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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. Bureau of Land Management (“BLM”) has issued a Record of Decision (“ROD”) authorizing development of the Mt. Hope Project in Eureka County, Nevada. The Record of Decision is effective as of November 16, 2012.
Bruce D. Hansen, Chief Executive Officer of General Moly, said, "This is 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 to responsibly develop the world-class Mt. Hope Project. We along with our partners at POS-Minerals Corporation are very pleased to achieve this important permitting milestone, and want to thank our regulatory agency partners who have been so responsive and diligent in carrying out this process. We will continue working closely and collaboratively with all of our stakeholders to develop Mt. Hope in an environmentally and socially responsible manner."
Mr. Hansen continued, "With the receipt of the Record of Decision, and what we believe will be the relatively expeditious issuance of the Water Pollution Control Permit and Reclamation Permit from the State of Nevada Division of Environmental Protection, we expect to move aggressively from a successful permitting process, to finalizing our project financing, and initiating the construction and development of Mt. Hope. We anticipate that the Mt. Hope Project will become an important contributor to economic development and job opportunities in Northern Nevada for decades to come."
The ROD issued by the BLM for the Mt. Hope Project approves the Plan of Operations for construction and operation of the mining and processing facilities and also grants the Rights-of-Way for the 230 kV power transmission line. Monitoring and mitigation measures identified in the ROD developed in collaboration with the regulatory agencies involved throughout the permitting process will avoid, minimize, and mitigate environmental impacts, and reflect General Moly’s commitment to operate this mine to the highest environmental standards.