Business
Nevada Sunrise Announces New Hearing Date for Nevada Water Right and Stock Option Grants
Vancouver, British Columbia--(Newsfile Corp. - March 27, 2019) - Nevada Sunrise Gold Corporation (TSXV: NEV) ("Nevada Sunrise" or the "Company") announced today
About this update from Nevada Sunrise Metals Corporation
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 27, 2019) - Nevada Sunrise Gold Corporation (TSXV: NEV) (\"Nevada Sunrise\" or the \"Company\") announced today that the administrative hearing on the question of forfeiture of the Company's Clayton Valley water right (the \"Hearing\") that was originally scheduled for April 1, 2019, has been rescheduled. The date of the Hearing was reset due to the appointment by the State of Nevada of a new hearing officer, thereby allowing the new appointee additional time to review the case and to hear certain preliminary motions on the matter. At the Hearing, Nevada Sunrise intends to vigorously defend its water right Permit 44411 (the \"Permit\") located in the Clayton Valley basin against the claims of non-use alleged by Albemarle Corporation of Charlotte, North Carolina, USA (\"Albemarle\") (NYSE: ALB), and present arguments that the State Engineer did not provide the required notice prior to declaring the Permit forfeited in November 2016. Members of the public are invited to attend the Hearing, which is now scheduled for 8:30 AM (Pacific Time) on July 15-19, 2019 and on July 22-26, 2019 at the offices of the Nevada Division of Water Resources (the \"NDWR\"), Tahoe Hearing Room, 901 South Stewart, Second Floor, Carson City, Nevada. About the Permit Nevada Sunrise acquired the Permit, which allows for 1,770 acre-feet of water use for mining and milling per year, from an arms-length vendor (the \"Vendor\") prior to commencing exploration for lithium brines in the Clayton Valley. In December 2015, Nevada Sunrise received a written appraisal from an independent appraiser certified in the State of Nevada valuing the Permit at US$1.42 million. According to the appraisal report, the Clayton Valley basin is currently \"over-appropriated\" and that any new applications to appropriate water in an over-appropriated basin would be carefully reviewed by the NDWR. Consistent with the conclusions of the appraisal report, with the exception of one application to appropriate 50 acre-feet annually for a five-year period, all applications for new water rights allocations made in the past two years by other junior lithium explorers in the Clayton Valley have been denied by the NDWR. Nevada Sunrise exercised its option for acquisition of the Permit by executing a definitive purchase agreement (the \"Agre...