Vancouver-based Belmont Resources (TSX-Venture:BEA) had reason to celebrate Thursday – and not just because spring had arrived.
The company announced the State of Nevada had approved Belmont's application for water rights on the Kibby Basin Lithium property -- for two well permits to develop groundwater (brine) in the Monte Cristo Groundwater Basin, which may be the first of their kind in the "Silver State".
Significantly, the news comes when other lithium companies and explorers are realizing the importance that Nevada's legislators and regulators place upon the natural resources of their state.
The permit allows Belmont to extract up to 2,895.88 acre feet (approximately 943.6 million U.S. gallons) per year of groundwater, for brine processing and production of lithium compounds
Adds CEO Jim Place, "This is a very important milestone in the development of the Kibby Basin lithium property".
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada as well as Nevada.
Its shares galloped a cent, or 28.6%, to 4.5 cents, on volume of 1.2 million shares.
