Moly Mines Reports Quarter Highlights

TORONTO, ONTARIO -- (Marketwired) -- 07/31/14 -- Moly Mines Limited (ASX: MOL) reports the highlights of their Quarterly Activities Report and Quarterly Cashflow Report for the period ending June 30, 2014, available on the Company website (www.molymines.com) and on SEDAR (www.sedar.com).

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

Operations (unaudited)

--  MRL has advised Moly Mines Limited (the Company) that 477,761 tonnes of
    iron ore has been transported from Spinifex Ridge during 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 $70.4M, down from $74.3M at end of
    previous Quarter.

--  MOL received 191,522,365 shares from Unity Mining Limited (Unity) during
    the quarter to finalise the outstanding royalty arrangement from the
    sale of the Dargues reef Project to Cortona, prior to their merger with
    Unity. MOL now has 196,525,067 Unity shares which equates to 17.34% of
    the company.

--  Mr Nelson Chen was appointed alternate Director for Mr Kang Huan Jun on
    9thApril 2014.

--  Mr Graeme Kininmonth was appointed Acting CEO and Mr Ric Vittino was
    appointed CFO on April 11th2014 following a review of the cost and
    management structure. Mr David Pass ceased employment as Acting CEO on
    April 11th2014 and Mr Alan Howells ceased employment as Acting CFO on
    April 24th2014.

--  Mr Doug Buerger resigned as Director on 1stJuly 2014.

--  MOL shares were suspended from official quotation on ASX on April
    22nd2014.

--  Subsequent to the end of the Quarter, MOL shares were delisted from the
    Toronto Stock Exchange (TSX) on 4thJuly 2014.

Exploration

--  No exploration activity was undertaken during the Quarter.

www.molymines.com

ABN 32 103 295 521

Contacts:
Natalie Frame
Investor Relations
[phone]

Graeme Kininmonth
Acting CEO
[phone]