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. |