Moly Mines Limited: Reports Quarter Highlights for the period ending June 30, 2014

31.07.2014  |  Marketwired

TORONTO, Jul 31, 2014 - Moly Mines Ltd. (ASX:MOL) reports the highlights of their Quarterly Activities Report and Quarterly Cashflow Report for the period ending June 30, 2014, available on the Company website (www.molymines.com) and on SEDAR (www.sedar.com).

HIGHLIGHTS (all amounts are in A$ unless otherwise stated)

Operations (unaudited)

• MRL has advised Moly Mines Ltd. (the Company) that 477,761 tonnes of iron ore has been transported from Spinifex Ridge during the June quarter.
  
  
• The Spinifex Ridge Molybdenum / Copper Project remains on care and maintenance.

Corporate and Finance (unaudited)

• Cash on hand at end of Quarter was $70.4M, down from $74.3M at end of previous Quarter.
  
  
• MOL received 191,522,365 shares from Unity Mining Ltd. (Unity) during the quarter to finalise the outstanding royalty arrangement from the sale of the Dargues reef Project to Cortona, prior to their merger with Unity. MOL now has 196,525,067 Unity shares which equates to 17.34% of the company.
  
  
• Mr Nelson Chen was appointed alternate Director for Mr Kang Huan Jun on 9^th April 2014.
  
  
• Mr Graeme Kininmonth was appointed Acting CEO and Mr Ric Vittino was appointed CFO on April 11^th 2014 following a review of the cost and management structure. Mr David Pass ceased employment as Acting CEO on April 11^th 2014 and Mr Alan Howells ceased employment as Acting CFO on April 24^th 2014.
  
  
• Mr Doug Buerger resigned as Director on 1^st July 2014.
  
  
• MOL shares were suspended from official quotation on ASX on April 22^nd 2014.
  
  
• Subsequent to the end of the Quarter, MOL shares were delisted from the Toronto Stock Exchange (TSX) on 4^th July 2014.

Exploration

• No exploration activity was undertaken during the Quarter.