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Moly Mines Reports Appointment of Company Secretary / Staff Reductions / Employee Options

TORONTO, ONTARIO -- (Marketwire) -- 11/30/12 -- Moly Mines Limited (TSX:MOL)(ASX:MOL) is pleased to advise the Company's General Counsel, Mr. Martijn Bosboom, has been appointed Company Secretary, effective today.

Mr. Andrew Worland ceases employment with, and as Company Secretary of, Moly Mines today. A number of other senior managers and staff have also left Moly Mines today as part of efforts, foreshadowed in the September 2012 Quarterly Report, to reduce the corporate and administration costs of the Company. We thank all affected staff for the dedication and loyalty to the Company and wish them well in their future endeavors.

Moly Mines is in a strong financial position with $47.5 million cash on hand and net current assets of $69.3 million as at 31st October 2012.

The Board of Directors has agreed that options issued to employees that have left the Company today will be cancelled except for those employee options that were to vest on 14th February 2013. A summary of employee options currently outstanding is attached.

----------------------------------------------------------------            
                                                                            
Grant date                      14th February 2012                          
----------------------------------------------------------------            
                                                                            
Expiry date                     14th February 2016                          
----------------------------------------------------------------            
                                                                            
Exercise price                        $0.55                                 
----------------------------------------------------------------            
                                                                            
Vesting price                         $0.65                                 
----------------------------------------------------------------------------
                                                                            
Vesting date      14th Feb 2013      14th Feb 2014 14th Feb 2015       Total
----------------------------------------------------------------------------
                                                                            
Number issued         5,116,650          5,116,672     5,116,678  15,350,000
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
Number cancelled                                                            
 through                                                                    
 resignation          (766,664)          (766,668)     (766,668) (2,300,000)
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
Number cancelled                                                            
 through                                                                    
 termination                  -        (1,266,677)   (1,266,670) (2,533,337)
----------------------------------------------------------------------------
                                                                            
                                                                            
Number                                                                      
 outstanding          4,349,986          3,083,337     3,083,340  10,516,663
----------------------------------------------------------------------------

This news release includes "forward-looking statements" as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond Moly Mines' control. These forward- looking statements include, but are not limited to, all statements other than statements of historical facts contained in this news release, including, without limitation, those regarding Moly Mines' future expectations. Readers can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "predict," "project," "risk," "should," "will" or "would" and other similar expressions. Risks, uncertainties and other factors may cause Moly Mines' actual results, performance, production or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include the failure to complete and commission the mine facilities, processing plant and related infrastructure in the time frame and within estimated costs currently planned; variations in global demand and price for molybdenum and copper; fluctuations in exchange rates between the U.S. dollar and the Australian dollar; failure to recover the resource and reserve estimates of the Project; the failure of Moly Mines' suppliers and service providers to fulfill their obligations under construction, supply and tolling agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labor shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms; and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information.

ABN 32 103 295 521

Contacts:
Moly Mines Limited
Natalie Frame
Investor Relations
+1 416 777 1801 / +1 416 371 7541
[email protected]

Moly Mines Limited
Mr. Martijn Bosboom
Company Secretary
+61 8 94293300
www.molymines.com

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