Moly Mines Limited

Moly Mines Limited

December 20, 2011 08:15 ET

Moly Mines Limited Reports One Million Tonnes of Iron Ore Shipments Achieved

TORONTO, ONTARIO--(Marketwire - Dec. 20, 2011) - It is with pleasure that Moly Mines Limited (TSX:MOL)(ASX:MOL) confirms the shipment of the 1,000,000th tonne of iron ore fines from the Spinifex Ridge Iron Ore Mine.

The milestone has occurred within 12 months of the mine's first shipment on 30 December 2010.

Moly Mines CEO and Managing Director Dr Derek Fisher commented "we are proud of the mine's performance this year and our operations staff are to be congratulated. The mine has consistently exceeded performance targets and generated significant cashflow for the Company".

To view a photo of "Loading of the 1,000,000th tonne of Spinifex Ridge Iron Ore Fines aboard the MV Centrans Venus", please visit the following link:

As forecast in the Company's September 2011 Quarterly Report, December's shipment of 91,000 tonnes is the 4th shipment for the December 2011 quarter and sets a quarterly record for tonnes shipped from Spinifex Ridge of 348,000 tonnes.

To view a graph of the Production and Shipping in 2011, please visit the following link:

Tonnes shipped for the calendar year has exceeded 950,000 tonnes, 16% above budget with a further 52,000 tonnes expected to remain on hand at port at calendar year end and a further 40,000 tonnes at site.

Over the calendar year mining and crushing operations have exceeded budget by 25%, from single shift day operations. Production for 2012 is expected to reach 1.2 million tonnes.

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.

Contact Information

  • Moly Mines Limited
    Natalie Frame
    Investor Relations
    +1 416 777 1801
    +1 416 371 7541

    Moly Mines Limited
    Derek Fisher
    Managing Director
    +61 8 94293300