Moly Mines Limited
TSX : MOL
ASX : MOL

Moly Mines Limited

November 24, 2010 10:40 ET

Moly Mines Reports Results of Annual General Meeting

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2010) - Moly Mines Limited (TSX:MOL)(ASX:MOL) advises that each resolution considered at the Annual General Meeting of shareholders, held in Perth WA on November 24 (November 23 EST) was passed by the requisite majority on a show of hands.

A copy of the Annual General Meeting presentation is available on the Company website at www.molymines.com

In accordance with ASX Listing Rule 3.13.2 and section 251AA of the Corporations Act, the details of the resolution, the proxies received and results in respect of each resolution were as follows:

    Resolution   For   Against   Proxy's Discretion   Abstain   Excluded
                         
1.   Adoption of Remuneration Report   212,228,461   2,504,854   1,178,538   287,865   -
                         
                         
2.   Re-election of Mr Nixon   212,455,371   1,964,388   1,173,088   35,861   -
                         
3.   Election of Mr Xiao   214,147,310   202,836   1,157,112   121,450   -
                         
4.   Election of Mr Liu Han   214,143,901   228,582   1,144,775   111,450   -
                         
5.   Election of Mr Zhmurovsky   214,083,692   319,717   1,144,775   80,524   -
                         
6.   Election of Mr Prosser   214,244,365   115,403   1,144,775   124,165   -
                         
7.   Election of Mr Braham   214,182,492   244,380   1,153,925   47,911   -
                         
8.   Approval of the issue of options to Hanlong Mining Investment Pty Ltd.   6,804,887   360,237   1,171,020   156,918   207,135,646
                         
9.   Approval of Iron Ore Sales Agreement with Hanlong Metals Limited   7,074,856   152,676   1,146,520   119,010   207,135,646

All resolutions were passed on a show of hands.

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
    or
    Moly Mines Limited
    Derek Fisher
    Managing Director
    +61 8 94293300
    www.molymines.com