Reports Outstanding Drill Results and Director Resignation

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Reports Outstanding Drill Results and Director Resignation

posted on Mar 11, 2009 06:07AM

March 11, 2009

Moly Mines Reports Outstanding Drill Results and Director Resignation

TORONTO, ONTARIO--(Marketwire - March 11, 2009) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Moly Mines Limited (TSX:MOL)(ASX:MOL) is pleased to advise further outstanding iron ore drill results have been received from the maiden drill
program at the Gallifrey prospect at Spinifex Ridge.

Highlights include:


  - 20m @ 64% Fe
  - 31m @ 64% Fe
  - 17m @ 61% Fe
  - 42m @ 60% Fe
  - 15m @ 62% Fe
  - 20m @ 61% Fe
  - 30m @ 61% Fe, including 13m @ 63% Fe
  - 79m @ 66% Fe, including 24m @ 67% Fe
  - 36m @ 63% Fe, including 6m @ 65% Fe
  - 33m @ 63% Fe
  - 56m @ 62% Fe, including 17m @ 66% Fe

The drill program comprised 30 RC drill holes for 2,011m and was designed to follow-up an area of high grade iron mineralisation where previous rockchip samples had yielded iron results in excess of 62% Fe. The drill results have also shown that Gallifrey is low in contaminants such as silica and alumina and would blend well with potential resources as Auton and Dalek.

The western portion of the Gallifrey prospect was drilled using a 40 x 40m triangular grid with vertical holes down to a depth of at least 50m. On the eastern side of the prospect a local grid was established with angled holes drilled towards 135degrees on drill lines 40m apart at approximately 20m centres. The drilling covered an area 350m x 160m while mapping indicates surface mineralisation extending over an area 300m long x 100m wide.

The results of the systematic rockchipping, mapping and RC drilling have identified structural corridors that appear to be controlling the distribution of the high grade iron intercepts. Further analysis and interpretation of the various datasets will assist in defining the orientation of the mineralisation and targeting future drill holes into this promising target. Once an infill program is finalised an RC rig will be contracted to re-commence drilling the Gallifrey prospect by the end of the March.

These results complement the results received from the Dalek and Auton prospects that were announced in late February.

Director Resignation

Mr Paul Willis has resigned as a director of the Company, effective March 10, 2009. Mr Willis has recently taken up a new position in equities broking overseas and the particulars of Mr Willis' employment require him to cease listed company board involvement.

Mr Willis was appointed to the board of directors in January 2006 and has been Chairman since October 2006. During his tenure, Mr Willis has presided over approximately A$330 million in exploration and development capital financings for the advancement of the Spinifex Ridge Molybdenum Project. The board thanks Mr Willis for his contribution to the Company and wish him every success in the future.

Table 1   Gallifrey Drilling Results

----------------------------------------------------------------------------
Hole     Easting   Northing  EOH depth Azimuth  Dip                    From
Number       GDA        GDA         (m)                                  (m)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SRC302    196274    7687794         50     360  -90   No significant result
----------------------------------------------------------------------------
SRC303    196232    7687802         50     360  -90                       0
----------------------------------------------------------------------------
SRC304    196197    7687799         50     360  -90                       0
----------------------------------------------------------------------------
SRC305    196161    7687797         50     360  -90                       0
----------------------------------------------------------------------------
SRC306    196144    7687765         50     360  -90   No significant result
----------------------------------------------------------------------------
SRC307    196175    7687759         50     360  -90   Low grade           0
                                                      and                11
                                                      and                20
----------------------------------------------------------------------------
SRC308    196154    7687747         50     360  -90   No significant result
----------------------------------------------------------------------------
SRC309    196120    7687736         50     360  -60   Low grade           0
----------------------------------------------------------------------------

----------------------------------------------------------------------------
SRC310    196156    7687712        120      90  -60   No significant result
----------------------------------------------------------------------------
SRC311    196215    7687767         50     360  -90                       5
----------------------------------------------------------------------------
SRC312    196221    7687733         50     360  -90
----------------------------------------------------------------------------
SRC313    196288    7687766         80     180  -60                       0
                                                                         18
----------------------------------------------------------------------------
SRC314    196261    7687759         50     360  -90   No significant result
----------------------------------------------------------------------------
SRC315    196232    7687719         80     180  -60   No significant result
----------------------------------------------------------------------------
SRC316    196262    7687670         80     180  -60   No significant result
----------------------------------------------------------------------------
SRC317    196273    7687708         80     360  -60   Low grade           0
----------------------------------------------------------------------------
SRC318    196332    7687677         60     135  -60                       6
                                                      Including          28
----------------------------------------------------------------------------
SRC319    196356    7687705         80     135  -60                       3
                                                      Low grade          37
                                                      Low grade          59
----------------------------------------------------------------------------
SRC320    196345    7687717         80     135  -60                       0
----------------------------------------------------------------------------
SRC321    196387    7687723         60     135  -60   No significant result
----------------------------------------------------------------------------
SRC322    196375    7687747         80     135  -60                       3
                                                      Including          20
----------------------------------------------------------------------------
SRC323    196366    7687766         80     135  -60                       1
                                                      Including          48
----------------------------------------------------------------------------
SRC324    196302    7687748         80     315  -60                       0
                                                      Including          27
----------------------------------------------------------------------------
SRC325    196303    7687740         80     225  -60   Low grade           0
----------------------------------------------------------------------------
SRC326    196314    7687739         81     135  -60   No significant result
----------------------------------------------------------------------------
SRC327    196436    7687776         60     135  -60                       0
----------------------------------------------------------------------------
SRC328    196421    7687791         80     135  -60                      53
----------------------------------------------------------------------------
SRC329    196404    7687761         60     135  -60                      10
----------------------------------------------------------------------------
SRC330    196393    7687774         80     135  -60                       1
                                                      Including          24
----------------------------------------------------------------------------
SRC331    196378    7687776         60     315  -60   Low grade           0
----------------------------------------------------------------------------


