General Moly Announces Filing of Updated NI 43-101 Technical Report for the Liberty Project
LAKEWOOD, Colo.--(BUSINESS WIRE)--General Moly, Inc. (the "Company") (NYSE MKT and TSX: GMO), a U.S.-based molybdenum mineral development, exploration and mining company, announced that it has filed a technical report (the “Report”) prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administration (“NI 43-101”) for the Liberty Project in Nye County, Nevada. The Report, which provides detail to the disclosure contained in the Company’s news release issued on July 24, 2014, which is an update to our November, 2011 Liberty Pre Feasibility Study, may be found on the Company website or under the Company’s profile at www.sedar.com. John Marek of Independent Mining Consultants, Inc. is the primary author and qualified person for this Technical Report.
Bruce D. Hansen, Chief Executive Officer of General Moly, said, “The 43-101 Report for the Liberty Project is consistent with the updated operating costs, capital costs and project economics we announced last week. This comprehensive analysis confirms the economically robust nature of the Liberty Project, and highlights its many significant attributes including its secure jurisdiction, substantial existing infrastructure, low initial capital cost and long life.”
Mr. Hansen added, “We look forward to advancing the Liberty Project through full feasibility which we believe will further demonstrate, through an updated low capital scenario, its inherent value to shareholders and potential strategic investors. In addition, concurrent with the full feasibility study, we intend to initiate the necessary baseline studies to support permitting to facilitate a rapid start to this project.”
The scientific and technical information contained in this news release has been approved and verified by John M. Marek, P.E., President of Independent Mining Consultants Inc., for matters relating to Mineral Reserves, Mineral Resources, and mine production as well as Gabriel A. Secrest, P.E., Project Manager at M3 Engineering and Technology Corp., for matters relating to project capital cost, infrastructure and plant production. Mr. Marek and Mr. Secrest are independent Qualified Persons for the purposes of NI 43-101.
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General Moly is a U.S.-based molybdenum mineral development, exploration and mining company listed on the NYSE MKT (formerly the NYSE AMEX) and the Toronto Stock Exchange under the symbol GMO. The Company’s 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 the Company’s second project, the Liberty Project, a molybdenum and copper property also located in central Nevada, our goal is to become the largest pure play primary molybdenum producer in the world. For more information on the Company, please visit our website at http://www.generalmoly.com.
Statements herein that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and are intended to be covered by the safe harbor created by such sections. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected, or implied by the Company. These risks and uncertainties include, but are not limited to, metals price and production volatility, global economic conditions, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, exploration risks and results, political, operational and project development risks, including the Company’s ability to maintain required permits to continue construction, commence production and its ability to raise required project financing, adverse governmental regulation and judicial outcomes, including appeal of the Record of Decision and appeal of water permits and estimates related to cost of production, capital, operating and exploration expenditures. For a detailed discussion of risks and other factors that may impact these forward looking statements, please refer to the Risk Factors and other discussion contained in the Company’s quarterly and annual periodic reports on Forms 10-Q and 10-K, on file with the SEC. The Company undertakes no obligation to update forward-looking statements.
Cautionary Note to U.S. Investors Concerning Estimates of Reserves and Resources
Calculations with respect to "proven reserves" and "probable reserves" referred to in the technical report have been made in accordance with National Instrument 43-101, as required by Canadian securities regulatory authorities. For United States reporting purposes, the U.S. SEC applies a different standard in order to classify mineralization as a "reserve". Under SEC standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally extracted or produced at the time the reserve determination is made. No such determinations have been made with respect to any mineralization at the Liberty Project, and it cannot be assured that such a determination will be made. The report uses the terms “measured”, “indicated” and “inferred” resources. We caution U.S. investors that while such terms are recognized and required by Canadian Securities Administrators pursuant to the National Instrument 43-101, the SEC does not recognize them. U.S. investors are cautioned not to assume that any part of or all mineral deposits in these categories will ever be converted into reserves. “Inferred Resources”, in particular, have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian Securities Administration rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally minable.