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TheStreet Open House

General Moly Receives Major Operating Permit

Stocks in this article: GMO

General Moly, Inc. (the "Company") (NYSE MKT and TSX: GMO) today, through its 80% controlled subsidiary Eureka Moly, LLC, received a Class 2 Air Quality Permit from the Bureau of Air Pollution Control ("BAPC") within the Nevada Division of Environmental Protection ("NDEP").

The Air Quality Permit regulates air emissions from the Mt. Hope Project, primarily associated with the crush/grind circuit (particulate matter) and the roaster (sulfur oxides). Roaster emissions will be controlled with a 99.7% estimated removal efficiency for sulfur oxides through the use of scrubbers and other emission-limiting technologies. In addition, the Class 2 permit requires that the roaster be equipped with Continuous Emissions Monitoring, a real-time emission monitoring system usually required only for larger Class 1 sources. The permit application was originally submitted in the third quarter of 2008 and was subsequently revised to address BAPC comments. NDEP issued a draft permit in late 2011 and held a public hearing regarding the draft permit in February 2012.

Bruce D. Hansen, Chief Executive Officer of General Moly, said, "I am very pleased to receive our Air Quality Permit from the Nevada Division of Environmental Protection. The Air Quality Permit represents the second of five major operating permits (the already-issued Water Permits being the first) that we anticipate receiving prior to the end of the year. NDEP continues to make progress finalizing the Mt. Hope Project's Water Pollution Control Permit and Reclamation Permit, both of which are anticipated to be received close to the Bureau of Land Management's ("BLM") issuance of the Record of Decision. The BLM continues to consider comments received on the Draft Environmental Impact Statement in the creation of a Final Environmental Impact Statement that is anticipated to be completed and published in the second half of the year. Permitting of the Mt. Hope Project is moving forward."

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