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.
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.
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