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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (17658)	4/14/2008 9:35:10 PM
From: LoneClone	Read Replies (1) \| Respond to of 194001

Moly Mines Limited Announces EPA Recommends Spinifex Ridge Molybdenum Project for Ministerial Approval Mon Apr 14, 12:25 PM ca.news.finance.yahoo.com TORONTO, ONTARIO--(Marketwire - April 14, 2008) - Moly Mines Limited, (TSX: MOL.TO)(ASX: MOL.AX) is pleased to advise the Environmental Protection Authority of Western Australia (EPA) have today released their "EPA Bulletin" which contains the EPA's report and recommendations to the Minister for the Environment on the Spinifex Ridge Molybdenum Project proposal. Section 44 of the Environmental Protection Act 1986 (EPA Act) requires the EPA to report to the Minister for the Environment the outcome of its assessment of a proposal. The report must set out: - the key environmental factors identified in the course of the assessment; and - the EPA's recommendations as to whether or not the proposal may be implemented, and, if the EPA recommends that implementation be allowed, the conditions and procedures to which the implementation should be subject. The proposal put to the EPA by the Company considers an open pit mining operation and processing facility capable of treating 20 million tonnes of ore per annum. The EPA has concluded that it is unlikely that the EPA's objectives would be compromised by implementing the Project and have recommended the Project proposal tabled by Moly Mines be approved subject to implementation of certain conditions, all of which are considered by Moly Mines to be reasonable and manageable through the Company's best practice systems. The EPA Bulletin is open now for a 2 week public appeal period, and depending on resolution of those appeals, if any, the final ministerial approval process will commence. 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. This news release includes "forwardlooking statements" as that term within the meaning of securities laws of applicable jurisdictions. Forwardlooking 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 forwardlooking 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 forwardlooking 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 fulfil 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 forwardlooking statements. We assume no obligation to update such information. Contacts Derek Fisher Moly Mines Limited Managing Director +61 8 94293300 Email info@molymines.com Website: www.molymines.com