General Moly has entered into an Option Agreement and Land Lease Agreement with SRPV, a subsidiary of SolarReserve of Santa Monica, California for the development of photovoltaic solar energy plant at General Moly's Liberty Project in Nevada.
The Agreement provides for a three-year option to lease a minimum of 500 acres and easements associated with vacant land owned by the Liberty Project near Tonopah, Nevada. If the option is exercised, the parties will enter into a 30-year lease for up to 700 acres of land, with an option to extend for an additional five years at the end of the initial lease term. The vacant land parcel is wholly owned by the Company, and its use by the photovoltaic solar project will not impact the Liberty Project's future proposed mining plans.
Bruce D. Hansen, Chief Executive Officer, said, "We are pleased to collaborate with SolarReserve to promote renewable energy in Nevada. If the option is exercised, we look forward to offsetting a portion of the Liberty Project's ongoing care and maintenance expenses with lease revenue for land that would not be utilized in our proposed mine plans. Additionally, we may consider the solar project as a future power source for the proposed Liberty mine, after prospective power purchase agreements are fulfilled."
"We applaud General Moly for their leadership in sustainability, and look forward to working with them and local stakeholders to help meet renewable energy supply targets, stimulate long-term economic development, and create new jobs," said Tom Georgis, SolarReserve's Senior Vice President of Development. "The region is well suited to solar projects, and we see a bright future ahead for renewables in Nevada."