CMQ receives notice of termination regarding Red Canyon project
CALGARY, Jan. 27, 2014 /CNW/ - CMQ Resources Inc. (TSXV: NV) ("CMQ") has received a notice (the "Notice") of termination of its Exploration Agreement with Option to form a joint venture between Montezuma Mines Inc., a subsidiary of CMQ ("Montezuma"), and Miranda Gold Corp. (the "Agreement"). The Agreement previously provided CMQ, indirectly through Montezuma, with its interest in the Red Canyon project, one of three Nevada based mining projects being pursued by CMQ. The Notice has been issued based on Montezuma's failure to pay certain required amounts under the Agreement or to cure such defaults within the required period. As a result, the Notice terminates the Agreement and requests that Montezuma surrender possession of the Red Canyon project to Miranda Gold Corp. ("Miranda").
CMQ is currently engaged in discussions with Miranda in an effort to attempt to negotiate the retraction and cancellation of the Notice. There can be no assurances that such retraction or cancellation will be obtained. In the event that no such retraction or cancellation is able to be obtained CMQ will lose its existing interest in the Red Canyon Project.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws, including with respect to the ability of CMQ to influence retraction or cancellation of the Notice and the future loss of rights to the Red Canyon project. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements typically contain statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "intend", "may", "will", "shall", "project", "would", "should", or similar words suggesting future outcomes.
Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to CMQ and shareholders. Forward-looking statements are based on management's current beliefs as well as assumptions made by, and information currently available to, management. Though management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that forward-looking statements will not be achieved. The forward-looking statements contained in this press release are made as of the date hereof and CMQ does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
SOURCE CMQ Resources Inc.