Idaho General Mines Announces Results of Annual Meeting; Shareholders Approve Delaware Reincorporation and Name Change to General Moly; Company Proceeds with Development of Mt. Hope

    LAKEWOOD, COLO., October 5 /CNW/ - Idaho General Mines (AMEX:  GMO)
announced that it received approval for all proposals submitted to
shareholders at its Annual General Meeting, which was held October 4, 2007, at
the Company's headquarters.

    Shareholders approved the reincorporation of the Company from Idaho to
Delaware, effective Monday, October 8, 2007. In connection with the
reincorporation, Idaho General Mines will merge with and into General Moly,
Inc., with General Moly being the surviving corporation. The company's common
stock will commence trading on the American Stock Exchange (AMEX) under the
name General Moly, Inc. on October 9, 2007 and it will continue to trade under
the same symbol, "GMO". Certificates that formerly represented shares of Idaho
General common stock will continue to represent the same number of shares of
General Moly common stock and shareholders are not required to obtain new

    Shareholders also voted to amend the Company's 2006 Equity Incentive Plan
as well as to accelerate the termination date of the Shareholder Rights Plan
to the close of business on October 4, 2007, in each case as outlined in the
Company's proxy statement distributed in connection with the Annual General

    At the Annual General Meeting, the following individuals were elected to
the Board of Directors:

    --  Bruce D. Hansen, Chief Executive Officer and Director since January

    --  Gene W. Pierson, Director since March 2002;

    --  Norman A. Radford, Director since 2002;

    --  R. David Russell, Director since 2002;

    --  Richard F. Nanna, Director since November 2003;

    --  Ricardo M. Campoy, Director since August 2006; and

    --  Mark A. Lettes, Director since April 2007.

    Robert L. Russell, Director since January 1967 and Officer since 1984,
and John B. Benjamin, Director since February 1974, have retired from the
board. Mr. Russell will continue to support the Company through a consulting
arrangement. Bruce D. Hansen, the Company's Chief Executive Officer, was
appointed by the Board to act as interim Chairman of the Board until such time
as a new, non-executive Chairman is appointed.

    Bruce D. Hansen, Chief Executive Officer, said, "I wish to thank all of
our shareholders for their support of the Company and look forward to their
continued support as we execute on our business plans."

    In a separate action, the Board of Directors voted to authorize
management to proceed with development of the Mt. Hope project, thereby
completing the Company's transition from an exploration-stage to a
development-stage company.

    Idaho General Mines (General Moly on and after October 8, 2007) 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 at

For further information:

For further information: Idaho General Mines, Inc. Investors -- Seth
Foreman, 303-928-8591 Business Development -- Greg
McClain, 303-928-8601 Website:

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