American CuMo Mining Updates Shareholders
Vancouver, British Columbia--(Newsfile Corp. - April 25, 2018) - American CuMo Mining Corporation (TSXV: MLY) (OTC Pink: MLYCF) ("CuMoCo" or the "Company") announces that it has completed its analysis of the current status of the CuMo Project and based on the results of the recently announced updated Preliminary Economic Analysis has outlined a drill program for the upcoming field season. The Company plans to drill up to nine holes on the west side of the deposit with drill pads located on the recently purchased private land. The holes are designed to examine the extent of the higher-grade copper and silver mineralization between hole 10-47 and the Coon Dog waste dumps, first announced in the Company's November 20, 2017 news release. The waste dumps are located 1371 meters (4500 feet) west of Hole 10-47. Hole 47 intersected 301 meters grading 0.22% Cu,5.35 gms Ag/T and 0.054% MoS2. The dump grab sample indicated it is part of an older copper porphyry system that pre-dates the molybdenum system at CuMo. A 15-kilogram sample from the dump assayed 3.12% Cu, 783 gms Ag/t, and 0.986 gms Au/t.
The reader is cautioned that grab sample assays represent prospecting samples and may not be representative of the grade or width of the mineralization. There is presently insufficient data with respect to the size and extent of the mineralization represented by the sample to determine its significance. The proposed drilling is designed to determine that significance.
At Calida, a large 8-kilogram sample from one of the better intersections of the 2017 drilling has been delivered to PMC Ltd. of Maple Ridge. PMC will perform a full in-situ mineral composition and precious metal deportment analysis using a scanning electron microscope fitted with an energy dispersive spectrometer to determine the true grade of the sample. Analysis will be on the entire sample, not the regular 50-gram assay samples used at commercial laboratories.
Company management has accepted an invitation to participate in the "Mining Pitch Battle", based on the Sharks Tank and Dragon's Den TV programmes, at the Mines and Money conference in New York City during May 8th and 9th. Management will be attending the conference following investor presentation trips to Munich, Germany, and Zurich, Switzerland, during the week of April 30 to May 4, 2018.
The Company announces that it has granted as of April 20, 2018, a total of 6,975,000 new stock options to directors, officers, and consultants. The options granted are for five years expiring on April 20, 2023, at a price of fifteen cents ($0.15).
Finally, the Company announces that materials for the upcoming Annual General Meeting (AGM) on Wednesday, May 30, 2018, at 10 am PST at Suite 2300-550 Burrard Street, Bentall 5, Vancouver, British Columbia are being mailed and are also available on the website (http://cumoco.com/investors/annual-special-general-meeting/).
Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., President and CEO of the Company, is the designated qualified person for the CuMo Project and the Calida Gold project and has prepared the technical information contained in this news release.
For further information, please contact:
American CuMo Mining Corporation
Shaun Dykes, President and Chief Executive Officer
Tel: (604) 689-7902
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.
Cautionary statement regarding 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 December 31, 2018. 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.