MOLY MINES INITIATES CHANGES TO THE BOARD OF DIRECTORS TO DRIVE...

MOLY MINES INITIATES CHANGES TO THE BOARD OF DIRECTORS TO DRIVE PROJECT DEVELOPMENT With the acquisition of Queensland Mining Corporation Limited (and its flagship White Range Project) now completed, the Board of Moly Mines has initiated substantial change to its composition, to lead the company through its project development phase and bring the White Range Project into production. Moly Mines Limited (“Moly”) announced today that Dr Lakshman Jayaweera has joined the Board of Moly Mines. As the former Chairman of Queensland Mining Corporation (“QMC”), Dr. Jayaweera brings a wealth of valuable experience and continuity of knowledge of the White Range Project, together with important relationships with key project stakeholders. Moly is also pleased to announce that Mr. Trevor Coombe, a seasoned mining engineer with over 30 years of mine project development and operational mining experience, has also joined the Board. Mr. Coombe will serve as an Executive Director. Details of the relevant experience and credentials of both Dr Jayaweera and Mr Coombe are set out below. Mr Greg Jones and Mr Ivo Polovineo have both decided to resign as Directors of Moly. In addition, Mr Gou Qing Lou has decided not to stand for re-election at the next Annual General Meeting. Moly’s Chairman, Nelson Chen, thanked Mr Jones and Mr Polovineo for their important contributions to the business, particularly their valuable contributions to Moly’s successful takeover offer for QMC.