The value of General Moly, Inc.'s (NYSEAMEX:GMO) micro cap stock rose during trading on Thursday, as news that a court in Nevada approved part of a project for the company positively affected investor sentiment.
According to a company release, the Nevada State District Court issued its order affirming the state's engineers ruling that granted approval for the Mt. Hope Project's water rights and permits for the mining operation.
"With full access to our water rights and permits we look forward to the receipt of our remaining State and Federal permits and initiating construction activities later this year," said the company's chief executive officer Bruce D. Hansen. "The Mt. Hope project is moving forward."
The lack of approval had been holding the company back, and now that environmental protections have been put in place, growth in revenue may occur.
Forbes reported that the company's stock crossed above a key level after the news, as shares have fluctuated over the past year.
Shares of the company's stock rose $0.56 to $3.28, an increase of 20.5 percent at 1:24 p.m. on June 14.