Hanlong Mining Investment Pty Ltd. - News Release

/THIS RELEASE IS NOT FOR DISTRIBUTION OR DISSEMINATION IN THE U.S./

SYDNEY, Australia , Jan. 23 /CNW/ - Moly Mines Limited ("Moly Mines") is a company based in Australia with its shares listed on ASX and cross-listed on TSX. Hanlong Mining Investment Pty Ltd. ("Hanlong") understands that Moly Mines was a Designated Foreign Issuer and as long as it made all filings under applicable Australian laws, it and its insiders were exempt from applicable Canadian filings. Hanlong has been informed that Moly Mines's status as a Designated Foreign Issuer has changed and therefore as a result, it is now necessary for Hanlong to make applicable filings under early warning and other requirements under applicable securities legislation in Canada.

Hanlong acquired the ownership by way of private placement from Moly Mines (ASX/TSX: MOL) of 207,135,646 ordinary shares (the "Purchased Shares") for a total consideration of US$140,000,000.  The Purchased Shares so acquired constitute 56.9% of the issued and outstanding shares of the Corporation (55% of fully diluted interest) as of the closing date of April 23, 2010.  Before the acquisition, Hanlong does not hold any ordinary shares of Moly Mines. 

The Purchased Shares were acquired in the normal course of Hanlong's investment activities. Hanlong may, directly or indirectly, at any time and from time to time, increase or decrease its beneficial ownership or control or direction of the Moly Mines' securities depending on future economic or market conditions.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

 

SOURCE Hanlong Mining Investment Pty Ltd.

For further information:

Hanlong Mining Investment Pty Ltd.
c/o Suite 2903, 9 Castlereagh Street, Sydney
NSW 2000 Australia

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Hanlong Mining Investment Pty Ltd.

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