Australian Stock Exchange listed Moly Mines Limited has now begun trading on the Toronto Stock Exchange raising raising Can$17,325,000 (Aus$20 million) in its Initial Public Offer.

The ordinary shares began trading on 27 October on the Toronto Stock Exchange under the symbol "MOL."

Paradigm Capital Inc acted as lead agent in a syndicate which also included Haywood Securities Inc and Wellington West Capital Markets Inc.

Moly Mines will be use the proceeds of the offering primarily for the completion of the bankable feasibility study and advancement of the Spinifex Ridge molybdenum project in Western Australia.

Moly Mines is an exploration and feasibility stage mining company with interests in a number of properties in Western Australia and New South Wales, Australia. The company's principle asset is a 100% interest in the Spinifex Ridge molybdenum-copper project located 50km north-east of Marble Bar in the Pilbara region of Western Australia.

The Spinifex Ridge project hosts a resource of 500 million tonnes containing in excess of 600 million pounds of molybdenum and 900 million pounds of copper. These resources are compliant to Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and were prepared to the Australian JORC Code standards.

The project has the capacity to provide up to 5% of current annual world molybdenum demand. The bankable feasibility study for the project is examining a 15 million tonnes per annum mining and processing facility to produce up to 20 million pounds of molybdenum and more than 20 million pounds of copper annually as concentrates. The study is expected to be completed in early 2007.

The company also owns a number of molybdenum and gold exploration prospects in New South Wales, Australia, the most advanced of which is the gold prospect at Dargues Reef approximately 60km south-east of Canberra, Australia.