General Moly, Inc. (the "Company") GMO, a U.S.-based
molybdenum mineral development, exploration and mining company, announced
through its 80% owned Mt. Hope subsidiary, Eureka Moly, LLC, that the Bureau
of Land Management (“BLM”) has accepted its reclamation bonding for the Mt.
Hope Project and has granted authorization to proceed with surface disturbing
activities.
A group of surety underwriters arranged by Marsh USA Inc. were assembled to
satisfy financial guarantees required by the BLM's reclamation cost estimate
in the Mt. Hope Record of Decision (“ROD”). The surety program has been funded
with an initial cash payment of $5.6 million and requires additional cash
funding of $11.6 million through the construction process for a total of $17.2
million which is in alignment with the net cash bonding cost included in the
August 2012 capital estimate. This total covers the first three years of
estimated surface disturbance at Mt. Hope, and is subject to ongoing
evaluation thereafter. With the surety program in place and the initial
contribution funded, the BLM has authorized that surface disturbance in
conformity with the Record of Decision may proceed.
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