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General Moly Announces First Quarter 2012 Results

General Moly, Inc. (the "Company") (NYSE Amex and TSX: GMO) announced its unaudited financial results for the first quarter ended March 31, 2012. Net loss for the three months ended March 31, 2012 was $3.2 million ($0.03 per share), compared to a loss of $4.2 million ($0.05 per share) for the year ago period.

Our cash balance at the end of the first quarter was $35.1 million compared to $40.7 million at the end of 2011. During the first quarter, cash use of $5.6 million was the result of $4.0 million in Mt. Hope Project development, engineering and procurement costs, $2.1 million in General and Administrative expenses, partially offset by $0.5 million in proceeds from stock option exercises.

Financial information is included at the end of this release.

MT. HOPE PROJECT FINANCING UPDATE

When final permits are received, POS-Minerals Corporation (a 20% owner of the Mt. Hope Project) is anticipated to fund its final $56 million initial contribution, plus 20% of all costs the Company has spent on the Mt. Hope Project to date. The Company estimates this combined payment will be approximately $100 million. Thereafter, the Mt. Hope Project will be funded 80% by the Company and 20% by POS-Minerals Corporation.

As announced on February 16, 2012, China Development Bank (“CDB”) has confirmed the basic terms underlying a proposed $665 million term loan to finance the Mt. Hope Project, including a CDB intention to lend $399 million and arrange a consortium of Chinese and international banks to fund the remaining balance. The term loan is anticipated to carry a maturity of 12 years including a 30 month grace period to allow for the construction of the Mt. Hope Project. The interest rate will remain subject to market conditions and Chinese government policy until loan documentation is completed later this year. The Company and Sichuan Hanlong Group Limited (“Hanlong”) are continuing to work with CDB with a target of having the term loan completed, approved and available to the Company shortly after receipt of the Mt. Hope Project’s operating permits.

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