Ann: Hanlong Investment Settlement Update , page-2

MOLY MINES LIMITED
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 [email protected]
ABN 32 103 295 521
24 March 2010
ASX Limited
Exchange Plaza
2 The Esplanade
Perth, WA 6000

HANLONG INVESTMENT SETTLEMENT UPDATE



Moly Mines Limited (ASX/TSX: MOL) (Moly Mines) is pleased to advise that it has received notification
from Hanlong Mining Investment Pty Ltd (Hanlong) that it plans to settle the US$200 million equity and
debt investment in Moly Mines in the second half of April 2010.
Hanlong are completing their financing arrangements to enable the transfer of funds, which will result in
Hanlong becoming Moly Mines major shareholder. All key conditions precedent to completion have been
met with customary corporate warranties to be given at settlement.


As previously reported by Moly Mines, banking due diligence for the US$500 million Spinifex Ridge
Molybdenum Project Finance Loan Facility has commenced, with members of Hanlong and a Chinese
financial institution visiting the Spinifex Ridge Molybdenum and Iron Ore projects this week. The Project
Finance Loan Facility is expected to be available for drawdown by 30 September 2010.

Yours Sincerely


Derek Fisher
Managing Director/CEO