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General Moly Inc
Symbol C : GMO
Shares Issued 90,943,248
Close 2012-12-31 C$ 4.00
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General Moly receives permit for Mt. Hope power line

2013-01-02 17:11 ET - News Release

Mr. Bob Pennington reports

GENERAL MOLY GRANTED PERMIT TO CONSTRUCT TRANSMISSION LINE POWERING MT. HOPE PROJECT

General Moly Inc.'s 80-per-cent-owned Mt. Hope subsidiary, Eureka Moly LLC, has been granted a permit by the Public Utilities Commission of Nevada (PUCN) to construct a 230-kilovolt power line that interconnects with Nevada Energy's transmission system at the existing Machacek substation located near the town of Eureka, Nev., and extend it approximately 25 miles to the planned Mt. Hope substation. In addition, the Bureau of Land Management has notified the company that its surety bonds were approved for rights-of-way grants for the 230-kilovolt power transmission line.

Bob Pennington, chief operating officer of General Moly, said: "This permit allows us to build the transmission infrastructure in a timely manner and provide the necessary capacity to power everything from the electric shovels we will begin to use during prestripping operations to the 60,000-ton-per-day mill, which will start up when Mt. Hope begins production. Construction of the transmission line will also include upgrades to an existing substation near Eureka that will improve the reliability of electrical power to that community. We appreciate the focus and diligence the PUCN and BLM showed in expediting these approvals."

At full production, the Mt. Hope mine will have a total electrical demand load of approximately 75 megawatts. Transmission capacity was secured in 2008 with a cash deposit of approximately $13-million. The company is currently negotiating for generating capacity, which will be available once the power line is constructed and energized.

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