The Mt. Hope project is one of the world's largest and highest grade undeveloped molybdenum projects. The project is owned 80% by General Moly and 20% by POSCO through a joint venture.

The Mt. Hope deposit contains 1.3 billion pounds of Proven and Probable reserves. General Moly completed a  Bankable Feasibility Study on Mt. Hope in August of 2007.

After announcing a significant financing transaction in  March 2010, General Moly is focusing on completing the permitting process, reinitiating engineering and equipment procurement efforts, and completing the Hanlong financing. On a 100% basis, Mt. Hope will produce approximately 40 million pounds annually over its first five years of operations and has a 44 year mine life. High grades in the early years of production are expected to make Mt. Hope one of the lowest cost producers.

High grade mineralization Upfront in Project Life

A concentration of higher grade mineralization, averaging approximately 0.15% molybdenum, is present between the eastern and western mineral systems at Mt. Hope. The top is 91 meters (300 feet) below the ground surface. This zone is the nucleus of the open pit mineralization to be mined in the first 20 years with lower grade mineralization being mined and processed in the succeeding 30 years. In the first five years of production an estimated 40 million pounds of molybdenum will be mined annually at approximately (0.103 % Mo) and at low operational costs of approximately $5.29 per pound, based on $80 per barrel oil-equivalent energy prices. For every $10 increase or decrease in energy prices, the Company estimates that direct operating costs at Mt. Hope will increase or decrease approximately $0.10 per pound.

The planned Mt. Hope project facilities include a roaster capable of producing the final technical-grade molybdenum tri-oxide product (MoO3). Mt. Hope's fully integrated operating facility provides General Moly with a competitive advantage over many other projects, which are expected to pay higher toll roasting fees.

Project Highlights

• One of the Largest & Highest Grade Surface Moly Deposits in the World
• Bankable Feasibility Study Completed in late August 2007 (PDF, 4.36Mb)
• High Operating Margins
• Straightforward Permitting
• Strong Community Support
• All Long Lead Equipment Items Ordered
• Strong Steel Industry Support