VANCOUVER, Jan. 12, 2015 /PRNewswire/ - American CuMo Mining
Corporation ("CuMoCo" or the "Company") (TSXV: MLY; OTCQX:
MLYCF) is pleased to announce the Company has reached out of
court settlements with the previous management in the various suits
filed by the Company and by previous management. No details
of the settlements will be released.
Shaun Dykes, President and CEO,
stated "the settlements allow the Company to move forward without
the distractions of these legal actions, which would have taken
years and substantial funds to resolve".
CuMoCo also announces that it will hold its Annual General
Meeting (AGM) on Tuesday February 27,
2015 at 10 am PST at a
location to be announced. The Company had received approval
last year to postpone its AGM, usually held in December, given the
Company held a special extraordinary meeting in late July of
2014. The extra time allows any potential financing
arrangements that would require shareholder approval to be included
in the agenda.
Regarding the adjourned hearing announced August 6, 2014 in which International Energy
Mines and Resources (IEMR (HK)) seeks to appoint a receiver-manager
for CuMoCo, the court has set a two day hearing for January 27, 2015 to hear the case. Given
that all interest payments on the IEMR (HK) debentures have been
made, the Company is confident that it is in a strong position and
that the suit is without cause or merit. CuMoCo has sought legal
advice in both Canada and the
USA with regards to this lawsuit
in order to defend itself and to investigate all of its options.
IEMR (HK) filed this suit the same day the voting results were
revealed at the shareholder-requisitioned general meeting held on
July 22, 2014. Mr. Hongxue Fu, ex-chairman, ex-president, currently
a director of the Company, and his wife control and co-own IEMR
(HK).
The Company has completed its plans for the CuMo Project 2015
programs that include the following: an updated 43-101 compliant
resource calculation (14 holes have been drilled since the previous
calculation reported in July 2012);
the next round of metallurgical testing focused on the grinding
analysis of the mine material; an updated Preliminary Economic
Analysis to update the previous report completed by Ausenco in
2009; a diamond drilling program; and the start of environmental
baseline work. Discussions with funding partners have resumed
following the holiday season.
About CuMoCo
CuMoCo is focused on advancing its CuMo Project towards
feasibility and establishing itself as one of the largest and
lowest-cost molybdenum producers in the world as well as a
significant producer of copper and silver. Management is continuing
to build a strong foundation from which to move the Company and the
CuMo Project forward. For more information, please visit
www.cumoco.com and www.cumoproject.com
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this new release.
Forward-looking information
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation
including, but not limited to, statements that address activities,
events or developments that the Company expects or anticipates will
or may occur in the future, such the Company's ability to move its
CuMo Project to feasibility and production, and to become one of
the largest and lowest-cost molybdenum producers in the world as
well as a significant producer of copper and silver.
Forward-looking information is based on a number of material
factors and assumptions, including the result of exploration
activities, the ability of the Company to raise the financing for a
feasibility study and to put the CuMo project into production, that
no labour shortages or delays are experienced, that plant and
equipment function as specified that the Court will not intervene
with the Company's proposed exploration activities at the CuMo
Project, and the ability of the Company to obtain all requisite
permits and licenses to advance the CuMo Project and eventually
bring it into production. Forward-looking information involves
known and unknown risks, future events, conditions, uncertainties
and other factors which may cause the actual results, performance
or achievements to be materially different from any future
prediction, projection or forecast expressed or implied by the
forward-looking information. Such factors include, among others,
the interpretation and actual results of current exploration
activities; changes in project parameters as plans continue to be
refined; future prices of molybdenum, silver and copper; possible
variations in grade or recovery rates; labour disputes and other
risks of the mining industry; delays in obtaining governmental
approvals or financing, as well as those factors disclosed in the
Company's publicly filed documents, including the Company's
Management's Discussion and Analysis for the financial year ended
June 30, 2014. There may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. Except as
required under applicable securities legislation, the Company
undertakes no obligation to publicly update or revise
forward-looking information.
SOURCE American CuMo Mining Corporation
