46-50 Kings Park Road, West Perth Western Australia 6005 PO Box 8215, Subiaco East Western Australia 6008 Telephone +61 8 9429 3300 Facsimile +61 8 9429 3399 Email info@molymines.com ABN 32 103 295 521 4 December, 2009 ASX Release MOLY MINES CLOSES SHARE PURCHASE PLAN OVER SUBSCRIBED Moly Mines Limited (TSX and ASX symbol: “MOL”) is pleased to announce that the Share Purchase Plan (“SPP”) has closed with applications totalling 37.7 million shares. Moly Mines’ CEO Dr Derek Fisher commented “this is an excellent outcome for our shareholders and the Company as firstly it allows shareholders to further participate in the benefits to flow from our new relationship the Sichuan Hanlong Group of China. Secondly it significantly enhances the Company’s on-going restructuring of its debt facility with TCW.” As previously announced the total number of shares to be issued under the SPP is 20 million. This restriction was agreed with Hanlong and is a term of the Subscription Agreement. Consequently each application will be scaled back to approximately 52% of the amount applied for. Allotments are expected to be completed on 7 December 2009 and refund cheques printed on 10 December 2009. After the completion of the SPP allotments, Moly Mines will have 156,680,677 ordinary shares on issue. Moly Mines’ shareholder approval for the Hanlong investment will be sought at a General Meeting of the Company on 16 December 2009. This will be followed by Chinese regulatory approvals which Hanlong aims to have completed by 31 January 2010. At completion Hanlong will subscribe for US$140 million of equity in the Company and provide a 10 year shareholder loan of US$60 million. The proceeds will take out the balance of the TCW Interim Financing Facility, and deliver immediate financial certainty to shareholders. Funds raised from the SPP will be applied toward the Interim Financing Facility with the Trust Company of the West. The balance of the facility after applying SPP proceeds is approximately US$136 million. Yours Sincerely Andrew Worland Company Secretary
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