General Moly Enters into Land Lease with Eureka County and Initiates Construction on Employee Housing Annexadmin
Tuesday, August 19th 2008
General Moly Inc. announced that it has entered into an agreement with the County of Eureka, Nevada to lease 164 acres of land, known as the Eureka Canyon Subdivision, for five years for the purpose of constructing a temporary construction campsite and ultimately a long-term employee housing neighborhood. After entering into the lease agreement, General Moly mobilized AMES Construction Inc. to begin initial ground-work on a construction camp that is expected to house a large portion of Mt. Hope’s construction labor force. Ground was broken at a ceremony on August 18th, 2008.
Under the terms of the lease agreement, General Moly, through AMES Construction, will develop the basic neighborhood infrastructure, including roads, electrical and water distribution facilities, while a private developer is expected to develop housing units once the infrastructure is complete.
Tim Arnold, General Manager of Mt. Hope, said, “Initiating construction on this annex signifies our long-term commitment to this community and is an example of the positive relationship we continue to build with the County, local government, and people of Eureka. We look forward to being a key development partner here for decades.”
Jim Ithurralde, Chairman of the Eureka County Commissioners said, “Our objective with this lease agreement is to ensure that we are looking out for the best interests of current Eureka County residents as well as future Eureka County residents. We want to leave behind a positive legacy.”
AMES Construction Inc. has been awarded a general construction contract and is expected to utilize selected local contractors in development of the Eureka Canyon Subdivision.
General Moly is a U.S.-based molybdenum mineral exploration and development company listed on the American Stock Exchange and the Toronto Stock Exchange under the symbol GMO. Our primary asset, our interest in the Mt. Hope project located in central Nevada, is considered one of the world’s largest and highest grade molybdenum deposits. Combined with our second molybdenum property, the Liberty project that is also located in central Nevada, our goal is to become the largest primary molybdenum producer by the middle of the next decade. For more information on the Company, please visit our website at http://www.generalmoly.com.