Moly Mines Limited

COMPANY DATA | INTRODUCTION |  PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE

COMPANY DATA

INTRODUCTION

Moly Mines Limited is an independent Australian resources company focused on the development of major specialty, base and precious metals projects. The Company has recently completed a feasibility study for a new mine at Spinifex Ridge, located in the development friendly Pilbara Region of Western Australia, hosts a molybdenum and copper resource that can sustain a 15 million tonne per annum mining operation for over 20 years.

PROJECT IN HAND

(1) Molybdenum Projects

Moly Mines is focused on exploration and developing projects containing the metal of molybdenum, where Moly Mines' principal asset is the 100% owned Spinifex Ridge molybdenum-copper project in the north west of Western Australia.

The Spinifex Ridge molybdenum-copper project is located approximately 50 km northeast of Marble Bar in the Pilbara region of Western Australia. The project comprises six graticular blocks with a total area of 19.25 sq.km and includes all mineral rights. Spinifex Ridge hosts a molybdenum and copper resource that can sustain a 15 million tonne per annum mining operation for over 20 years.

Spinifex Ridge was discovered in 1970 and explored through to 1982 by a succession of major international companies including Esso Minerals, Anglo American and AMAX.

The project is well supported by infrastructure including nearby sealed roads, the Telfer gas pipeline located within 50 km to the north, railway facilities and deepwater port facilities to the west at Port Hedland and Dampier.

In 2005 and 2006, Moly Mines drilled an additional 198 drill holes for 36,640.65 m. At depth (> 450 m) there have been indications of continuing moderate to high grade mineralization. Exploration to the northwest has been encouraging with several relatively shallow high-grade intervals recorded. Further exploration drilling is required to fully define the extent of the molybdenum mineralization.

The pre-feasibility study on the Spinifex Ridge Project completed by the Company in February 2006 provided the impetus for the Company to proceed with the commissioning of a full feasibility study for a proposed 15 million tonne per annum mining operation, which is scheduled to be completed, subject to financing, by the end of second quarter of 2007.

Resource:
500 million tonnes @ 0.06% Mo, 0.09% Cu and 1.7 g/t Ag, including 187 million tonnes @ 0.07% Mo and 0.10% Cu Measured, 282 million tonnes @ 0.05% Mo and 0.08% Cu Indicated, 31 million tonnes @ 0.05% Mo and 0.07% Cu Inferred.

(2) Gold Projects

Moly Mines has a suite of highly prospective gold projects in New South Wales.

Exploration for gold in New South Wales is highlighted by the Majors Creek project that hosts the advanced Dargues Reef deposit.

The Majors Creek area is prospective for large tonnage/low grade open pittable gold resources.

In February 2007, Moly Mines has entered into a binding agreement with Cortona Resources Limited to sell its New South Wales gold assets, including the advanced Dargues Reef Deposit, in a cash, script and royalty deal that will see Moly Mines receive a major cash injection and also become Cortona's major shareholder. The sale is expected to be completed by mid year.

The sale of the New South Wales gold assets will concentrate Moly Mines' focus on the 100% owned Spinifex Ridge molybdenum project in Western Australia.

(3) Tantalum Project

Moly Mines owns a tantalum project in the south west of Western Australia that lies immediately south of Sons of Gwalia's (in administration) Greenbushes tantalum mine, the world's largest operating tantalum mine.

Rotary Air Blast (RAB) and air core drilling to the immediate south of Greenbushes tin - tantalum mine was conducted during the year to test the strike extent of the Greenbushes pegmatite. Encouraging results will be followed up during the course of the next financial year.

MANAGEMENT

Moly Mines Limited has a strong Board of Directors and a well management team with experience in different areas.

