Our primary asset is our interest in the Mt. Hope project. Mt. Hope is one of the world’s largest primary molybdenum deposits and contains 1.3 billion pounds of Proven and Probable reserves. We own 80% of Mt. Hope in a joint venture with POSCO. Based on a mine plan developed in a Bankable Feasibility Study (BFS) last year, the mine will produce an average of 38 million pounds per year at direct cash costs of $4.42 per pound. The BFS indicated, on a 100% basis, an after-tax project Net Present Value (NPV) of $1.75 billion, discounted at 8%. Approximately $1.4 billion of that is net to General Moly, which translates into approximately $17 per fully-diluted share. The Company expects production at Mt. Hope to begin in late 2010.

Our second primary molybdenum property, the Liberty Project (Hall-Tonopah), is also located in central Nevada. The Company owns the Hall-Tonopah project on a 100% basis and the project is free of any royalties. General Moly recently completed a Pre-Feasibility study for the Liberty Project in April 2008. This study anticipates that 503 million pounds of molybdenum would be produced over a 33 year mine life, with initial production at the Liberty project expected in 2013. The 33 year mine life for Liberty also includes 24 years of primary mining operations and 10 years of low-grade production. The study also outlines an anticipated molybdenum production of approximately 19 million pounds at average grades of 0.091% Mo and anticipated copper production of approximately 18 million pounds annually over the first five years.

Project Update (04.29.08) - Press Release