General Moly (GMO) Reports Rejection of Good Neighbor Offer by Eureka County Officials
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General Moly, Inc. (AMEX: GMO) today, through its 80% controlled subsidiary Eureka Moly, LLC, announced that the $12 million global settlement offer ("the Good Neighbor Offer") presented on March 6, 2012 to Eureka County and other stakeholders was rejected by Eureka County, without counter-offer.
The Good Neighbor Offer was made to principally resolve the outstanding water rights appeal, and was comprised of $3 million to be paid to the Appellants immediately upon signing of an agreement and dismissal of all appeals before the Nevada District Court and $5 million contributed over time to the Diamond Valley Sustainability Trust. The funds were to have augmented the existing $4 million Diamond Valley Sustainability Trust announced in August 2010, and bring the total commitment to $12 million.
At its Tuesday, March 20th meeting, the Eureka County commissioners rejected the Good Neighbor Offer after minimal public discussion and debate, according to Eureka Moly. Additionally, the County had failed to identify to the public that the commissioners would take action on the Good Neighbor Offer in its published public agenda. The Good Neighbor Offer was made by Eureka Moly as a final good faith attempt prior to the upcoming hearing to settle the water dispute with Eureka County and other appellants, concerning the Nevada State Engineer’s Ruling granting the water applications to be used for the Mt Hope mine project. The Good Neighbor Offer required acceptance by all the stakeholders and Eureka County’s rejection of the global Good Neighbor Offer effectively prevents the other stakeholders from accepting the offer and ending the litigation. Eureka Moly now looks forward to the April 3rd hearing and subsequent ruling of the Nevada District Court.
The Good Neighbor Offer was made to principally resolve the outstanding water rights appeal, and was comprised of $3 million to be paid to the Appellants immediately upon signing of an agreement and dismissal of all appeals before the Nevada District Court and $5 million contributed over time to the Diamond Valley Sustainability Trust. The funds were to have augmented the existing $4 million Diamond Valley Sustainability Trust announced in August 2010, and bring the total commitment to $12 million.
At its Tuesday, March 20th meeting, the Eureka County commissioners rejected the Good Neighbor Offer after minimal public discussion and debate, according to Eureka Moly. Additionally, the County had failed to identify to the public that the commissioners would take action on the Good Neighbor Offer in its published public agenda. The Good Neighbor Offer was made by Eureka Moly as a final good faith attempt prior to the upcoming hearing to settle the water dispute with Eureka County and other appellants, concerning the Nevada State Engineer’s Ruling granting the water applications to be used for the Mt Hope mine project. The Good Neighbor Offer required acceptance by all the stakeholders and Eureka County’s rejection of the global Good Neighbor Offer effectively prevents the other stakeholders from accepting the offer and ending the litigation. Eureka Moly now looks forward to the April 3rd hearing and subsequent ruling of the Nevada District Court.
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