TORONTO, ONTARIO--(Marketwire - July 25, 2008) - Moly Mines Limited (TSX: MOL.TO)(ASX: MOL.AX) is pleased to report the highlights of their Quarterly Cash Flow and Quarterly Activities Report for the period ending June 30, 2008 available on the Company website ( www.molymines.com) and on SEDAR ( www.sedar.com).
The Spinifex Ridge Molybdenum Project has now passed all permitting hurdles and is poised for commencement of construction. All major project development activities required to support the successful execution of a full funding package for the planned 20 million tonne per annum mine and processing facility have been completed. Key Project Milestones for the Quarter: - Total Spinifex Ridge Resources doubled to over 1 billion tonnes of molybdenum and copper, including Measured and Indicated Resources of 652 million tonnes. - Spinifex Ridge Ore/Mineral Reserves increased by 43% to 451 million tonnes supporting a 23 year mine life at a first stage mining and processing rate of 20 million tonne per annum. - Western Australian Environmental Minister's decision allowing the project to proceed - Detailed mine plans for first 23 years completed. - WorleyParsons appointed as EPCM contractor for the Project, first Project delivery milestone achieved. - Offtake agreement completed with ThyssenKrupp Metallurgie GmbH for 100% of Moly Metals Australia's (owner of the Project) share of the molybdenum production from the Project. - Mine expansion studies underway - from 20 million tonne per annum to approximately 33 million tonne per annum in Year 5. - 70% of Project capital cost contracted or tended. - High grade, massive hematite iron intersected in exploration drilling close to the molybdenum deposit. These press materials do not constitute an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the company and management, as well as financial statements. THESE PRESS MATERIALS ARE This news release includes "forward-looking statements" as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond Moly Mines' control. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this news release, including, without limitation, those regarding Moly Mines' future expectations. Readers can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "predict," "project," "risk," "should," "will" or "would" and other similar expressions. Risks, uncertainties and other factors may cause Moly Mines' actual results, performance, production or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include the failure to complete and commission the mine facilities, processing plant and related infrastructure in the time frame and within estimated costs currently planned; variations in global demand and price for molybdenum and copper; fluctuations in exchange rates between the U.S. dollar and the Australian dollar; failure to recover the resource and reserve estimates of the Project; the failure of Moly Mines' suppliers and service providers to fulfill their obligations under construction, supply and tolling agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labor shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms; and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information. ContactsDerek FisherMoly Mines Limited
Managing Director
+61 8 94293300
Natalie Frame
Moly Mines Limited
Investor Relations Coordinator
(416) 777-1801
Email: info@molymines.com
Website: www.molymines.com
