Net loss for the three months ended December 31, 2009 was approximately $2.2 million ($0.03 per share) compared to a loss of $2.6 million ($0.04 per share) for the year ago period. Net loss for the full year ending December 31, 2009 was approximately $10.2 million ($0.14 per share) compared to a loss of $14.4 million ($0.21 per share) for the year ago period.

Consolidated cash balance at the end of the fourth quarter was approximately $49 million compared to approximately $59 million at the end of the third quarter and approximately $93 million a year ago. During the fourth quarter, cash use of $10 million was the result of $8 million in development and equipment deposit costs and $2 million in General and Administrative costs. For the year, cash use of $44 million was the result of $33 million in development and equipment deposit costs and $11 million in General and Administrative, exploration and evaluation costs. Financial information is included at the end of this release.

PERMITTING UPDATE

The Company currently expects the Bureau of Land Management (BLM) to complete an administrative Draft Environmental Impact Statement (EIS) mid-year and to receive its Record of Decision late in the fourth quarter of this year or early in the first quarter of 2011. The two final outstanding technical reports related to regional hydrology and pit lake geochemistry were completed and submitted to the BLM in late October and early November last year and the Company is working to address comments received from the BLM late last year on these reports. The Company continues to believe that these studies confirm that the Mt. Hope project will have minimal long term impact to local ground water.

FINANCING UPDATE

In a separate press release, the Company announced a significant investment and partnership with Hanlong Group, which is anticipated to supply full funding for the Mt. Hope project. The Company will host a conference call later today to discuss the announcement.

ENGINEERING AND EQUIPMENT PROCUREMENT UPDATE

The Company will restart engineering efforts, which had been paused in March 2009 to conserve cash, following stockholder approval of the equity issuances in connection with the Hanlong transaction and publication of the Draft EIS, currently anticipated to occur by mid-year. Equipment procurement efforts, which had also been paused, will resume later in the year. Although the Company has secured orders for most of the milling equipment, firm orders for much of the mobile mine fleet still must be placed.

MOLYBDENUM MARKET UPDATE

Over the fourth quarter of 2009, spot molybdenum prices traded between $10.60 and $13.50 per pound, ending the year at approximately $12.00 and trading up to approximately $18.00 per pound more recently. Price fluctuations continue to be primarily driven by changing Chinese demand patterns but are also beginning to be driven by improving steel demand within the energy sector, particularly the Oil Country Tubular Goods market. Prices well above the low of $8 per pound seen last year continue to be supported by Chinese molybdenum imports, increasing steel capacity utilization rates in developing nations, modestly improving steel capacity utilization in the United States and Europe, an end to global inventory de-stocking, and molybdenum supply reductions.

RESERVE AND RESOURCE ESTIMATE UPDATE

The Company continues to update its resource model of the Mt. Hope molybdenum deposit based on additional geologic interpretation and the incorporation of 101 previously-drilled core and reverse circulation holes that were not included in the 2007 Bankable Feasibility Study (BFS). These holes include drilling for the purpose of water modeling, waste rock sampling, geotechnical evaluation, and infill holes targeting the first ten years of production that were drilled following the creation of the resource model used in the BFS. A revised resource estimate and 43-101 report are anticipated to be completed in the first half of the year.

Additional information on the Company’s fourth quarter and full year 2009 results will be available in General Moly’s 2009 Form 10-K, which will be filed with the Securities and Exchange Commission and posted on the Company’s website.

General Moly is a U.S.-based molybdenum mineral development, exploration and mining company listed on the NYSE Amex (formerly 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 are “forward-looking statements” within the meaning of Section 27A of the Securities Act, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and are intended to be covered by the safe harbor created by such sections. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected, or implied by the Company. These risks and uncertainties include, but are not limited to, metals price and production volatility, global economic conditions, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, exploration risks and results, political, operational and project development risks, including the Company’s ability to obtain required permits to commence production and its ability to raise required financing, adverse governmental regulation and judicial outcomes. 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-K, on file with the SEC. The Company undertakes no obligation to update forward-looking statements.