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Message: Reports Quarter Activities

Reports Quarter Activities

posted on Jan 23, 2009 12:35PM
January 23, 2009
Moly Mines Reports Quarter Activities
TORONTO, ONTARIO--(Marketwire - Jan. 23, 2009) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Moly Mines Limited, (TSX:MOL)(ASX:MOL) is pleased to report the highlights of their Quarterly Activities Report for the period ending December 31, 2008 available on SEDAR (www.sedar.com).

The Highlights include:

- US$150 million Interim Financing Facility completed

- Potential staged development for Spinifex Ridge Molybdenum Project

- Advanced study for Stage I, 8-10 million tonne per annum plant with a future expansion to 20 mtpa and beyond. Advantages include:

-- Enhanced grade profile

-- Lower strip ratio

-- Relaxation of concentrate specifications

-- Significantly reduced capital hurdle improving financing opportunities

-- Current approvals and permits support staged developments

- Manufacture of long lead equipment items 95% complete, full settlement expected end March 2009 quarter

- All other development activities for the 20 mtpa plant suspended with full development approvals in place

- Iron ore resource drilling completed with new zone identified

- The Company s significant cash position allowing it to review other opportunities outside its existing portfolio of assets.
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