GENERAL MOLY ANNOUNCES FIRST QUARTER RESULTS

LAKEWOOD, COLORADO � May 6, 2010, General Moly (NYSE Amex and TSX: GMO) announced its unaudited financial results for the first quarter ended March 31, 2010.  Net loss for the three months ended March 31, 2010 was approximately $2.8 million ($0.04 per share), compared to a loss of $3.0 million ($0.04 per share) for the year ago period. 

Consolidated cash balance at the end of the quarter was approximately $25 million compared to approximately $49 million at the end of 2009.  During the first quarter, cash use of $24 million was the result of $21 million in development and milling equipment deposit costs and $3 million in General and Administrative costs.  The Company anticipates spending approximately $8 million on equipment and associated freight and taxes in the second quarter, and a further $2 million through the end of the year on previously-contracted long-lead milling equipment.  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 2011. The two final outstanding technical reports related to regional hydrology and pit lake geochemistry were completed and re-submitted to the BLM in late April and early May addressing comments received from the BLM late last year.  The Company believes these reports are now final.

As announced on April 26, 2010, a Nevada District Court remanded a Nevada State Engineer�s decision to grant water permits to the Company back for a new hearing.  A pre-hearing conference has been scheduled by the State Engineer for May 24, where the scope and date of the new hearing will be determined.  The Company is working to expedite the schedule to the extent possible and anticipates the re-granting of its water applications to occur in the second half of the year.

FINANCING UPDATE

As announced on April 26, 2010, the Company drew the first $10 million tranche of the Bridge Loan under the Hanlong agreement, which is not reflected in the cash balances reported on these financial statements.  Both parties continue to work toward achievement of Tranche 1 Conditions, including stockholder approval, which will be sought at the Company�s May 13, 2010 Annual General Meeting.

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 first quarter of 2010, spot molybdenum prices traded higher supported by strong demand from global steel producers, particularly in Asia.  Reports from a variety of sources indicate that both Korean and Japanese steel mills are running at or near full capacity and that their access to moly is becoming strained.  Chinese exports of moly remain at extremely low levels forcing Korean and Japanese steel producers to source moly from the West and providing support to prices.  During the quarter, prices averaged approximately $16.50 per pound and are currently at $18 per pound.