Moly Mines Limited

Moly Mines Limited

September 05, 2007 09:00 ET

Moly Mines Limited: Spinifex Ridge Land Access Deed

TORONTO, ONTARIO--(Marketwire - Sept. 5, 2007) - Moly Mines Limited, (TSX:MOL)(ASX:MOL) is pleased to announce it has completed a Land Access Deed with the Njamal People of the east Pilbara, resolving all native title matters required to be addressed under the Mining Act WA 1978 and regulations for the advancement of the Spinifex Ridge Project.

The Njamal people are the only native title claimants of the Spinifex Ridge Molybdenum / Copper Project area.

The signing was achieved after community consultation and will provide immediate and life-of-project employment and financial benefits for the Njamal People. The Land Access Deed provides, among other things, for:

- A framework and certainty for the execution of State Deeds between the Western Australian State Government, Moly Mines and the Njamal for the grant and / or renewal of any mining tenement within the project areas;

- Management of areas of cultural and ethnographic significance to the traditional owners within the Spinifex Ridge project areas;

- Environmental and heritage protection management plans; and

- Education, training and employment opportunities for the Njamal People within the mining operation.

With mining leases already approved in relation to the specific Spinifex Ridge mining areas, this Land Access Deed formalises the granting process for future mining tenure in addition to tenure required for plant sites, easement routes, infrastructure and support services such as the mine-site camp and air strip.

Moly Mines Managing Director Dr Derek Fisher said "The completion of the Native Title Land Access Deed is yet another significant milestone in the development of Spinifex Ridge. The agreement brings together both cultural and commercial elements recognising the traditional needs of the Njamal whilst providing real employment opportunities for the community".

Moly Mines acknowledges and thanks the efforts of the Pilbara Native Title Service and the elders and members of Njamal for their support in completing the agreement.

The feasibility study for the Spinifex Ridge Project is scheduled for release during September.

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