Moly Mines Limited: Spinifex Ridge Iron Ore Mining Contract-Awarded

Moly Mines Limited (TSX:MOL)(ASX:MOL) is pleased to confirm the award of another
significant operations contract for the Spinifex Ridge Iron Ore Project. 


BGC Contracting Pty Ltd ("BGC") has been awarded the iron ore mining contract
for Spinifex Ridge at the production rate of 1 million tonne per annum of
direct-ship product. They won the contract following a thorough 8 week
competitive tender process against 7 other conforming bids. 


BGC plans to mobilise to site mid September 2010, with a mining fleet which
includes Komatsu 785 dump trucks and a PC 2000 excavator, and commence ore
mining in October. The mining contract is currently planned as a dayshift only
operation and has the capacity to significantly increase production. 


They are experienced mining contractors and are currently providing mining
services to Cliffs Resources' Koolyanobbing and Koolan Island iron ore mines and
Atlas Irons' Wodgina iron ore mine, some 100km west of Spinifex Ridge. 


Moly Mines looks forward to enjoying a long and successful partnership with BGC. 

This news release includes "forward-looking statements" as that term within the
meaning of securities laws of applicable jurisdictions. Forward-looking
statements involve known and unknown risks, uncertainties and other factors that
are in some cases beyond Moly Mines' control. These forward-looking statements
include, but are not limited to, all statements other than statements of
historical facts contained in this news release, including, without limitation,
those regarding Moly Mines' future expectations. Readers can identify
forward-looking statements by terminology such as "aim," "anticipate," "assume,"
"believe," "continue," "could," "estimate," "expect," "forecast," "intend,"
"may," "plan," "potential," "predict," "project," "risk," "should," "will" or
"would" and other similar expressions. Risks, uncertainties and other factors
may cause Moly Mines' actual results, performance, production or achievements to
differ materially from those expressed or implied by the forward-looking
statements (and from past results, performance or achievements). These factors
include the failure to complete and commission the mine facilities, processing
plant and related infrastructure in the time frame and within estimated costs
currently planned; variations in global demand and price for molybdenum and
copper; fluctuations in exchange rates between the U.S. dollar and the
Australian dollar; failure to recover the resource and reserve estimates of the
Project; the failure of Moly Mines' suppliers and service providers to fulfill
their obligations under construction, supply and tolling agreements; unforeseen
geological, physical or meteorological conditions, natural disasters or
cyclones; changes in the regulatory environment, industrial disputes, labor
shortages, political and other factors; the inability to obtain additional
financing, if required, on commercially suitable terms; and global and regional
economic conditions. Readers are cautioned not to place undue reliance on
forward-looking statements. We assume no obligation to update such information.