The Liberty Project includes the former Hall molybdenum deposit which was operated as an open pit mine between 1982 and 1991 by the Anaconda Minerals Company and Cyprus Metals Company. Extensive diamond drilling during the Anaconda era resulted in finding and delineating a moly deposit estimated to contain 200 million tons at a grade of 0.091% molybdenum. During this period approximately 50 million tons of ore was mined and processed at an approximate grade of 0.11% molybdenum.

Between 1995 and 2002, Equatorial Minerals produced copper from a separate pit located within Liberty's project boundaries. In 2006, General Moly (operating as Idaho General Mines) purchased the property, subject to a 12% royalty. In 2007, General Moly purchased Equatorial Mining North America, the company owning the royalty, effectively extinguishing any royalty on the property.

General Moly has verified, through a series of drilling programs and independent consultants, that the remaining 150 million tons of the moly deposit is present and essentially as stated by the predecessor companies. This drilling has confirmed previous drill results for the upper ore body, and has indicated near surface high grade mineralization greater than 0.10% on the east side of the existing molybdenum pit. Additional high grade molybdenum mineralization has also been identified at 0.10% and 0.20% molybdenum.

Due to the degree of mineralization and the substantial existing infrastructure, we believe the Liberty Project to be the world's third best molybdenum project, offering high levels of moly and copper production at competitive cash costs and relatively low capital investment.