General Moly Continues to Optimize Its Hall-Tonopah Pre-Feasibility Evaluation
Wednesday January 2, 8:00 am ET
LAKEWOOD, Colo.--(BUSINESS WIRE)--General Moly (AMEX:GMO - News) announced that it continues its pre-feasibility evaluation of its Hall-Tonopah project with a focus on further optimization. Key opportunities warranting further analysis include:
The full incorporation of the 20-hole Phase 2 drill results and a 7-hole twin drilling program, which may influence the project’s early mine sequence and strip ratios. The full assays from these programs are anticipated to be received in February 2008;
A more optimized mill throughput rate of between 25,000 and 30,000 tons per day (tpd) to more fully utilize pre-existing site infrastructure (as revised from the prior focus on a 22,000 tpd rate); and s more detailed and optimized mine plan, driven by the revised throughput rate and fully incorporating the recently expanded moly mineralization at Hall-Tonopah.
Given the need to incorporate additional data and to evaluate the economic potential of these opportunities, the Company anticipates the final Pre-Feasibility Study to be completed in April 2008.
General Moly, formerly Idaho General Mines, is a U.S.-based molybdenum mineral development, exploration and mining company listed on the American Stock Exchange under the symbol GMO. Our primary asset, the Mount Hope project located in central Nevada, is considered one of the world's largest and highest grade molybdenum deposits. Combined with our second molybdenum property, the Hall-Tonopah project which is also located in central Nevada, our goal is to become the largest primary molybdenum producer by the middle of the next decade. For more information on the Company, please visit our website at http://www.generalmoly.com.