General Moly Updates Mt. Hope Permitting Progress

LAKEWOOD, Colo.--(Business Wire)--
General Moly Inc. (AMEX: GMO) (TSX: GMO) provided a permitting
progress update on Mt. Hope and reiterated its current expectation to
receive all required permits by mid-2009.

Bruce D. Hansen, Chief Executive Officer, said, "We continue to
execute against our permitting timeline and have filed applications
for the key Nevada State permits. Although we recognize that we do not
fully control the ultimate timing, our technical data for the EIS
continues to be submitted in a timely manner, and we continue to
expect all the key Nevada State issued permits will be received no
later than Q1 2009 and the final EIS Record of Decision in mid-2009.

"Our plans call for environmental protections that are intended to
be at the leading edge of mining industry environmental efforts. Our
goal is to build a facility that will stand out as a model in the
industry."

STATE ISSUED PERMITS

A Class II Air Quality Control Permit (air permit) application was
submitted to the Nevada Division of Environmental Protection (NDEP) on
July 11th. The air permit regulates air emissions associated with mine
and processing operations. The air permit must be acquired prior to
the start of construction for any facility that generates air
emissions, including the processing plant and roaster. The Mt. Hope
project qualifies for a Class II permit because anticipated emissions
for each of the criteria pollutants will be less than the significance
level of 100 tons per year. Criteria pollutants of importance to the
project include particulate matter and sulfur dioxide. The Mt. Hope
project will incorporate leading-edge technology and practices for the
control of air emissions. The Company expects receipt of this permit
by the first quarter of 2009.

A Water Pollution Control Permit (WPCP) application was also
submitted to the NDEP on July 11th. The WPCP regulates the management
of process fluids to prevent impacts to surface and ground water. The
WPCP requires that mine facilities be managed for zero discharge. The
Mt. Hope design incorporates elements such as a fully lined tailing
facility, a full stormwater capture system for the processing area and
innovative closure plans; all of which exceed regulatory standards.
The Company expects receipt of this permit by the first quarter of
2009.

A permit application for a Dam Safety Permit was submitted to the
Nevada Division of Water Resources on July 28th for the tailing
facility. The Dam Safety permit regulates the construction and
operation of the tailing dam to ensure stability and public safety.
The Company expects receipt of this permit by the end of the year.

FEDERAL PERMITTING

The Company continues to progress its technical evaluation of Mt.
Hope's environmental and social impact. To date, the Company has
completed nearly all of the baseline studies that form the basis of
the Draft Environmental Impact Statement (EIS). Outstanding baseline
(technical) reports relate to hydrology and geochemical modeling and
assessment. The Company expects to complete these technical studies by
the end of the summer. The Battle Mountain office of the Bureau of
Land Management (BLM), through its consultant, EnviroScientists, is
currently writing preliminary chapters of the Draft EIS for further
public and cooperating agency review.

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 Liberty
project that 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, such
as statements relating to the expected receipt of permits and the
timeline for the receipt such permits, 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 to
raise required financing, metals price and production volatility,
exploration risks and results, and project development risks. For a
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-Q 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
or
Greg McClain, 303-928-8601 (Business Development)
gmcclain@generalmoly.com
http://www.generalmoly.com
info@generalmoly.com

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