On April 29, 2008, General Moly completed a Pre-Feasibility Study of the Liberty Project, which estimates production, capital and operating cost parameters along with project economics.

Key findings of the study include:

◊ After-tax, Net Present Value (NPV) of $356 million, discounted at 10%, and NPV of $514 million, discounted at 8%;
◊ Internal Rate of Return (IRR) of 22% and capital payback of 3.5 years from initial production;
◊ Anticipated molybdenum production of approximately 19 million pounds and anticipated copper production of approximately 18 million pounds annually over the first five years through a mill processing 36k short tons per day (tpd);
◊ Anticipated molybdenum cash costs, inclusive of copper byproduct credits, of $6.15 per pound over the first five
years;
◊ Anticipated average grades of 0.091% molybdenum estimated to be processed over the first five years;
◊ 503 million pounds of molybdenum estimated to be produced over a 33 year mine life including 24 years of
primary mining operations and 10 years of low-grade production; and
◊ Estimated initial capital expenditures of $492 million (in 2008 dollars), excluding working capital and bonding
requirements.

Liberty Project Documents:

• The Liberty Moly Project Summary (pre-feasibility study) (PDF 425KB)
• Press Release (4/29/08): Pre-Feasibility Study Indicates an Estimated NPV of $356 Million for Liberty Moly Project