General Moly Begins PEA on Liberty Starter Pit Project

General Moly Inc. (TSX:GMO,NYSEMKT:GMO) announced that it has begun a NI 43-101 compliant preliminary economic assessment (PEA) on a starter pit project at its Nevada-based Liberty copper-molybdenum project.

As quoted in the press release:

The Liberty Starter Pit Project (‘Starter Pit Project’) might broaden General Moly’s resource base and potentially allows for a low capital cost, rapid payback alternative to prior Liberty Project development plans reflecting current market prices for molybdenum and copper. The Starter Pit Project includes previously excluded higher grade copper resources which can be mined in conjunction with molybdenum ore with copper credits in the main molybdenum deposit. The highest grade copper resources are located in three satellite deposits southeast of the main molybdenum ore body. These satellite deposits, based on historical resource calculations, could contain 50 to 100 million tons of material averaging approximately 0.3% to 0.35% copper contained primarily in chalcocite/digenite, chalcopyrite and covellite mineralization, which is amenable to standard froth flotation.

Bruce D. Hansen, General Moly’s CEO, commented:

We anticipate completing the PEA in the summer of 2014, and believe the results will demonstrate the inherent value and flexibility that the Liberty Project provides to our shareholders, complementing the significant value and optionality of the Mt. Hope Project. Even as we initiate this PEA at Liberty we are continuing to pursue financing alternatives for the Mt. Hope Project, and recent updates to capital and operating costs, mine plans, and project economics are supporting ongoing due diligence efforts.

Click here to read the full General Moly Inc. (TSX:GMO,NYSEMKT:GMO) press release.