Finally, we have gotten below $3.00 on the "back" of the general market nervousness and the news of the lawsuit filed by the Great Basin Resource Watch and the Western Shoshone Defense Project filed against the Bureau of Land Management (BLM) regarding the ROD for Mt. Hope. Once again, another "typical" lawsuit that I think should be expected. I however have high confidence in the management team to see its way through this.
As a contrarian, for me it is time to start picking up a few more of these cheap shares.
February 25, 2013: General Moly discloses company's Mt. Hope project to face permit challenge
General Moly disclosed in a regulatory filing that on February 15, Great Basin Resource Watch and the Western Shoshone Defense Project filed a complaint against the Bureau of Land Management in the U.S. District Court, District of Nevada, seeking relief under National Environmental Policy Act and other federal laws challenging the BLM’s issuance of the record of decision for the Mt. Hope project. The plaintiffs filed a motion for a preliminary injunction on February 20 and there is no hearing date set for the motion. The company has not been named as a defendant in the suit but will closely monitor the litigation and at the appropriate time will seek to intervene in the suit. While General Moly believes Great Basin Resource Watch and the Western Shoshone Defense Project’s position is without merit, it cannot reasonably predict the final outcome of this complaint, and an unfavorable outcome could result in additional conditions on operations that could have a material adverse effect on the company’s financial position or results of operations.