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-General Moly to allocate USD2.5m for Liberty in 2011 budget.

International Resource News-January 4, 2011--General Moly to allocate USD2.5m for Liberty in 2011 budget(C)1994-2011 ENPublishing - http://www.enpublishing.co.uk

International Resource News - 04 January 2011(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

General Moly (NYSE AMEX: GMO) (TSX: GMO), a United States-based molybdenum mineral development, exploration and mining company, is allocating USD2.5m in its 2011 budget to restart and develop the firm's Liberty project, central Nevada.

Bruce D Hansen, Chief Executive Officer, said 'In early 2009, with the collapse of the global markets, we suspended evaluation activities at the Liberty project. However, given our positive outlook for both the moly and copper markets, and the Liberty project's potential economics, we will begin advancing our second world-class project toward production. We also have non-Mt. Hope-related funding from the early exercise of warrants which have already provided approximately USD18.5m in proceeds and are anticipated to provide approximately USD4m in further proceeds by mid-February.'

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Publication:International Resource News (IRN)
Date:Jan 4, 2011
Words:192
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