THESE PRESS MATERIALS ARE NOT FOR RELEASE IN THE UNITED STATES.

Moly Mines Limited (TSX:MOL)(ASX:MOL) is pleased to report it has executed full
financing documentation for the provision of a US$150 million debt financing
facility ("Interim Financing") with various funds associated with the Trust
Company of the West ("TCW").


MOL's 100% owned subsidiary and owner of the Spinifex Ridge Molybdenum Project,
Moly Metals Australia Pty Ltd ("MMA") will issue Notes with an aggregate
principal value of US$150 million. Under the agreements, MMA will draw down the
US$150 million in two tranches with draw down of the first tranche of US$30
million completed. The second tranche of US$120 million is scheduled for draw
down by the end of October, subject to the satisfaction of certain conditions
precedent.


Dr Derek Fisher, CEO, commented "the successful execution of this funding
arrangement is a strong endorsement of the Project and its world class
fundamentals, and is particularly satisfying considering it was completed during
a period of extreme turmoil in the global financial markets. The proceeds from
the Interim Financing will provide the Company with funding to continue the
development and construction of the Project whilst the Company completes full
funding arrangements."


Upon the issue of Notes under the second tranche, MOL is obliged to issue
Warrants to the Note subscribers equaling 15% of the fully diluted issued
capital of MOL (on a post Warrant issue basis) at that date. The Warrants have a
10 year maturity and are exercisable into 1 new ordinary share in MOL for each
Warrant held at an exercise price of $0.0001. The Notes are due for repayment in
12 months from the draw down of the second tranche.


MOL will issue the Warrants immediately upon the draw of the second tranche to
the maximum capacity available under ASX Listing Rule 7.1. The balance will be
issued upon shareholder approval at the Company's annual general meeting
scheduled for November 27 2008. All Warrants issued will require approval of
shareholders prior to their exercise. The Notes are secured by a full security
and guarantee package.


About TCW

Founded in 1971, The TCW Group develops and manages a broad range of innovative,
value-added investment products that strive to enhance and protect clients'
wealth. The firm has approximately $130 billion in assets under management. TCW
clients include many of the largest corporate and public pension plans,
financial institutions, endowments and foundations in the U.S., as well as a
substantial number of foreign investors and high net worth individuals.


TCW's Energy & Infrastructure Group is one of the leading providers of
institutional capital to the energy sector globally with assets under management
of approximately $7 billion and capital invested in more than 250 energy
projects and companies in 27 countries. The Group has a 26-year track record in
the industry and operates from offices in Los Angeles, Houston, New York, London
and Sydney.


These press materials do not constitute an offer of securities for sale in the
United States. Securities may not be offered or sold in the United States absent
registration or an exemption from registration. Any public offering of
securities to be made in the United States will be made by means of a prospectus
that will contain detailed information about the company and management, as well
as financial statements.


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.


"The information in this report that relates to Exploration Results is based on
information compiled by Dr Derek Fisher who is a Fellow of The Australasian
Institute of Mining and Metallurgy. Dr Fisher is Chief Executive Officer of Moly
Mines Limited, and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which
he is undertaking to qualify as a Competent Person as defined in the 2004
Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserve's and as a Qualified Person for purposes of National
Instrument 43-101 of the Canadian Securities Administrators. Dr Fisher consents
to the inclusion in the report of the matters based on his information in the
form and context in which it appears."