VANCOUVER, Nov. 25, 2014 /PRNewswire/ - American CuMo Mining
Corporation ("CuMoCo" or the "Company") (TSXV: MLY; OTCQX:
MLYCF) is pleased to announce that it has made the second
required annual interest payment, due November 25, 2014, on the US$1,500,000 convertible debenture held by
International Energy & Mineral Resources Investment
(Hong Kong) Company Limited ("IEMR
HK").
Discussions continue with various groups and individuals
interested in financing the CuMo Project towards completion of a
Bankable Feasibility Study through silver stream debentures, a
royalty interest, and a draw-down line of credit facility
contingent on the Company achieving specific milestones. As per TSX
Venture Exchange disclosure rules, the names of participating
parties and the amounts involved in any financing will not be
disclosed until a deal is consummated.
CuMoCo is currently planning its exploration program for 2015
that will include the following: an updated 43-101 complaint
resource calculation (14 holes have been drilled since the previous
calculation reported in July 2012);
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.
In other news, preparation of the final supplemental
Environmental Assessment report is proceeding on schedule and due
for delivery in early January 2015.
This report will allow the US Forest Service to deliver their final
decisions on the current round of permitting for the CuMo
Project.
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