03/06/2019 | Press release | Distributed by Public on 03/06/2019 17:14
LAKEWOOD, COLORADO, March 6, 2019 - General Moly, Inc. (the 'Company') (NYSE American and TSX: GMO), the only western-exchange listed, pure-play molybdenum mineral development company, announced that the Bureau of Land Management ('BLM') published Notice of Availability ('NOA') for the Mt. Hope Project's Draft Supplemental Environmental Impact Statement ('DSEIS') in the Federal Register today, commencing the public comment period.
On July 19, 2017, the BLM published its Notice of Intent ('NOI') advising the public that the agency intended to complete a Supplemental Environmental Impact Statement to address concerns raised by the December 28, 2016 Opinion of the U.S Court of Appeals for the Ninth Circuit ('Ninth Circuit').
Bruce D. Hansen, Chief Executive Officer, said, 'The publication of the DSEIS to start the public review process represents a major milestone for our 80%-owned Mt. Hope Project in central Nevada. We appreciate the thoughtful time and review by the BLM in the preparation of the DSEIS. We look forward to receiving the Record of Decision ('ROD') after the BLM reviews any comments from the public, and anticipate this approval later in 2019. This time frame should align with the continuing improvement of the molybdenum price and the anticipated receipt of a Decision from the Nevada State Engineer approving our change applications for water permits at the Mt. Hope Project. We believe that with this supplement to the Environmental Impact Statement, the environmental evaluation conducted for the Mt. Hope Project includes all issues required to be addressed by the BLM and is extremely robust.'
The public comment period will close April 22, 2019. Following the public comment period, the BLM will consider comments received in developing a Final Supplemental Environmental Impact Statement and ROD later in 2019.
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About General Moly
General Moly is a U.S.-based, molybdenum mineral exploration and development company listed on the NYSE American (NYSE American), recently known as the NYSE MKT and former American Stock Exchange, 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 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.