American CuMo Mining to Challenge Acepac Holdings Claim
Vancouver, British Columbia--(Newsfile Corp. - April 5, 2019) - American CuMo Mining Corporation (TSXV: MLY) (OTC Pink: MLYCF) ("CuMoCo" or the "Company") was served with a Notice of Claim (the "Claim") filed by Acepac Holdings Ltd. ("Acepac"), a British Virgin Islands company, pursuant to which Acepac has sought a judgment against CuMoCo in the amount of US $1 million, plus interest, as well as damages for breach of contract and breach of trust and special costs.
The Claim relates to the US$1 million payment that the Company's subsidiary, Poly Resources LLC ("Poly"), received in connection with the Memorandum of Understanding between the Company, Poly, and the Company's subsidiary, Idaho CuMo Mining Corporation, and Millennia Minerals Pte Ltd.
The Company believes that the Claim is entirely without merit and the Company will vigorously defend itself in the matter.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43919