VANCOUVER,
Aug. 6, 2014 /PRNewswire/ - American
CuMo Mining Corporation ("CuMoCo" or the "Company") (TSXV: MLY;
OTCQX: MLYCF) is pleased to announce that on Friday August 1, 2014, at the request of legal
counsel for International Energy & Mineral Resources Investment
(Hong Kong) Company Limited ("IEMR
HK"), the British Columbia Supreme Court Judge adjourned the
hearing to appoint a receiver-manager for CuMoCo. Legal
counsel for IEMR HK applied for an adjournment following the filing
by the Company of affidavits that presented substantial evidence
that contradicted the affidavits presented on behalf of IEMR HK by
Mrs. Fu, the wife of Hongxue Fu,
ex-chairman, ex-president, and currently a director of the Company
and the controlling person of IEMR HK and by Charles Yuen, ex vice-president and currently a
director of the Company. Legal counsel for IEMR HK requested the
adjournment in order to obtain an affidavit from Hongxue Fu himself, who is currently in
China.
The Company will continue to defend itself from
this lawsuit that IEMR HK filed the same day the voting results
were revealed at the shareholder-requisitioned general meeting of
shareholders held on July 22,
2014.
As a result of Mr. Thomas Conway being elected as an additional
director of the Company and subsequent motions passed by the new
Board of Directors, CuMoCo is proceeding forward with the business
of the Company and entering into discussions with various groups to
arrange necessary financing to fund the activities of the Company
and to remove the debentures that are being used by IEMR HK in an
attempt to appoint a receiver. The Company is also investigating
possible merger and joint venture opportunities to move the CuMo
Project forward.
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. www.cumoco.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 period ended September 30,
2013. 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