06/10/2019 | Press release | Distributed by Public on 06/10/2019 10:10
LAKEWOOD, COLORADO - June 10, 2019, General Moly, Inc. (the 'Company') (NYSE American and TSX: GMO) announced that the Company, through a subsidiary, received approval of its water right applications for the Mt. Hope molybdenum project in Nevada.
On June 6, 2019, the Nevada State Engineer issued Ruling 6464 granting the Company's water right applications for mining purposes. The specific water right permits for the Mt. Hope Project are anticipated to be issued following completion of administrative paperwork later next week. With receipt of and in compliance with the terms of the water permits, the water will be available for consumptive use.
Bruce D. Hansen, Chief Executive Officer, said, 'We are extremely pleased that the State Engineer has considered our applications and the efforts made to resolve the concerns and protests of third parties, including the ranchers and growers in the Kobeh Valley and Diamond Valley water basins, and the County of Eureka in once again approving our water rights. We maintain our commitment to the Eureka Producers' Cooperative through the establishment of the Sustainability Trust to help Diamond Valley conserve water and enhance the viability of the agricultural community. The approval of our water applications represents a major milestone for the development of the Mt. Hope Project.'
About General Moly
General Moly is a U.S.-based, molybdenum mineral exploration and development company listed on the 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.