**Exhibit
        10.22**




**GUARANTEE
        AND INDEMNITY AGREEMENT**
  THIS
        GUARANTEE AND INDEMNITY AGREEMENT made the 26th day of February, 2008.
  BETWEEN:
  **POSCO
        CANADA LTD.** ,
        a
        company duly incorporated in British Columbia, Canada, and having an office
        at
        Suite 2350 — 650 West Georgia Street, Vancouver, British Columbia,
        Canada
  (“POSCAN”)
  AND:
  **GENERAL
        MOLY, INC.** ,
        a
        Delaware corporation and successor-by-merger to Idaho General Mines, Inc.,
        and **NEVADA
        MOLY, LLC** ,
        a
        Delaware limited liability company
  (collectively,
        the “GMO Parties”)
  **WHEREAS** :
  A.  POSCAN
        is
        the parent corporation of Pos-Minerals Corporation
        (“POS-Minerals”);
  B.  In
        accordance with Section 2.3(a) of the Contribution Agreement dated as of
        February 26, 2008 (the “Contribution Agreement”), POS-Minerals desires to
        make the POS-Minerals Initial Contribution (as defined in the Contribution
        Agreement) to Eureka Moly, LLC (the “Company”); and
  C.  POSCAN
        is
        required to enter into this Agreement in favour of the GMO Parties pursuant
        to
        the terms of the Contribution Agreement.
  **NOW
        THEREFORE THIS AGREEMENT WITNESSES** that in
        consideration of the sum of TEN ($10) DOLLARS (as defined in the Contribution
        Agreement) and other good and valuable consideration now paid by the GMO
        Parties
        to POSCAN (the receipt and sufficiency of which is hereby acknowledged) and
        of
        the other premises and covenants and agreements hereinafter contained, POSCAN
        hereby covenants and agrees with the GMO Parties as follows:
  1.  **Guarantee**
  POSCAN
        hereby unconditionally guarantees the payment of, and the performance of
        the
        obligations of POS-Minerals to contribute to the Company, the POS-Minerals
        Initial Contribution in accordance with Section 2.3(a) of the Contribution
        Agreement (the “Obligations”).
  2.  **Covenant
        and Indemnity**
  POSCAN
        shall perform the Obligations upon written demand given by the GMO Parties
        to
        POSCAN upon a failure by POS-Minerals to perform any of the
        Obligations.
  3.  **Indemnity
        Absolute**
  The
        liability of POSCAN hereunder shall be absolute and unconditional irrespective
        of, and shall not be released, discharged, limited, or otherwise affected
        by
        anything done, suffered, or permitted by the GMO
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  Parties
        in connection with the Obligations except to the extent such thing done,
        suffered, or permitted excuses of POS-Mineral’s performance of the Obligations
        and then only to the extent POS-Mineral’s performance is excused. Without
        limiting the generality of the foregoing, the obligations and liabilities
        of
        POSCAN hereunder shall be absolute and unconditional and shall not be released,
        discharged, limited or otherwise affected by:
  (a)
              any
                  amendment or waiver of or any consent to or departure from, any
                  agreement
                  between POS-Minerals and the GMO Parties relating to the
                  Obligations;
  (b)
              POS-Minerals
                  becoming insolvent or bankrupt or subject to the provisions of
                  any
                  insolvency legislation; or
  (c)
              any
                  other circumstances which might otherwise constitute a legal or
                  equitable
                  defence available to POS-Minerals, or complete or partial discharge
                  of
                  POS-Minerals, in respect of the Obligations or of POSCAN in respect
                  of its
                  guarantee hereunder.
  4.  **Governing
        Law**
  This
        Guarantee shall be governed by and construed in accordance with the laws
        of the
        Province of British Columbia and the laws of Canada applicable therein. POSCAN
        and the CMG Parties hereby irrevocably attorn and submit to the jurisdiction
        of
        the courts of the Province of British Columbia, Canada. Any controversy,
        claim,
        or dispute between POSCAN and the GMO Parties arising out of, relating to,
        or in
        connection with this Guarantee shall be exclusively and finally settled pursuant
        to and in accordance with Article XV of the LLC Agreement (as defined in
        the
        Contribution Agreement), mutatis mutandis.
  5.  **Notice**
  Any
        notice, demand, direction or other communication required or permitted to
        be
        given under this Guarantee shall be effectually made or given if delivered
        by
        prepaid registered mail or by facsimile transmission to the address of each
        party set out below:
  (a)
              If
                  to POSCAN, to it at:
 
 POSCO
        CANADA LTD.
 P.O.
        Box
        11617
 Suite
        2350 - 650 W. Georgia Street
 Vancouver,
        BC, Canada
 V6B
        4N9
 
 Attention:
        Myoung Kyun Kim
 Telecopier:
        1-(604) 669-5805
 
 with
        a
        copy to:
 
 Holland &
        Hart
 555
        17th
        Street, Suite 3200
 Denver,
        Colorado 80202
 United
        States of America
 
 Attention:
        Robert A. Bassett
 Telecopier.
        1-(303) 290-1606
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 (b)
              If
                  to the GMO Parties, to them at:
 
 General
        Moly, Inc.
 1726
        Cole
        Blvd., Suite 115
 Lakewood,
        CO 80401
 United
        States of America
 
 Attention:
        Chief Executive Officer
 Telecopier.
        +1 (303)-928-8598
 
 with
        a
        copy to:
 
 Holme
        Roberts & Owen LLP
 1700
        Lincoln Street, Suite 4100
 Denver,
        Colorado 80203
 United
        States of America
 
 Attention:
        Frank Erisman, Esq.
 Telecopier:
        +1 (303) 866 0200
 
 or
        to
        such other address or facsimile number as either parry may designate in the
        manner set out above. Any notice, demand, direction or other communication
        shall
        be deemed to have been given and received on the day of prepaid private courier
        delivery or facsimile transmission.
  **IN
        WITNESS WHEREOF** the
        parties hereto have executed this Agreement on the day and year first above
        written.
  **POSCO
        CANADA LTD.**
 
 
 Per: /s/
        Myoung Kyun Kim
 Authorized
        Signatory
 
 **GENERAL
        MOLY, INC.**
 
 
 Per: /s/
        Bruce D. Hansen
 Authorized
        Signatory
 
 
 **NEVADA
        MOLY, LLC**
 
 
 Per: /s/
        Bruce D. Hansen
 Authorized
        Signatory
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