----------------------------------------------------------------------------
Hole        To  Interval        Fe     SiO2   Al2O3      S      P       LOI
Number      (m)       (m)       (%)      (%)     (%)    (%)    (%)       (%)
----------------------------------------------------------------------------
SRC302
----------------------------------------------------------------------------
SRC303      20        20     64.10     3.28    1.10   0.01   0.10      3.61
----------------------------------------------------------------------------
SRC304      31        31     63.93     2.26    0.99   0.01   0.17      4.77
----------------------------------------------------------------------------
SRC305       4         4     58.43     9.10    1.31   0.00   0.13      5.51
----------------------------------------------------------------------------
SRC306
----------------------------------------------------------------------------
SRC307       4         4     56.20     5.51    3.75   0.01   0.36      9.16
            14         3     58.67     4.47    2.34   0.01   0.39      8.04
            25         5     59.80     4.13    1.60   0.01   0.21      8.15
----------------------------------------------------------------------------
SRC308
----------------------------------------------------------------------------
SRC309       6         6     50.80    18.26    4.02   0.01   0.17      4.03
----------------------------------------------------------------------------

----------------------------------------------------------------------------
SRC310
----------------------------------------------------------------------------
SRC311      22        17     60.81     3.49    1.78   0.01   0.16      7.25
----------------------------------------------------------------------------
SRC312
----------------------------------------------------------------------------
SRC313       5         5     61.66    5.464    0.29 0.0026 0.1606     5.646
            60        42     60.37     6.32    1.05   0.01   0.18      5.77
----------------------------------------------------------------------------
SRC314
----------------------------------------------------------------------------
SRC315
----------------------------------------------------------------------------
SRC316
----------------------------------------------------------------------------
SRC317       4         4     56.75     9.42    3.02   0.01   0.14      5.88
----------------------------------------------------------------------------
SRC318      44        38     59.70     4.48    2.14   0.00   0.24      7.29
            43        15     62.03     1.88    1.34   0.00   0.24      7.43
----------------------------------------------------------------------------
SRC319      23        20     60.73     4.44    2.11   0.01   0.14      5.59
            49        12     52.98    19.94    0.22   0.00   0.13      3.79
            74        15     55.52    16.13    0.10   0.00   0.16      3.96
----------------------------------------------------------------------------
SRC320      48        48     60.87     5.79    1.10   0.00   0.18      5.44
----------------------------------------------------------------------------
SRC321
----------------------------------------------------------------------------
SRC322      33        30     60.54     7.95    1.40   0.01   0.10      3.33
            33        13     63.45     3.20    1.21   0.00   0.14      4.42
----------------------------------------------------------------------------
SRC323 80 (EOH)       79     65.93     1.99    0.93   0.01   0.12      2.39
            72        24     67.04     0.81    0.38   0.00   0.15      2.57
----------------------------------------------------------------------------
SRC324      36        36     62.71     5.77    0.89   0.01   0.10      3.27
            33         6     65.03     2.37    0.71   0.00   0.12      3.55
----------------------------------------------------------------------------
SRC325      19        19     53.84    14.79    2.10   0.01   0.10      4.46
----------------------------------------------------------------------------
SRC326
----------------------------------------------------------------------------
SRC327      33        33     62.79     1.79    0.87   0.01   0.22      6.96
----------------------------------------------------------------------------
SRC328      65        12     58.23     6.68    1.07   0.01   0.26      8.25
----------------------------------------------------------------------------
SRC329      22        12     59.17     6.97    2.33   0.01   0.16      5.38
----------------------------------------------------------------------------
SRC330      57        56     62.38     4.64    1.42   0.01   0.14      4.16
            41        17     65.53     1.75    0.59   0.00   0.15      3.52
----------------------------------------------------------------------------
SRC331       3         3     52.57    13.91    3.94   0.01   0.21      6.24
----------------------------------------------------------------------------

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