General Moly Inc. (AMEX:GMO) (TSX:GMO) announced that it has entered
into an agreement with the County of Eureka, Nevada to lease 164 acres
of land, known as the Eureka Canyon Subdivision, for five years for the
purpose of constructing a temporary construction campsite and ultimately
a long-term employee housing neighborhood. After entering into the lease
agreement, General Moly mobilized AMES Construction Inc. to begin
initial ground-work on a construction camp that is expected to house a
large portion of Mt. Hope’s construction labor
force. Ground was broken at a ceremony on August 18th,
2008.
Under the terms of the lease agreement, General Moly, through AMES
Construction, will develop the basic neighborhood infrastructure,
including roads, electrical and water distribution facilities, while a
private developer is expected to develop housing units once the
infrastructure is complete.
Tim Arnold, General Manager of Mt. Hope, said, “Initiating
construction on this annex signifies our long-term commitment to this
community and is an example of the positive relationship we continue to
build with the County, local government, and people of Eureka. We look
forward to being a key development partner here for decades.”
Jim Ithurralde, Chairman of the Eureka County Commissioners said, “Our
objective with this lease agreement is to ensure that we are looking out
for the best interests of current Eureka County residents as well as
future Eureka County residents. We want to leave behind a positive
legacy.”
AMES Construction Inc. has been awarded a general construction contract
and is expected to utilize selected local contractors in development of
the Eureka Canyon Subdivision.
General Moly is a U.S.-based molybdenum mineral exploration and
development 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 that is also located in central Nevada, our goal is to become
the largest primary molybdenum producer by the middle of the next
decade. For more information on the Company, please visit our website at http://www.generalmoly.com.
Forward-Looking Statements
Statements herein that are not historical facts are “forward-looking
statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, and involve a number of risks
and uncertainties that could cause actual results to differ materially
from those projected, anticipated, expected or implied. These risks and
uncertainties include, but are not limited to, the Company’s
ability to obtain required permits to commence production and its
ability to raise required financing, metals price and production
volatility, exploration risks and results, and project development
risks. 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-KSB, as the same are amended from
time to time, on file with the SEC. The Company undertakes no obligation
to update forward-looking statements.
General Moly
Seth Foreman, 303-928-8591 (Investors)
sforeman@generalmoly.com
Greg
McClain, 303-928-8601 (Business Development)
gmcclain@generalmoly.com
info@generalmoly.com
http://www.generalmoly.com
