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Nevada Sunrise Announces Water Right Settlement Agreement with Albemarle Corporation
VANCOUVER, July 15, 2019 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce that it has negotiated a
About this update from Nevada Sunrise Metals Corporation
[{"type":"text","content":" VANCOUVER, July 15, 2019 /CNW/ - Nevada Sunrise Gold Corporation (\"Nevada Sunrise\" or the \"Company\") (TSXV: NEV) is pleased to announce that it has negotiated a settlement agreement (the \"Agreement\") with Albemarle Corporation of Charlotte, NC (\"Albemarle\", NYSE: ALB) whereby the motion of forfeiture initiated by Albemarle against the Company's Clayton Valley water right Permit 44411 (the \"Permit\") will be withdrawn. Nevada Sunrise has agreed to certain conditions in the Agreement that excludes drilling of water wells by the Company in certain areas of the Clayton Valley that could impact Albemarle's lithium brine mining operations at Silver Peak, NV. \"This Agreement is a landmark moment for Nevada Sunrise,\" said Warren Stanyer, President and CEO of Nevada Sunrise. \"After three years of litigation, the Company is now able to create partnerships with other companies active in Esmeralda County that can use fresh water from our Permit for their mining operations.\" As a result of Nevada Sunrise and Albemarle signing the Agreement and a corresponding stipulation with the Nevada State Engineer (the \"State Engineer\"), the water rights under the Permit now enjoy the same good standing status as when they were first purchased by the Company in March 2016. Accordingly, hearings that were scheduled by the Nevada Division of Water Resources (the \"NDWR\") later this month to review evidence on the validity of the Permit will now be cancelled. Although the parties have signed the Agreement, the various terms and conditions agreed to will be finalized in the coming weeks. About Permit 44411 Nevada Sunrise's wholly-owned subsidiary, Intor Resources Corp. (\"Intor\") 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. According to the appraisal report, the Clayton Valley basin is currently \"over-appropriated\" and that any new applications to use water in an over-appropriated basin would be carefully reviewed by the NDWR. Consistent with the conclusions of the appraisal report, and with the exception of a single appli...