The Court on July 23, 2014 issued its 31 page Order denying the plaintiffs' Motion for Summary Judgment. A copy of the Court's Order has been posted in the section of the Company's website.
Bruce D. Hansen, Chief Executive Officer of General Moly, said, "We are pleased that the BLM's thorough and inclusive process in approving the Mt. Hope Project's ROD has been confirmed by the Court. Obtaining the ROD for the Mt. Hope Project was the culmination of six years of hard work and dedicated effort from our team and the BLM, with significant input from all the cooperating and commenting agencies and the general public. We will continue working closely and collaboratively with all of our stakeholders to develop the Mt. Hope Project in an environmentally and socially responsible manner."
Mr. Hansen added, "We are pursuing financing alternatives for the Mt. Hope Project, and continue to have substantive dialogue with potential strategic partners capable of supporting a debt package to provide the bulk of the Mt. Hope Project's capital requirements."
The ROD issued by the BLM for the Mt. Hope Project approved the Plan of Operations for construction and operation of the mining and processing facilities and also granted the Rights-of-Way for the 230 kV power transmission line. The Mt. Hope Project is a large scale, high grade molybdenum project located 23 miles northwest of Eureka, Nevada.
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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. The Company's 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 the Company's second project, the Liberty Project, a molybdenum and copper property 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 appeal of the Record of Decision and appeal of water permits and estimates related to cost of production, capital, operating and exploration expenditures. 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.