This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:General Moly loses $2.35-million in Q3 2009-11-09 15:53 ET - News Release Mr. Seth Foreman reports GENERAL MOLY ANNOUNCES THIRD QUARTER RESULTS
General Moly Inc. has released its unaudited
financial results for the third quarter that ended Sept. 30, 2009.
Net loss for the three months that ended Sept. 30, 2009, was approximately
$2.4-million or three cents per share compared with a loss of $2.8-million or four cents
per share for the 2008 period. Net loss for the nine-month period
that ended Sept. 30, 2009, was approximately $8.1-million or 11 cents per
share compared with a loss of $11.8-million or 17 cents per share for the
2008 period.
Consolidated cash balance at the end of the third quarter was
approximately $59-million compared with approximately $70-million at the
end of the second quarter as a result of $9-million in development and
equipment deposit costs and $2-million in general and administrative
costs.
General Moly expects the Bureau of Land Management to complete an
administrative draft environmental impact statement in late 2009,
and to receive its record of decision in the third quarter of
2010. The two outstanding technical reports related to regional
hydrology and pit lake geochemistry were completed and submitted to the
BLM in late October and early November. The company believes these
studies confirm that the Mt. Hope project will have minimal long-term
impact to local groundwater.
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