Sydney, Jan 11, 2008 (ABN Newswire) - Moly Mines Limited (ASX: MOL) - In December the company received A$88 million in funding from the placement of 22 million shares at A$4.00 per share, highlighted by the strategic 19.9% investment in the Company by New York based Harbinger Capital Partners, a successful investor in emerging Australian resource companies. This capital injection will bridge the Spinifex Ridge Project until the main financing for the project is finalised which remains on track for completion by the end of Quarter 1, 2008. Morgan Stanley and JP Morgan are the joint lead managers and coordinators for the total project financing.

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About Moly Mines Limited

Moly Mines is an ASX and TSX listed resource company mining Iron Ore in Western Australia, as well as focused on developing our world class Spinifex Ridge Molybdenum project - 170km east of Port Hedland.

 



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