TORONTO, ONTARIO--(Marketwired - Nov. 2, 2016) - Moly Mines Limited (ASX:MOL) ("Moly") advises that on 1 November 2016 it received notification from the Board of Gulf Alumina Limited ('Gulf') regarding the takeover offer by Metro Mining Limited.

Gulf directors advise they have determined Metro's offer to be a 'Superior Proposal' to the previously-recommended takeover proposal by Moly.

Under the terms of the Offer Implementation Agreement between Moly and Gulf, Moly now has 5 business days in which to match Metro's offer, before the Gulf Directors can withdraw their recommendation of Moly's offer.

Accordingly, Moly is currently considering its position and will respond within the required timeframe.

ABN 32 103 295 5211

Contact Information:

Moly Mines Limited
Graeme Kininmonth
Chief Executive Officer
+61 8 9429 3300

Moly Mines Limited
Natalie Frame
Investor Relations
+1 416 371 7541

Michael Weir / Richard Glass
+61 8 6160 4900