General Moly (GMO) Receives PUCN Approval for Mt. Hope Power Line

January 2, 2013 5:05 PM EST Send to a Friend
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General Moly, Inc. (AMEX: GMO) announced through its 80% owned Mt. Hope subsidiary, Eureka Moly, LLC, that the Public Utilities Commission of Nevada (“PUCN”) has granted a permit to construct a 230 kV power line that interconnects with Nevada Energy’s transmission system at the existing Machacek Substation located near the town of Eureka, NV and extend it approximately 25 miles to the planned Mt. Hope Substation. In addition, the Bureau of Land Management (“BLM”) has notified the Company that its surety bonds were approved for Rights-of-Way grants for the 230 kV power transmission line.

At full production the Mt. Hope mine will have a total electrical demand load of approximately 75 megawatts. Transmission capacity was secured in 2008 with a cash deposit of approximately $13 million. The Company is currently negotiating for generating capacity, which will be available once the power line is constructed and energized.


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