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Amends Terms of Offering

posted on Oct 07, 09 10:08AM

October 7, 2009

Moly Mines Amends Terms of Offering

TORONTO, ONTARIO--(Marketwire - Oct. 7, 2009) -

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

Moly Mines Limited (TSX:MOL)(ASX:MOL) is pleased to announce that it has finalised the terms of its public offering (the "Offering") originally announced following the filing of a preliminary short form prospectus on September 2, 2009.

Pursuant to amended terms of the Offering, the Company will offer for sale to the public up to 42,000,000 units ("Units") in Moly Mines at a price of C$0.75 per Unit, for gross proceeds of up to C$31,500,000. Each Unit is comprised of one ordinary share ("Ordinary Share") of the Company and one-third of one Ordinary Share purchase warrant ("Warrant"), each whole Warrant entitling the holder thereof to purchase one Ordinary Share at a price of $1.00 for a period of 3 years following the closing date. The Company anticipates closing will occur on or around October 27, 2009, and is subject to shareholder approval which is being sought on October 26, 2009.

As set out in the press release of September 2 2009, the Offering is being conducted by a syndicate of agents led by Paradigm Capital Inc. and including GMP Securities L.P. In addition, the StoneBridge Group Limited will be undertaking a private placement in certain jurisdictions including Australia. The Company has also retained Eas Advisors LLC to provide advice in connection with the Offering.

The Offering is targeting a minimum US$25 million as a condition to the restructure of the Company's US$150 million Interim Financing Facility. The Company intends to use the first US$25 million raised under the Offering to bring the Spinifex Ridge Iron Ore Project into production, complete full feasibility engineering and design work on the 10Mt/a Spinifex Ridge Molybdenum Project and general working capital purposes. Funds raised above US$25 million will be applied to reduce the size of the restructured debt facility.

A copy of the Preliminary Prospectus which should be viewed in conjunction with this announcement is available on www.sedar.com and the Company's website at www.molymines.com and on the ASX platform.

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