/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