Moly Mines Limited

Moly Mines Limited

March 15, 2007 08:26 ET

Moly Mines Limited Announces Mining Leases Granted Spinifex Ridge Molybdenum/Copper Project

TORONTO, ONTARIO--(CCNMatthews - March 15, 2007) - Moly Mines Limited, (TSX:MOL)(ASX:MOL) is pleased to announce that Mining Leases covering the planned Spinifex Ridge Molybdenum/Copper Project mining areas have been granted by the Western Australia Department of Industry and Resources.

This Major milestone for the company is indicative of the continuing transition of the Spinifex Ridge Project from feasibility to development. The leases, which total 20.75 square kilometers, cover the entire 469 million tonne measured and indicated molybdenum and copper resource and all indicated mining activities for the 20-year plus mine life as outlined by studies currently underway by the company.

The Mining Leases M45/1095, M45/1096 and M45/1097 have been granted for an initial term of 21 years with the strong support and co-operation of the traditional landholders, the Njamal People and the Pilbara Native Title Service.

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