General Moly Announces Closing of ArcelorMittal Private Placement

    LAKEWOOD, COLO., November 28 /CNW/ - General Moly (AMEX:   GMO) announced
that it has closed its previously announced private placement with
ArcelorMittal, the world's largest steel producer. The placement included
8.257 million General Moly common shares at $8.50 per share and generated
approximately $70 million in proceeds. The funds will be utilized in the
development of the Company's world-class Mt. Hope molybdenum project.

    General Moly, formerly Idaho General Mines, is a U.S.-based molybdenum
mineral development, exploration and mining company listed on the American
Stock Exchange under the symbol GMO. Our primary asset, 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 Hall-Tonopah project which 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

For further information:

For further information: General Moly Investors Seth Foreman,
303-928-8591 or Business Development Greg McClain,

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