TORONTO, Aug. 6 /PRNewswire-FirstCall/ -

    Overview (all in U.S. dollars):

    -   Molybdenum production rose by 9.8% to 6.7 million pounds in the
        second quarter of 2009 from 6.1 million pounds in the first quarter.
    -   Weighted-average cash costs in the second quarter were reduced by
        12.1% to $5.21 per pound produced from $5.93 per pound in the first
        quarter.
    -   2009 guidance remains unchanged for molybdenum production and sales
        at 22 to 26 million pounds and for cash costs at $5.75 to $7.00 per
        pound.
    -   Total cash, cash equivalents and short-term investments at June 30,
        2009 were $262 million, compared with $260.6 million on March 31,
        2009. Total debt was reduced to $15.6 million on June 30, 2009 from
        $16.9 million on March 31, 2009.
    -   Average realized price on molybdenum and upgraded product sales
        declined to $9.41 per pound in the second quarter from $10.14 per
        pound in the first quarter, although due to recent developments in
        the molybdenum market, the Company expects its average realized price
        to be higher in the second half of 2009.
    -   Income from mining and processing operations rose to $15.3 million in
        the second quarter from $12 million in the first quarter. However,
        due primarily to a foreign exchange loss, the Company recorded a net
        loss in the second quarter of $0.4 million or $0.00 per basic and
        diluted common share, compared with net income of $11.2 million or
        $0.09 per basic and diluted share in the first quarter of 2009.
    -   The Board of Directors has approved the resumption of the Endako mill
        expansion project. As a result, the Company's estimate of 2009 total
        capital expenditures has been revised upward to $80 million from
        previous guidance of $60 million.