Days after closing the purchase of a permit for water rights, Cypress Development Corp (TSXV: CYP) announced yesterday that a petition was filed to review its approved application for a permit extension.
An unnamed junior exploration company is said to be challenging the Nevada State Engineer’s approval of Intor Resources’ application for an extension of time to prevent forfeiture of the permit. The company purchased the water permit from Intor, a subsidiary of Nevada Sunrise Gold.
“Cypress and Nevada Sunrise believe that the Nevada State Engineer’s approval of Intor’s Application was correct and complied with Nevada law,” read the company’s statement.
Further, the company relayed its belief that the petition “is substantively and procedurally deficient and does not conform to Nevada law.”
The lithium exploration firm said it will cooperate with the state engineer’s office to “vigorously oppose the petition” while Intor has pledged its cooperation.
Cypress Development last traded at $1.75 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.