Moly Mines announces iron ore findings at Spinifex Ridge

June 25, 2008

June 25th (Steel Guru) – Moly Mines Limited announced the first results of a planned 35 hole RC drilling program investigating the iron ore mineralization at the richly endowed Spinifex Ridge Molybdenum/Copper Project.

The 1,500 meter program was designed to test two areas of outcropping iron mineralization that returned rock chips assaying between 55% and 68% Fe. The 4 holes completed targeted one of the two zones.

Highlights of the drilling are two holes which intersected:

72 meters @ 60.7% Fe including:
42 meters @ 66.2% Fe

68 meters @ 63.0% Fe including:
47 meters @ 65.8% Fe

Moly Mines said that the outcropping hematite iron mineralization occurs 500 meters to 1,500 meters to the west of the 1 billion tonne Spinifex Ridge molybdenum / copper resource, within the Company s granted mining leases. The potential commercial recovery of iron ore would be enhanced by the planned 20 million tonnes per annum molybdenum/copper mine and infrastructure at Spinifex Ridge.

It said that further iron enrichment is being targeted in the second zone with the remainder of the drill program focusing on a mineralized surface conglomerate or scree which has yielded rock chip samples in the range of 60% Fe and 68% Fe.

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