Moly Mines Limited

Moly Mines Limited

January 16, 2007 17:00 ET

Moly Mines Limited Announces Director Appointment

TORONTO, ONTARIO--(CCNMatthews - Jan. 16, 2007) - Moly Mines Limited (TSX:MOL)(ASX:MOL) -

I am pleased to announce the appointment of Mr. Peter Thomas to the Board of Moly Mines Limited as a non-executive director.

Mr. Thomas, who holds an MBA, first year honours from Harvard Business School, brings considerable project financing skills and experience to the board at this critical time for the Spinifex Ridge molybdenum project as it rapidly approaches completion of the feasibility study and a production decision.

His strong international finance, corporate and investment banking skills have developed over the last 10 years whilst he served in various executive, corporate and advisory roles.

From 2002-2004, Mr Thomas was Mergers and Acquisitions Manager for Novartis, a multi-national healthcare company employing over 75,000 people world wide headquartered in Basel, Switzerland. Prior to this Mr Thomas was Vice President Corporate Finance at Lehman Brothers in New York and London from 1998-2002.

Mr. Thomas will join me on the Company's recently constituted finance advisory committee which includes members of the Company's executive and independent external corporate and tax advisors. With many of the project technical studies scheduled for completion and engineering and design work underway for the bankable feasibility study, the finance advisory committee will develop and evaluate key project financing strategies for the Spinifex Ridge Project. This will include evaluating and advising on advanced discussions with potential cornerstone investors, equity participants, molybdenum concentrate toll treatment organizations and offtake partners.

Currently, Mr. Thomas is a senior executive at Fortescue Metals Group Limited and is responsible for group financial management and commercial project performance. During 2006, Mr. Thomas jointly led equity negotiations, joint venture and debt financing arrangements that culminated in Fortescue's successful A$3 billion project financing for the full development and construction of the 45 million tonne per annum iron ore mining and infrastructure rail and port project.

In addition to his Harvard MBA, Mr. Thomas is an associate of the Institute of Actuaries of Australia and holds Bachelor of Economics and Bachelor of Science degrees from Macquarie University, Sydney.

We look forward to Mr Thomas's valuable contribution to the Company as we move into full project financing for Spinifex Ridge during 2007.

Yours Sincerely

Paul Willis, Chairman

Contact Information

  • Moly Mines Limited
    1801-80 Richmond Street West
    Toronto, Ontario Canada M5H 2A4
    (416) 777-1801 or +61 8 9429 3300
    (416) 777-1802 (FAX)