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PrintGeneral Moly Corp. [AMEXGMO][TSE:GMO] released first quarter results. “Net loss for the three months ended March 31, 2010 was approximately $2.8 million ($0.04 per share), compared to a loss of $3.0 million ($0.04 per share) for the year ago period… Consolidated cash balance at the end of the quarter was approximately $25 million compared to approximately $49 million at the end of 2009. During the first quarter, cash use of $24 million was the result of $21 million in development and milling equipment deposit costs and $3 million in General and Administrative costs,” according to the press release.
The company was the beneficiary of a large financing deal with the Chinese Hanlong Group, and the company has received the first $10 million of the bridge loan on April 26th, which doesn’t appear on the company’s statement in the release.
The company was dealt a blow on their Mt. Hope project after it was denied water rights, however, meetings have been set up to address the issues. The company expects to be granted water rights in the later half of the year. The Mt. Hope project is expected to be of significant size. “The company has two main molybdenum assets, its 80% interest in the Mt. Hope project and the Liberty project. Both are located in central Nevada. Once production commences at Mt. Hope and Liberty, General Moly is expected to become the world’s largest primary moly producer.”
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