CORRECTING and REPLACING General Moly Receives $19.1 Million in Warrant Exercise...

CORRECTING and REPLACING General Moly Receives $19.1 Million in Warrant Exercise Proceeds

LAKEWOOD, Colo.--(Business Wire)--
Release is being corrected due to multiple revisions in the first
graph.

The corrected release reads:

GENERAL MOLY RECEIVES $19.1 MILLION IN WARRANT EXERCISE PROCEEDS

General Moly Inc. (AMEX: GMO)(TSX: GMO) announced that the Company
has received $19.1 million in proceeds from the exercise of all
outstanding warrants related to the March 2007 Private Placement.
Inclusive of $10.7 million in proceeds from warrants expiring in
March, the Company's unaudited consolidated cash position at the end
of the first quarter was approximately $115 million, which also
includes the initial $50 million contribution by POSCO to the Mt. Hope
joint venture. The Company received an additional $8.4 million in
proceeds in the first week of April from warrants expiring April 11,
2008. The Company currently has 70,915,195 shares outstanding and
82,699,529 fully-diluted shares outstanding.

General Moly is a U.S.-based molybdenum mineral exploration and
development company listed on the American Stock Exchange and the
Toronto Stock Exchange under the symbol GMO. Our primary asset, our
interest in the Mt. 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.

Forward-Looking Statements

Statements herein that are not historical facts are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, and involve a number of
risks and uncertainties that could cause actual results to differ
materially from those projected, anticipated, expected or implied.
These risks and uncertainties include, but are not limited to, the
Company's ability to obtain required permits to commence production
and its ability raise required financing, metals price and production
volatility, exploration risks and results, project development risks,
including, without limitation, uncertainties involved in the
interpretation of results and other tests and the estimation of
mineralized material. For a more detailed discussion of risks and
other factors that may impact these forward looking statements please
refer to the Risk Factors and other discussion contained in the
Company's quarterly and annual periodic reports on Forms 10-QSB and
10-KSB, as the same are amended from time to time, on file with the
SEC. The Company undertakes no obligation to update forward-looking
statements.

General Moly Inc.
Seth Foreman, 303-928-8591 (Investors)
sforeman@generalmoly.com
Greg McClain, 303-928-8601 (Business Development)
gmcclain@generalmoly.com
info@generalmoly.com
http://www.generalmoly.com

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