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[ferro-alloys.com]Moly Mines Limited announced that following the approval of the Company's shareholders obtained at last week's General Meeting, the mine gate sale agreement for iron ore produced at the Company's Spinifex Ridge Iron Ore Mine with Mineral Resources Limited has come into effect July 1st 2013.

As a result of the Transaction about 15 site and Perth office employees have left the Company. The Company would like to thank each of them for their valuable contribution. The Board of Directors has agreed that options issued to these employees will be cancelled except for those options that vested on February 14th 2013.

After settlement of the Transaction, the Company will have a significant cash and liquid assets position of at least AUD 80 million. The Company will now focus its activities and resources on the acquisition strategy that was reinforced in its announcement of June 26th 2013.