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News on First Shipment

posted on Dec 21, 10 08:49AM (Log in to use the IP Check tool) ^[?]

Moly Mines Reports on First Shipment-Spinifex Ridge Iron Ore

TORONTO, ONTARIO, Dec. 20, 2010 (Marketwire) -- Moly Mines Limited (TSX:MOL)(ASX:MOL) is pleased to announce that it has confirmed the booking of a vessel for the maiden iron ore shipment from the Spinifex Ridge Iron Ore Project.

The "MV Father Neptune" is due to arrive at Port Hedland on 27 December 2010. Loading will commence soon after, with the vessel to sail before the end of the calendar year. The maiden shipment will carry up to 55,000 tonnes of iron ore fines at a forecast grade of 59% Iron.

Shipment sizes will increase over the next 12 weeks as the mine production rate ramps-up and commissioning of the Company's stockpiling facilities at Utah Point is completed.

Managing Director and CEO Dr Derek Fisher said "cashflow from the iron ore mine at Spinifex Ridge will support the debt financing facilities currently being sought by the Company and our major shareholder, Hanlong Mining Investment Pty Ltd, to advance the construction of our major project - the world-class Spinifex Ridge Molybdenum mine."

Iron ore prices continue to perform strongly, with the price of 62% iron ore fines trading above US$165/t - CFR China.

To view the Spinifex Ridge Iron Ore Project, please visit the following link:

http://media3.marketwire.com/docs/Spinifex%20Ridge%20Iron%20Ore.pdf