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Moly Mines Company Update

posted on May 19, 09 04:03PM

May 19, 2009

Moly Mines Company Update

TORONTO, ONTARIO--(Marketwire - May 19, 2009) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Moly Mines Limited (TSX:MOL)(ASX:MOL) is pleased to provide a Company update including outstanding Fe drill results received, maiden resource calculation being finalized and the appointment of Mr. David Craig as Chairman.

Spinifex Ridge Iron Ore

Results from the March 2009 infill drill programs have been received. Significant results include:

- 40m @ 62% Fe from 37m

- 62m @ 63% Fe from 3m; including 14m @ 67% Fe from 24m

- 40m @ 64% Fe from 2m

- 46m @ 63% Fe from 41m; including 11m @ 66% Fe from 58m

- 41m @ 62% Fe from 37m

- 43m @ 62% Fe from 3m; including 13m @ 65% Fe from 21m

These results are derived from a 27 hole RC drill program for 2,209m drilled to an average depth of 82m - refer Table 1. The drilling was spread across 3 of the 4 prospects - Auton, Auton North East and Gallifrey, all of which occur on the Spinifex Ridge mining leases.

The majority of the drilling was targeted into the Auton North East prospect to expand and close off the mineralisation, with some further infill completed into the Auton and Gallifrey prospects.

This program completes the majority of the RC drilling required to finalize a maiden Iron Resource estimate on these small but rich iron occurrences.

The Company s senior engineers and technical personnel are now fast-tracking detailed studies for mining and exploiting this material as Direct Shipping Ore (DSO). These studies are initially targeting a 1 million tonne per annum operation, and currently, advanced discussions are underway with parties interested in assisting with and/or purchasing the production. Spinifex Ridge s location is a major advantage with it being within easy trucking distance over paved roads from the major iron ore exporting infrastructure at Port Hedland.

Appointment of Board Chairman

The Board of Moly Mines is very pleased to advise the appointment of Mr David Craig to the Company as non-executive Chairman.

Mr Craig (B.Juris (Hons) LLB (Hons) LLM (London) GDipAppFin (Finsia) MAICD) is an experienced businessman and lawyer, who has held and holds Executive and Board positions in the fields of law, financial services and the resources industry.

As a partner of a major Perth law firm he specialised in resources and commercial legal advice, which included work on resources joint ventures, the acquisition and disposal of interests in companies and projects, and capital raisings by companies. This was followed by ten years in the financial services industry as a stockbroker and an executive director in a national stockbroking and investment banking company. Mr Craig then spent five years working with Woodside Petroleum Ltd in an Executive position in the field of public and government affairs. He brings to the Board expertise in the law, financial markets, stakeholder engagement, relationship management, strategic planning, and risk management.

Mr Craig s remuneration package will include 100,000 options in the Company exercisable at A$0.40 per share expiring 31 December 2010 consistent with the allocations to other non-executive directors announced in January 2009. The grant of the options is subject to shareholder approval which will be sought at an appropriate time in the coming months.

The Company also advises Mr Kurt Talbot has resigned from the Board and the Board thank Mr Talbot for his services.

The information in this report that relates to Exploration Results is based on information compiled by Dr Derek Fisher who is a Member of The Australasian Institute of Mining and Metallurgy. Dr Fisher is Managing Director of Moly Mines Limited, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr. Fisher is also a Qualified Person within the meaning of such term under NI-43-101. Dr Fisher consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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