General Moly Inc. ( GMO ) has shot up 11% to $3.74 after the molybdenum mining company announced that the U.S. government has authorized development of the Mt. Hope Project in Eureka County, Nevada. The authorization is effective as of November 16, 2012.
The move approves the Plan of Operations for construction and operation of the mining and processing facilities and also grants the Rights-of-Way for the 230 kV power transmission line.
GMO is trading in a 52-week range of $2.41 - $4.14. Shares have increased 14% in the last 12 months.
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