General Moly, Inc. (the "Company") GMO a U.S.-based
molybdenum mineral development, exploration and mining company has been
informed that legal counsel has suspended work on the $665 million Chinese
sourced Term Loan that is currently being negotiated with China Development
Bank (“CDB”) for the development of the Mt. Hope Project until further notice.
This suspension of activities relates to media reports that Mr. Liu Han,
Chairman of Sichuan Hanlong Group (“Hanlong”) has reportedly been detained by
Chinese authorities. Hanlong or an affiliate is obligated to arrange and
guarantee the Term Loan, throughout its life.
General Moly is seeking clarification from Hanlong as to the implications for
the Company and will advise the market should these enquiries render any
relevant information.
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