Moly Mines Limited
TSX : MOL
ASX : MOL

Moly Mines Limited

February 22, 2008 08:30 ET

Moly Mines Awards Crusher Contract to Metso

TORONTO, ONTARIO--(Marketwire - Feb. 22, 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 it has awarded the contract for the design, fabrication and delivery of the Secondary Crushers for the Spinifex Ridge Project to Metso Minerals (Australia) Limited.

The award of the secondary crusher contract completes the ordering for the major items of plant within the comminution circuit for the planned 20 million tonne per annum molybdenum / copper processing plant for the planned Spinifex Ridge mine.

The A$13.6 million order brings the total value of capital commitments for the Project to approximately A$160 million and follows the recent award of a 7 year A$1.1 billion mining contract to the Australian based mining and civil construction company Macmahon Holdings Limited.

Metso Minerals are a leading Finnish based global supplier of equipment to the mining industry with particular experience in processing equipment.

Site activities continue at Spinifex Ridge with exploration drilling around the periphery of the 469 million tonne Measured and Indicated Resource continuing. The drilling programs were designed to better define the outer limits of the mineralization and to enable lower grade material, currently classified as waste in the definitive feasibility study mine plan, to be better quantified. Results of the drilling programs are awaited.

Expansion work has recently commenced on the existing site accommodation to ensure infrastructure is in place to support early earthworks development following the granting of site construction approvals.

Engineering activities continue to progress with both the MOL owners team and WorleyParsons teams expanding to reflect the work schedules. Currently approximately 150 personnel are engaged in detail engineering design work in the Company's offices.

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.

THESE PRESS MATERIALS ARE NOT FOR RELEASE IN THE UNITED STATES.

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 fulfill 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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