Moly Mines Reports Quarter Highlights

TORONTO, ONTARIO -- (Marketwire) -- 07/15/10 -- Moly Mines Limited (TSX: MOL)(ASX: MOL) is pleased report the highlights from its Quarterly Activities Report for the period ending June 30, 2010 available on SEDAR (www.sedar.com) and on the Company's website (www.molymines.com).

Hanlong Investment Completes:

--  US$200 million equity and debt injection from Hanlong.
--  Hanlong Controlling Shareholder with 56.9% of Moly Mines.
--  Hanlong announces plans for US$5 billion investment in Australia's
    resources industry.

Spinifex Ridge Molybdenum Project Finance Loan:

--  Hanlong continuing negotiations with banking syndicate on key terms and
    conditions for the US$500 million project loan.

Spinifex Ridge Iron Ore Project:

--  Infrastructure construction commenced including site civil works, haul
    roads, ramps and water pipeline.
--  Ore Reserve calculation completed.
--  Accommodation village contract awarded.
--  Crushing, mining and haulage contracts at tender evaluation stage.
--  Utah Point port facility at Port Hedland available for receipt of first
    iron ore 6 November 2010.
--  Offtake negotiations advanced with mills, Hanlong confirmed its desire
    to participate in iron ore offtake.

Corporate, Finance and Marketing:

--  Strong balance sheet, A$57.9 million cash on hand 30 June 2010.
--  TCW debt repaid in full
--  Iron ore pricing and markets remain strong.

This news release includes 'forward-looking statements' as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond Moly Mines' control. These forward- looking statements include, but are not limited to, all statements other than statements of historical facts contained in this news release, including, without limitation, those regarding Moly Mines' future expectations. Readers can identify forward-looking statements by terminology such as 'aim,' 'anticipate,' 'assume,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'forecast,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'risk,' 'should,' 'will' or 'would' and other similar expressions. Risks, uncertainties and other factors may cause Moly Mines' actual results, performance, production or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include the failure to complete and commission the mine facilities, processing plant and related infrastructure in the time frame and within estimated costs currently planned; variations in global demand and price for molybdenum and copper; fluctuations in exchange rates between the U.S. dollar and the Australian dollar; failure to recover the resource and reserve estimates of the Project; the failure of Moly Mines' suppliers and service providers to fulfill their obligations under construction, supply and tolling agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labor shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms; and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information.

Contacts:

Moly Mines Limited

Natalie Frame

Investor Relations

+1 416 777 1801 or +1 416 371 7541


Moly Mines Limited

Derek Fisher

Managing Director

+61 8 94293300
www.molymines.com