Moly Mines Limited T.MOL

Moly Mines reply.

[narmac]

Dear narmac,

Thank you for your email.

Moly Mines has been working hard on several fronts. The management changes that have been made were cost effective decisions. We had very senior persons and salaries at a time that the Company did not require. The Company elevated very skilled, competent and long term employees to the senior management positions. This allowed us to maintain our knowledge base and cut costs. The positions left behind were not filled.

We have also been working towards aligning a Board with international, resource and merger and acquisition knowledge in order to strengthen our position and enable us to move forward with our goal of obtaining a near term producing gold or copper project in a mining friendly jurisdiction. The team has been working tirelessly towards this front and along the way adjustments have been made.

Unfortunately our Molybdenum Spinifex Ridge Project remains on care and maintenance, fully permitted and construction ready pending favourable economics. With a very low molybdenum price and a forex that remains out of favour, it would be irresponsible for the Company to consider moving forward with this project at this time.

Moly Mines in the short term is cashed up and looking to secure a near term producing project. The search is international and not necessarily reserved to one project or commodity. Shareholder value is at the forefront.

I wish I could offer you solid timing on these efforts but as I am sure you can appreciate, until we are at a move forward position with an acquisition there is no detail I can offer.

I will be certain to keep you posted on movement and please feel free to contact me should you wish to discuss further.

I note your concerns as posted on Stockhouse and have advised management of the same.


Thank you
Natalie


Natalie Frame
Direct: [phone]
[e-mail]