Moly Mines Limited
TSX : MOL
ASX : MOL

Moly Mines Limited

April 21, 2008 09:15 ET

Moly Mines Appoints New York Investment Banking Veteran to the Board

TORONTO, ONTARIO--(Marketwire - April 21, 2008) -

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

Moly Mines Limited, (TSX:MOL)(ASX:MOL) is pleased to announce the appointment of retired New York based investment banking executive Michael Senft to the Company's Board.

Mr. Senft's appointment comes as the Company seeks to progress the Spinifex Ridge Molybdenum Project to financial close over the coming months. His banking expertise will assist the Board evaluate the financing alternatives and structures being promoted to finalise the financial package for the Project.

Mr. Senft was most recently Managing Director CIBC World Markets Inc and was head of leveraged finance capital markets, head of high yield and leveraged finance origination. In these positions he was actively involved in final transaction approvals, structuring and pricing and coordinated innovative debt financing solutions through integrated capital markets knowledge. He oversaw High Yield Sales, Trading, Research as well as taking a direct role in originating and structuring transactions. He initiated coverage across all Investment Banking Industry sectors and managed all facets of originating and executing financings for a wide variety of issuers in energy, paper & forest products, steel, industrial services and healthcare sectors, among others.

Prior to his appointment at CIBC in 2002, Mr. Senft spent 20 years with Merrill Lynch, New York and held numerous executive rolls finishing as Managing Director, Leveraged Finance.

Mr. Senft holds a Masters of Business Administration, Finance, from Stern School of Business, New York and a Bachelor of Arts degree in Economics from Princeton University, Princeton, New Jersey.

We look forward to Mr. Senft's contribution to the Board in this exciting year for Moly Mines as the worlds next major new molybdenum, producer.

These press materials do not constitute an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of
securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the company and management, as well as financial statements.

This news release includes "forward-looking statements" as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond Moly Mines' control. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this news release, including, without limitation, those regarding Moly Mines' future expectations. Readers can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "predict," "project," "risk," "should," "will" or "would" and other similar expressions. Risks, uncertainties and other factors may cause Moly Mines' actual results, performance, production or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include the failure to complete and commission the mine facilities, processing plant and related infrastructure in the time frame and within estimated costs currently planned; variations in global demand and price for molybdenum and copper; fluctuations in exchange rates between the U.S. dollar and the Australian dollar; failure to recover the resource and reserve estimates of the Project; the failure of Moly Mines' suppliers and service providers to fulfil their obligations under construction, supply and tolling agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labor shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms; and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information.

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