LAKEWOOD, Colo., July 20, 2017 /CNW/ -- General Moly, Inc. (the "Company") (NYSE MKT and TSX: GMO), the only western exchange listed, pure-play molybdenum mineral development company, announced that the Bureau of Land Management ("BLM") has published its Notice of Intent ("NOI") to complete a Supplemental Environmental Impact Statement ("Supplemental EIS") for General Moly's majority-owned Mt. Hope Project. The Supplemental EIS will address concerns raised by the December 28, 2016 Opinion of the U.S Court of Appeals for the Ninth Circuit ("Ninth Circuit").
The NOI was published in the Federal Register on July 19, 2017. The Company has been working closely with the BLM to resolve the technical matters noted by the Ninth Circuit under the National Environmental Policy Act ("NEPA").
Bruce D. Hansen, Chief Executive Officer, said, "We are pleased that the Supplemental EIS process is underway as evidenced by the publication of the NOI. We look forward to receiving the Record of Decision, and anticipate this approval in late 2017, or early 2018. This time frame could align with the continuing gradual recovery of the molybdenum market. Our internal go-ahead decision for construction will require a sustained period of higher molybdenum prices and re-instatement of water permits from the state of Nevada, followed by approval from the Board of Directors."
With the publication of the NOI, the public is informed of the Supplemental EIS's proposed scope to provide updated information regarding certain air quality data and analysis used in the original EIS, and to also provide clarification regarding the existence and status of any Public Water Reserves, which may be potentially impacted by the Mt. Hope Project. The Ninth Circuit affirmed all other aspects of the original EIS.
After a draft of the Supplemental EIS is completed, the BLM will publish a Notice of the Availability (NOA) of the Draft Supplemental EIS in the Federal Register for public review and comment, specific only to the narrow scope of the Supplemental EIS. Thereafter, the BLM will address substantive comments and any additional analysis will then be incorporated into the Final Supplemental EIS. Once the Final Supplemental EIS is completed the BLM will again publish an NOA in the Federal Register. Thereafter, it is anticipated that the BLM will reissue a Record of Decision authorizing the construction and operation of the Mt. Hope Project.
About General Moly
General Moly is a U.S.-based molybdenum mineral development, exploration and mining company listed on the NYSE MKT and the Toronto Stock Exchange under the symbol GMO. The Company's primary asset, an 80% interest in the Mt. Hope Project located in central Nevada, is considered one of the world's largest and highest grade molybdenum deposits. Combined with the Company's wholly-owned Liberty Project, a molybdenum and copper property also located in central Nevada, General Moly's goal is to become the largest pure play primary molybdenum producer in the world.
Molybdenum is a metallic element used primarily as an alloy agent in steel manufacturing. When added to steel, molybdenum enhances steel strength, resistance to corrosion and extreme temperature performance. In the chemical and petrochemical industries, molybdenum is used in catalysts, especially for cleaner burning fuels by removing sulfur from liquid fuels, and in corrosion inhibitors, high performance lubricants and polymers.
Statements herein that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and are intended to be covered by the safe harbor created by such sections. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected, or implied by the Company. These risks and uncertainties include, but are not limited to metals price and production volatility, global economic conditions, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, exploration risks and results, political, operational and project development risks, including the Company's ability to obtain a re-grant of its water permits and Record of Decision, ability to maintain required federal and state permits to continue construction, and commence production, ability to raise required project financing, ability to respond to adverse governmental regulation and judicial outcomes, and ability to maintain and /or adjust estimates related to cost of production, capital, operating and exploration expenditures. For a detailed discussion of risks and other factors that may impact these forward-looking statements, please refer to the Risk Factors and other discussion contained in the Company's quarterly and annual periodic reports on Forms 10-Q and 10-K, on file with the SEC. The Company undertakes no obligation to update forward-looking statements.
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SOURCE General Moly, Inc.