Moly Mines Limited
TSX : MOL
ASX : MOL

Moly Mines Limited

June 23, 2008 08:49 ET

Moly Mines Limited: Iron Ore at Spinifex Ridge

TORONTO, ONTARIO--(Marketwire - June 23, 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 first results of a planned 35 hole RC drilling program investigating the iron ore mineralization at the richly endowed Spinifex Ridge Molybdenum/Copper Project.

The 1,500 metre program was designed to test two areas of outcropping iron mineralisation that returned rock chips assaying between 55% and 68% Fe. The 4 holes completed targeted one of the two zones.

Highlights of the drilling are two holes which intersected:



72 metres @ 60.7% Fe including:
42 metres @ 66.2% Fe
and
68 metres @ 63.0% Fe including:
47 metres @ 65.8% Fe


The attached table shows the full results. Two other holes at the eastern extremity of the zone returned only limited widths or lesser Fe grade.

The outcropping hematite iron mineralisation occurs 500 to 1,500 metres to the west of the 1 billion tonne Spinifex Ridge molybdenum / copper resource, within the Company s granted mining leases. The potential commercial recovery of iron ore would be enhanced by the planned 20 million tonne per annum molybdenum/copper mine and infrastructure at Spinifex Ridge.

Further iron enrichment is being targeted in the second zone with the remainder of the drill program focusing on a mineralised surface conglomerate or scree which has yielded rock chip samples in the range of 60% and 68% Fe.

The host rock to this iron mineralisation is the same geological horizon that hosts the Yarrie and the now mined-out Shay Gap iron ore deposits of BHP Billiton, located approximately 50 kilometres to the north.

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.

"The information in this report that relates to Exploration Results is based on information compiled by Dr Derek Fisher who is a Member of The Australasian Institute of Mining and Metallurgy. Dr Fisher is Managing Director of Moly Mines Limited, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr. Fisher is also a Qualified Person within the meaning of such term under NI-43-101. Dr Fisher consents to the inclusion in the report of the matters based on his information in the form and context in which it appears."



------------------------------------------------------------------
EOH
Hole Easting Northing depth Azimuth Dip
Number GDA GDA (m)
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SRC211 197534 7687672 50 180 -60
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SRC212 197467 7687673 90 150 -60 Including
and
and
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SRC213 197534 7687677 115 230 -60
Including
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SRC214 197466 7687650 106 0 -90
Including
and
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Hole From To Interval Fe SiO2 Al2O3 S P LOI
Number (m) (m) (m) (%) (%) (%) (%) (%) (%)
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SRC211 0 50 50 16.1 68.5 0.7 0.0 0.0 0.75
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SRC212 0 90 90 56.0 18.2 0.7 0.0 0.1 0.83
0 72 72 60.7 11.7 0.6 0.0 0.1 0.73
1 9 9 60.2 8.1 2.0 0.0 0.1 2.27
30 72 42 66.2 4.1 0.3 0.0 0.1 0.67
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SRC213 0 115 115 28.4 57.2 0.3 0.0 0.0 0.6
93 98 5 61.1 10.5 0.4 0.0 0.1 1.27
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SRC214 0 106 106 52.8 22.0 0.4 0.0 0.2 NR
12 80 68 63.0 9.5 0.2 0.0 0.0 NR
18 65 47 65.8 5.5 0.2 0.0 0.0 NR
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Notes:
1. Co-ordinate Datum is GDA94 Zone 51
2. Samples assayed using lithium metaborate fusion and XRF at
ALSChemex in Perth
3. NR - denotes data still pending

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