General Moly has announced its unaudited financial results for the second quarter ended June 30th 2009. Net loss was approximately USD 2.8 million as compared to a loss of USD 3.8 million for the year ago period. Net loss for the 6 month period ending June 30th 2009 was approximately USD 5.8 million as compared to a loss of USD 9.1 million for the year ago period.

Consolidated cash balance at the end of the second quarter was approximately USD 70.1 million as compared to USD 80.4 million at the end of the first quarter as a result of USD 8.6 million in development and equipment deposit costs and USD 1.7 million in General and Administrative costs.

As announced in March 2009, it initiated efforts to enhance its understanding of groundwater hydrology surrounding the Mt Hope project's planned open pit operation and long term pit water quality. During the quarter, six observation wells and three core holes were drilled and pump tests were conducted for the purpose of collecting hydrologic data at depth. Drilling was largely conducted in May and the pump tests were concluded on July 20th 2009.

Over the second quarter, spot molybdenum prices rose from approximately USD 7.70 per pound in April to over USD 10.50 per pound by June 30th 2009 and have traded as high as USD 17 per pound more recently. Higher prices have been caused by a number of factors including Chinese Moly imports, increasing steel capacity utilization rates in developing nations, modestly improving steel capacity utilization rates in the United States and Europe, an end to global inventory de stocking and Moly supply reductions.