General Moly, Inc. (AMEX:GMO) is a U.S. based molybdenum mineral development, exploration and mining company listed on the American Stock Exchange and the Toronto Stock Exchange under the symbol GMO. Our primary asset, our interest in the Mt. Hope project located in central Nevada, is considered one of the world’s largest and highest grade molybdenum deposits. Combined with our second molybdenum property, the Liberty Project (Hall-Tonopah) project which is also located in central Nevada, our goals are to bring Mt. Hope into production by late 2010 and to become the largest primary molybdenum producer by the middle of the next decade.
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Mt. Hope: One of the World’s Largest Pure Molybdenum Development Projects
The Mt. Hope project is one of the world’s largest and highest-grade undeveloped molybdenum projects. The deposit contains 1.3 billion pounds of Proven and Probable reserves. General Moly owns 80% of Mt. Hope through a joint venture with POSCO, the world’s third largest steel company based in Korea. General Moly completed a Bankable Feasibility Study (BFS) on Mt. Hope in August of last year that indicated, on a 100% basis, an after-tax project Net Present Value (NPV) of $1.75 billion, discounted at 8%. The Company is currently advancing permitting, engineering, equipment procurement and financing efforts for Mt. Hope. The Company expects production at Mt. Hope to begin in late 2010. Once in production, Mt. Hope will produce more than 38 million pounds annually over its first five years of operations; approximately 30 million pounds of which are net to General Moly. High grades in the early years of production are expected to make Mt. Hope one of the lowest cost producers, enhancing project economics and shareholder returns. Mt. Hope’s economics are very sensitive to the molybdenum price, making General Moly one of the best investments to enter the moly market. Read more...
Liberty Project (Hall-Tonopah): A Second World Class Molybdenum Project [Hall-Tonopah has been re-named "Liberty Project"]
General Moly acquired the Hall-Tonopah project in 2006, which is also located in central Nevada. General Moly owns Hall-Tonopah on a 100% basis and the land is not subject to 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
The Mt. Hope project is one of the world’s largest and highest-grade undeveloped molybdenum projects. The deposit contains 1.3 billion pounds of Proven and Probable reserves. General Moly owns 80% of Mt. Hope through a joint venture with POSCO, the world’s third largest steel company based in Korea. General Moly completed a Bankable Feasibility Study (BFS) on Mt. Hope in August of last year that indicated, on a 100% basis, an after-tax project Net Present Value (NPV) of $1.75 billion, discounted at 8%. The Company is currently advancing permitting, engineering, equipment procurement and financing efforts for Mt. Hope. The Company expects production at Mt. Hope to begin in late 2010. Once in production, Mt. Hope will produce more than 38 million pounds annually over its first five years of operations; approximately 30 million pounds of which are net to General Moly. High grades in the early years of production are expected to make Mt. Hope one of the lowest cost producers, enhancing project economics and shareholder returns. Mt. Hope’s economics are very sensitive to the molybdenum price, making General Moly one of the best investments to enter the moly market. Read more...
Liberty Project (Hall-Tonopah): A Second World Class Molybdenum Project [Hall-Tonopah has been re-named "Liberty Project"]
General Moly acquired the Hall-Tonopah project in 2006, which is also located in central Nevada. General Moly owns Hall-Tonopah on a 100% basis and the land is not subject to 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