Liberty Project (Hall - Tonopah) - Drilling

Project Update (04.29.08) - Press Release - NAME OF HALL-TONOPAH PROJECT CHANGED TO LIBERTY PROJECT
On April 29, 2008, General Moly Inc. announced the completion of a Pre-Feasibility Study in respect of the Liberty
Project (the “Pre-Feasibility Study” or “Study”), which estimates production and capital and operating cost parameters
along with project economics. Highlights of the Pre-Feasibility Study include:

• After-tax, Net Present Value (NPV) of $356 million, discounted at 10%, and NPV of $514 million, discounted at
8%;

• Internal Rate of Return (IRR) of 22% and capital payback of 3.5 years from initial production;

• Anticipated molybdenum production of approximately 19 million pounds and anticipated copper production of
approximately 18 million pounds annually over the first five years through a mill processing 36k short tons per day
(tpd);

• Anticipated molybdenum cash costs, inclusive of copper byproduct credits, of $6.21 per pound over the first five
years;

• Anticipated average grades of 0.091% molybdenum estimated to be processed over the first five years;

• 503 million pounds of molybdenum estimated to be produced over a 33 year mine life including 24 years of
primary mining operations and 10 years of low-grade production; and

• Estimated initial capital expenditures of $492 million (in 2008 dollars), excluding working capital and bonding
requirements.