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Additional Information

Market:	ASX / TSX
Sector:	General Mining
EPIC:	MOL
Latest Price:	0.32 (4.92% )
52-week High:	1.17
52-week Low:	0.29
Market Cap:	123.17M

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Moly Mines Full Moly Mines profile here

Moly Mines (ASX: MOL, TSE: MOL) is a resources company focussing on the development of base metals projects including the world class Spinifex Ridge Molybdenum Project. Spinifex Ridge is the world's leading undeveloped primary molybdenum deposit.

Moly Mines' Spinifex Ridge Molybdenum project is ready for immediate construction pending the completion of financing. The Company also has an Iron Ore project which commenced production in late 2010. The project’s expected annual production rate is 800,000-1 million tonnes per annum from deposits located on the same tenements as the Spinifex Ridge Molybdenum Project.

Moly Mines targets production from Spinifex Ridge iron ore project for July 2010

Monday, August 03, 2009

Moly Mines Ltd (TSX, ASX:MOL) said it is targeting mining pre-strip operations at the Spinifex Ridge iron ore project in Western Australia to begin late in the first quarter 2010 with production slated for July 2010.

In its quarterly report for the three months to end-June, the group said initial mine optimization studies have been completed with pit designs showing in-pit resources of over 5.6 million tonnes providing for a minimum 5 year mining operation at an annual production rate of 1 million tonnes.

The company’s immediate focus is restructuring its financial position whilst completing final feasibility work to allow a decision to mine on the Spinifex Ridge Iron Ore Project and maintaining the Spinifex Ridge molybdenum project in its finance ready state as the molybdenum market continues its dramatic recovery.

The iron ore deposits are located on the mining leases that host the molybdenum / copper
resource and the site is well supported by excellent infrastructure between the site and export facilities at Port Hedland, Moly mines said, adding that negotiations for access to port capacity have begun.

It is anticipated later this year tendering will commence for the mining, crushing, haulage and associated site services for the mine development.

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