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General Moly Announces Third Quarter 2012 Results

Stocks in this article: GMO

General Moly, Inc. (the "Company") (NYSE MKT and TSX: GMO), a U.S.-based molybdenum mineral development, exploration and mining company, announced its unaudited financial results for the third quarter ended September 30, 2012. Net loss for the three months ended September 30, 2012 was $2.1 million ($0.02 per share), compared to a loss of $2.4 million ($0.03 per share) for the year ago period. Net loss for the nine months ended September 30, 2012 was $8.0 million ($0.09 per share), compared to a loss of $11.9 million ($0.13 per share) for the year ago period.

The Company’s cash balance at September 30, 2012 was $22.4 million compared to $28.2 million at June 30, 2012. During the third quarter, cash use of $5.8 million was the result of $3.3 million in Mt. Hope Project development, engineering and procurement costs and $2.5 million in General and Administrative expenses.

Bruce D. Hansen, Chief Executive Officer of General Moly, said, "The Company is close to entering its next stage of development, pivoting aggressively from a successful permitting and financing process which is rapidly concluding, to the construction and development of the world-class Mt. Hope Project. We are prudently investing in the necessary people, processes and equipment as we pursue our goal of becoming the largest pure play primary molybdenum producer in the world."

MT. HOPE PROJECT PERMITTING UPDATE

As announced on October 12, 2012, the Mt. Hope Final Environmental Impact Statement (“EIS”) Notice of Availability was published in the Federal Register. The public review period for the Final EIS ends on November 13, 2012. Following the close of this period, we anticipate the BLM to issue a Record of Decision (“ROD”) allowing the Company to initiate construction activities. The Company continues to anticipate the ROD to be issued by the end of 2012.

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