Company Information for Moly Mines Ltd

ASX-MOL; TSX-MOL

www.molymines.com

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ASX; MOL

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TSX; MOL

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Company Statement

Moly Mines Limited, listed in Australia and Toronto, is an emerging top-ten molybdenum producer whose primary asset is the Spinifex Ridge project in the Pilbara district of Western Australia. Its other assets, a portfolio of gold exploration plays in NSW, have recently been sold for cash, shares and a royalty.

Since its incorporation Moly Mines has raised more than A$65 million and has only 59.3 million shares on issue.

The Company’s registered and records office is at 46-50 Kings Park Road, West Perth, Western Australia, 6005, Australia. The Company also maintains an office at Suite 1801, 80 Richmond Street West, Toronto, Ontario M5H 2A4, Canada.

The Company currently has two wholly-owned and controlled direct subsidiaries; Moly Metals Australia Pty Ltd. (“Moly Metals”) and Copper Metals Australia Pty Ltd. (“Copper Metals”), each of which was incorporated in Australia under the Corporations Act 2001 (Cth). The Company’s interests in the Spinifex Ridge Project are held by and registered in the name of Moly Metals. Copper Metals was incorporated on July 11, 2006 with a view to developing potential copper assets and projects and is currently dormant.

In July 2007, Moly Mines sold its wholly owned subsiduary Big Island Mining Limited ("Big Island") to Cortona Resources Limited for $5 million in cash, plus 12 million fully paid ordinary shares in Cortona and 8 million options in Cortona exercisable at $0.35 (expiring 2 years from the date of issue).

In addition, on either the successful deliniation of 1 million ounces of measured and/or indicated resource or a decision to mine, Moly Mines will be entitled to an additional $4 million and a further 8 million options exercisable at $0.50.

As a result of Moly Mines shareholding in Cortona Resources Limited and board representation, Cortona is considered to be a related company.

Current Operations

Spinifex Ridge Mo/Cu Project
On February 10, 2006, Moly Mines, through Moly Metals, exercised its option in accordance with the terms of the Option Agreement to acquire the additional 85% interest in the Spinifex Ridge Project. Kallenia retained a 10% free carried interest in the tenement. Moly Metals acquired all of Kallenia’s remaining interest in the Spinifex Ridge Project, bringing Moly Metals interest to 100%, in exchange for 2.4 million shares of Moly Mines. Kallenia retains a royalty payable by the Company in the amount of A$0.02 per tonne of ore processed from the Spinifex Ridge Project (or A$0.01 per tonne of ore in the case where the market price of molybdenum oxide at the time of production is less than US$6.00/1b).

During 2004, the Company undertook a scoping study technical assessment of the Spinifex Ridge Project using the historic data from previous exploration campaigns and the Company concluded that the deposit was worthy of conducting a pre-feasibility study (“PFS”) level of assessment.

In 2005 and 2006, the Company undertook a drilling program at Spinifex Ridge to re-confirm historical drill results and to better define the resource and its limits. Based on drilling conducted during 2005, a new independent resource estimate of 220,690,000 tonnes at 0.07% Mo and 0.10% Cu categorised as indicated mineral resources and 204,240,000 tonnes at Mo 0.06% and Cu 0.09% categorised as inferred mineral resources, reported at a 0.04% Mo cut-off, was announced in November 2005. This resource formed the basis of the Spinifex Ridge Project PFS released in February 2006.

Other Projects:

Molybdenum

Mt Pleasant [NSW]
Mt Tennyson [NSW]
Spinifex Ridge [WA]

Tantalum

Greenbushes [WA]
Glen Eden [NSW]

Geographical Spread

Western Australia

Board of Directors and Key Management

Mr Paul Willis (Chairman)

Dr Derek Fisher (Managing Director)

Mr David Constable (Non Exec. Director)

Mr Peter Thomas (Non Exec. Director)

Mr Colin Agnew (Non Exec. Director)

Mr John McEvoy (CFO)

Mr Collis Thorp (General Manager)

Company Address

46-50 Kings Park Road

Perth, Armenia, American Samoa 6005


Telephone:	+61 8 9429 3300
Facsimile:	+61 8 9429 3399
Email:	info[at]molymines.com
Website:	http://www.molymines.com

Additional Address/Key Contact

PO Box 8215
Subiaco East, WA
6008

Annual General Meeting

Perth

Year End

30th June

Major Shareholders

ANZ Nominees	11.05%
Rubicon Master Fund	5.58%
Kallenia Mines Pty Ltd	4.63%

Most Recent Statement

03/07/08 - 43% increase in Spinifex Ridge Molybdenum Project Ore Reserves
25/06/08 - Moly Mines Finalises Offtake Agreement for 100% of Spinifex Ridge Production
23/06/08 - IRON ORE AT SPINIFEX RIDGE
29/05/08 - Spinifex Ridge Molybdenum Project Update
22/04/08 - MOLY MINES APPOINTS NEW YORK INVESTMENT BANKING VETERAN
15/04/08 - EPA Recommends Spinifex Ridge Molybdenum Project For Ministerial Approval

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