Moly Mines Limited
TSX : MOL
ASX : MOL

Moly Mines Limited

December 20, 2007 09:00 ET

Moly Mines Shareholders Approve A$88 Million Share Placement

TORONTO, ONTARIO--(Marketwire - Dec. 20, 2007) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Moly Mines Limited, (TSX:MOL)(ASX:MOL) advises shareholders have today approved the Company's placement of 22 million new shares at A$4.00 per share to raise A$88 million.

Conditions for closing, being shareholder approval and Foreign Investment Review Board approval have been received and settlement is now in progress.

The placement includes the allocation to Harbinger Capital Partners Master Fund I. Ltd and Harbinger Capital Partners Special Situations Funds L.P. of a total of 17.1 million shares representing 19.9% of Moly Mines new issued capital base on 86,021,677 shares.

Results of General Meeting

The resolution put to shareholders today was approved on a show of hands. In accordance with s:251AA of the Corporations Act 2001, the following information is disclosed for proxy votes exercisable by all proxies validly appointed:



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Resolution Total For Against Abstain
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Issue and allotment of 22 million new 19,027,53 18,850,68 71,995 104,850
shares at A$4.00 per share 3 8
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Included in votes cast FOR the resolutions are 2,779,100 discretionary votes.

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.

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