Moly Mines Reports Quarter Highlights

TORONTO, ONTARIO--(Marketwired - May 2, 2016) - Moly Mines Limited (ASX:MOL) reports the highlights of their Quarterly Activities Report and Quarterly Cashflow Report for the period ending March 31, 2016.

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

Operations (unaudited):

The Spinifex Ridge facilities and infrastructure remains in good condition.

The arbitration on the final payment for the Spinifex Ridge Iron Ore sale is likely to be heard in 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 $65.4 M in cash, down from $69.1 M at end of previous Quarter, largely due to significant rise in the exchange rate.

Moly continues to review a range of M&A opportunities both within Australia and overseas.

Exploration:

No exploration activity was undertaken on Moly Mines tenements during the Quarter.

The full Quarterly Activities Report and Quarterly Cash Flow Report are available on the Company website (www.molymines.com) and on SEDAR (www.sedar.com).