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General Moly Announces Continued Permitting Progress For The Mt. Hope Project

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.

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