Eureka Moly Looks Forward to Upcoming Water Rights Appeal Hearing after Eureka County Rejects Good Neighbor Offer
General Moly, Inc. (NYSE: GMO) today, through its 80% controlled subsidiary Eureka Moly, LLC, announced that the $12 million global settlement 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.
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