Moly Mines Third Iron Ore Shipment Departs Port Hedland

TORONTO, ONTARIO--(Marketwire - March 28, 2011) - Moly Mines Limited (TSX:MOL)(ASX:MOL) is pleased to confirm the 3rd shipment of iron ore fines has today sailed from Port Hedland, destination China.

The vessel is carrying 70,202 wet metric tonnes of iron ore grading approximately 60% iron. Final pricing is expected to be in the range of US$160-170/T CFR China.

Shipments for the March 2011 quarter have met forecasts. Ramp up of the mine is now considered complete and production now at steady state. Monthly shipments are scheduled for the remainder of the calendar year with a budget of 820,000 tonnes targeted.

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.