Net loss for the three months ended 31 March 2013 was US$3.0 million (US$0.03 per share), compared to a loss of US$3.2 million (US$0.03 per share) for the same period in 2012.
During the first quarter, cash use of US$16 million was the result of Mt Hope Project development, engineering, and procurement costs. "General Moly made substantial progress with regards to our preliminary construction activities at Mt. Hope during the first quarter, including early well field development, clearing and grubbing of terrain and cultural clearance,” said Bruce D Hansen, CEO of General Moly.
"As we continue our efforts towards full financing at Mt Hope, the company will continue to prudently manage our unrestricted cash position of US$57 million at the end of the first quarter with an additional US$36 million in restricted cash."
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