By Liz Nickels

Excluding restricted cash, the company’s cash balance was approximately US$17 million, compared to US$22 million at the end of December. During Q1, cash use of US$5 million was the result of US$3 million spent on mining development costs well as $2 million in general and administrative expenses. 

"We are pleased to see the recent rise in underlying molybdenum prices from less than US$10 per pound at the end of February to US$13 per pound currently,” said Bruce D Hansen, CEO of General Moly. “Molybdenum pricing recently reached a 21-month high, supported by improved demand and tighter supply. We feel the molybdenum price is entering a more sustainable long term level."