Moly Mines Limited
TSX : MOL
ASX : MOL

Moly Mines Limited

December 16, 2009 09:59 ET

Moly Mines Shareholders Approve Hanlong Transaction

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2009) -

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

Moly Mines Limited (TSX:MOL)(ASX:MOL) shareholders have overwhelmingly supported the proposed investment package of Hanlong Mining Investment Pty Ltd ("Hanlong"), with 97% of proxies received voting in favor of the financing package.

Hanlong is a subsidiary of the China-based, privately-owned, Sichuan Hanlong Group Co. Moly Mines shareholder approval is another key step toward completing the US$200 million debt and equity subscription of Hanlong in Moly Mines.

In accordance with Listing Rule 3.13.2 and section 251AA of the Corporations Act, details of the resolution, the proxies received and results in respect of the resolution are as follows:



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Resolution For Against Chairman's Abstain
Discretion
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Approval of the
Hanlong Transaction 18,031,511 497,541 765,531 21,485
----------------------------------------------------------------------


Chinese regulatory approvals remain the final material condition precedent to completion, which is expected to take place on or before 15 February 2010.

Moly Mines CEO and Managing Director Dr Derek Fisher commented "we look forward to Hanlong becoming the major shareholder of the Company and the prospects they bring for the rapid financing of the Spinifex Ridge Molybdenum Project."

Contact Information

  • Moly Mines Limited
    Natalie Frame
    Investor Relations Coordinator
    +1 416 777 1801
    or
    Moly Mines Limited
    Andrew Worland
    Company Secretary
    +61 8 9429 3300
    info@molymines.com
    www.molymines.com