Moly Mines Limited

Moly Mines Limited

June 10, 2008 12:01 ET

Moly Mines Appoints Technical Director

TORONTO, ONTARIO--(Marketwire - June 10, 2008) -


Moly Mines Limited, (TSX:MOL)(ASX:MOL) is pleased to announce the appointment of Mr David Nixon to the Company s Board.

He brings strong large mining project construction experience in Western Australia, in particular, in the Pilbara region. David already has intimate knowledge of the Spinifex Ridge Molybdenum Project, serving on the Steering Committee for the mine development.

Mr Nixon is a mechanical engineer with 40 years experience in the mining and construction industries in Australia, Southern Africa, New Zealand, Canada and Indonesia. His initial training was with De Beers in the diamond industry in South Africa and he came to Australia in 1980 for the development of the Argyle diamond mine, the worlds largest diamond producer.

He came to Australia with Edward L Bateman Engineering which became Nedpac during the 1980 s. In 1990 David was one of the founders of Signet Engineering which was acquired by Fluor in 1996.

From 2001 to 2004, David was the project director for a Fluor/SKM joint venture for the successful development of the $1.0 billion BHP Billiton Iron Ore Asset Development projects, comprising the new Area C mine near Newman, extension of the rail from Yandi to Area C and the expansion of port facilities at Port Hedland.

David currently works as a consultant in the mining industry in Western Australia and is the non-executive chairman of ASX-listed Atlas Iron Limited (AGO) and a non-executive director of Swick Mining Services Limited (SWK).

Mr Colin Agnew has retired from the Board for personal family reasons. The Board thanks Mr Agnew for his valuable contribution to the development of the Moly Mines group.

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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