Moly Mines Advises Utah Point Access Extended to 2015

TORONTO, ONTARIO -- (Marketwire) -- 03/04/11 -- Moly Mines Limited (TSX: MOL)(ASX: MOL) is pleased to announce it has secured access to the Utah Point multi user export facility at Port Hedland through to September 2015.

The agreement with the Port Hedland Port Authority (PHPA) confirms port access for the delivery of the existing Spinifex Ridge iron ore reserve through to September 2015. Importantly, it underwrites significant future iron ore cashflows that are assisting the Company's financing for the Spinifex Ridge Molybdenum / Copper Project.

Moly Mines has been very pleased with the commissioning of Utah Point and congratulates PHPA and the facility stevedores, POAGS Bulk Logistics, for their efforts.

Scoping studies are underway to determine an optimal expanded iron ore mining and production rate. Longer term access to port was a critical first step in these studies. The Company has commenced assessing the levels of approvals required to support the possible infrastructure network required for an expanded production base.

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

1 416 371 7541
info@molymines.com


Moly Mines Limited

Derek Fisher

Managing Director

61 8 94293300
www.molymines.com