Directors

Paul Willis, Non Executive Chairman
Mr. Willis has extensive project analysis and capital markets experience, having spent the past 15 years working in the investment management industry, specializing in the resources sector. He has been responsible for managing portfolios of listed Australian and international resource companies across all resource sectors, particularly gold, base metals, bulk commodities and oil and gas. Mr. Willis was a founding partner, executive director and Chief Operating Officer of JF Capital Partners Limited ("JFCP"), an institutional funds management company based in Melbourne, Australia. JFCP was one of the fastest growing boutique fund managers in Australia in the period 2000 to 2005 with assets under managing growing from $30 million to $3 billion. Prior to founding JFCP, Mr. Willis held senior portfolio management, analyst and dealing positions with major funds management companies in Australia.

Dr. Derek Fisher, Managing Director
Dr. Fisher has over 35 years of worldwide experience in the resource industry. He has been the principal in listing a number of companies both in Australia and Canada and has over 20 years experience as a manager of publicly listed companies. Dr. Fisher began his career with the NSW Geological Survey in 1966 and following graduation from the University of New England, Armidale, New South Wales, he moved into the mineral exploration and mining industry. During the 1970's, he undertook doctoral studies at the University of Toronto, Canada, gaining his PhD in 1979. Dr. Fisher is an honorary life member of the Association of Mining and Exploration Companies (AMEC), having spent 13 years on the council of AMEC.

Peter Thomas, Non Executive Director
Mr. Thomas holds an MBA, first year honours, from Harvard Business School and holds Bachelor of Economics and Bachelor of Science degrees from Macquarie University, Sydney. His strong international finance, corporate and investment banking skills have developed over the last 10 years whilst he served in various executive, corporate and advisory roles. Currently, Mr. Thomas is a senior executive at Fortescue Metals Group Limited and is responsible for group financial management and commercial project performance. During 2006, Mr. Thomas jointly led equity negotiations, joint venture and debt financing arrangements that culminated in Fortescue's A$3 billion project financing. From 2002 to 2004, Mr. Thomas was Mergers and Acquisitions Manager for Novartis. Prior to this Mr. Thomas was Vice President, Corporate Finance at Lehman Brothers in New York and London from 1998 to 2002.

David W. Constable, Non Executive Director
Mr. Constable is a professional geologist with more than 25 years Canadian and international exploration and development experience, including managing his own geological consulting firm for over a decade. Since 1996, Mr. Constable has provided investor relations services to international and Canadian mining companies. Mr. Constable served as Vice President, Investor Relations for Normandy Mining Limited from 1997 until its takeover by Newmont in 2002. Currently, he is Vice President, Investor Relations for FNX Mining Company Inc. Mr. Constable is a member of the Canadian Investor Relations Institute and holds a Bachelor of Science (Hons) Geology degree and an MBA.

Management

Collis Thorp, General Manager

John McEvoy, Chief Financial Officer

Andrew Worland, Company Secretary, Manager Marketing & Commercial

Brendan Cummins, Exploration Manager Spinifex Ridge

Darren Glover, Exploration Manager News South Wales

Barbara Kwiecien, Geologist, Land Manager


NEWS UPDATE

On May 29, 2007, Moly Mines Limited announced that through agreements with Muccan Minerals Pty. Ltd., Moly Metals Australia Pty. Ltd. (a wholly owned subsidiary of Moly Mines) has acquired a mining lease application immediately to the north of the Spinifex Ridge deposit and secured priority access to a portion of an exploration licence that abuts the northern side of the Spinifex Ridge mining leases. This area of approximately 55 sq.km brings the total area controlled by the Company to more than 210 sq.km.

On May 23, 2007, Moly Mines Limited announced that it has appointed Perth-based Azure Capital as corporate finance advisor to the Company's Spinifex Ridge molybdenum-copper project in Western Australia.

Azure has been selected by Moly Mines to provide strategic advice to the board and to recommend an optimal finance structure for the development of the Spinifex Ridge project. Moly Mines is encouraged by the strong interest shown by the Asian consumers and trading houses for molybdenum raw materials.

On May 15, 2007, Moly Mines Limited reported the Interim Financial Statements (www.SEDAR.com).

On May 15, 2007, Moly Mines Limited reported the Management Discussion & Analysis (www.SEDAR.com).

On May 11, 2007, Moly Mines Limited reported the Final Short Form Prospectus (www.SEDAR.com).

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