General Moly Announces Financing Update

  General Moly Announces Financing Update

Outstanding $10 Million Bridge Loan Extended and Company Working with Hanlong
on Securing an Additional Chinese Financing Partner

Business Wire

LAKEWOOD, Colo. -- April 3, 2013

General Moly, Inc. (the "Company") (NYSE MKT and TSX: GMO), a U.S.-based
molybdenum mineral development, exploration and mining company, announced an
agreement with Hanlong (USA) Mining (“Hanlong”) to amend the parties’ Bridge
Loan Agreement extending the maturity date of its outstanding $10 million
Bridge Loan to November 16, 2013 from April 30, 2013. The new maturity date
corresponds to the deadline for Hanlong’s obligation to procure the $665
million Chinese sourced Term Loan and is intended to provide General Moly with
greater financial flexibility in the interim. Further, the parties agreed to
the expiration of the second $10 million tranche of the original $20 million
Bridge Loan Facility effective March 31, 2013.

Bruce D. Hansen, Chief Executive Officer of General Moly, said “In addition to
extending the Bridge Loan, we are working with Hanlong to secure another
Chinese strategic partner to help advance the full financing of the Mt. Hope
Project. We feel this path provides the most promise in the near term given
China’s strategic long-term view towards moly sourcing, our current
exclusivity agreement with Hanlong, and taking into account the Company’s
advanced stage of loan negotiations with China Development Bank.”

Mr. Hansen added, “The Company has made substantial progress with regards to
our preliminary construction activities at Mt. Hope including early well field
development, clearing and grubbing of terrain and cultural clearance.
Moreover, we maintain a strong liquidity position and anticipate reporting an
unrestricted cash position ranging from $54 to $58 million at the end of the
first quarter with an additional $36 million in restricted cash. We will
continue to prudently manage our cash position going forward as we progress
our efforts toward full financing.”

In March 2010, Hanlong agreed to provide a $20 million Bridge Loan to General
Moly, available in two equal $10 million tranches. On April 28, 2010, General
Moly drew down the first $10 million tranche. The first tranche of the Bridge
Loan bears interest at a rate tied to the LIBOR plus 2% per annum.

General Moly is a U.S.-based molybdenum mineral development, exploration and
mining company listed on the NYSE MKT (formerly the NYSE AMEX) and the Toronto
Stock Exchange under the symbol GMO. Our primary asset, our interest in the
Mt. HopeProject located in central Nevada, is considered one of the world's
largest and highest grade molybdenum deposits. Combined with our second
molybdenum property, the Liberty project that is also located in central
Nevada, our goal is to become the largest pure play primary molybdenum
producer in the world. For more information on the Company, please visit our
website at

Forward-Looking Statements

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
required permits to commence production and its ability to raise required
financing, adverse governmental regulation and judicial outcomes, including
recent request for preliminary injunction and appeal of the ROD. The closing
of the Hanlong transaction and obtaining bank financing are subject to a
number of conditions precedent that may not be fulfilled. The bank financing
and subordinated loans are subject to final negotiation and satisfaction of
conditions precedent. 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.


General Moly
Scott Kozak, 303-928-8591
Zach Spencer, 775-748-6059
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