Moly Mines Limited announced that 54,500 tonnes of iron ore from the Spinifex Ridge Iron Ore Project has been loaded on the vessel MV Father Neptune and has sailed from Utah Point in Port Hedland, destination China.

The vessel is carrying iron ore cargo to the value of approximately USD 7.9 million at today's iron ore prices. The ore has been sold to Hanlong Metals Ltd pursuant to the iron ore sales agreement that was approved by shareholders at the Company's November 2010 Annual General Meeting.

Payback of the initial capital and development cost of the mine is expected to be rapid provided current market prices for iron ore are maintained.

Dr Derek Fisher MD and CEO of Moly Mines said that "The maiden shipment is a memorable event and signifies the beginning of a new era for the Company. This first export of Spinifex Ridge product has been achieved on time as targeted by the Company which is a credit to the hard work of our strong management team and excellent technical staff."

Shipment sizes are expected to increase as the mine production rate continues to ramp up and the mine settles into a standard production regime.

The loading of the maiden shipment ran smoothly with the recently constructed and commissioned Utah Point facilities operating well.

This Moly Mines' milestone was celebrated with a ceremony on board the MV Father Neptune attended by senior management from Moly Mines, the ship's Captain and Chief Engineer plus representatives of the Company's shipping agent, Seacorp.