American CuMo Mining Announces Positive Results from Annual General Meeting and Updates Shareholders
Vancouver, British Columbia--(Newsfile Corp. - January 19, 2021) - American CuMo Mining Corporation (TSXV: MLY) (OTC Pink: MLYCF) ("CuMoCo" or the "Company") is pleased to announce that all resolutions put forth at the Company's Annual General Meeting ("AGM") held January 12 were passed and approved by the shareholders of the Company.
The following individuals were re-elected directors of CuMoCo: Dr. John Moeller, Shaun M. Dykes, and Trevor Burns. Due to health reasons, Thomas Conway did not stand for re-election. The Company wishes to thank Mr. Conway for his years of service to the Company and wishes him all the best.
Shaun Dykes, the President and Chief Executive Officer, first thanked the shareholders for their support and continued patience during the past 12 months and provided an update on the progress of the CuMo Project and the current plans to move forward. As a direct result of the announcement of the updated CuMo Preliminary Economic Analysis, the acquisition of the Bleiberg Zinc-Germanium-Lead-Cadmium Mine, and recent significant increases in metal prices, such as copper, silver, zinc, lead, germanium and rhenium, interest in financing the projects has increased substantially, with many unsolicited calls being received from interested parties. The Bleiberg Project adds a diverse group of metals (Zn-Ge-Pb-Cd-F) to the portfolio the Company is exploring. The Company is moving forward with the pre-feasibility study and will include additional optimizations intended to reduce costs and increase the profitability of the CuMo Project. Work will begin examining the large amount of data from the Bleiberg Mine to determine unmined identified resources and exploration targets required to meet the minimum target of a 10-year mine life. Finally, management continues to ensure that any proposed financings will be beneficial to the shareholders of the Company and ignores the several attempts to obtain control of the CuMo asset for far less than its value.
After the AGM, the Board of Directors passed the following motions: (a) Shaun Dykes was re-appointed as President and Chief Executive Officer; (b) John Moeller was appointed as Chairman of the Board of Directors. The Board also appointed Messrs. Dykes, Moeller and Burns to the Audit Committee.
Mr. Trevor Burns stepped down as Chief Financial Officer and the Company wishes to thank him for his services. Mr. Burns remains a director of the Company. The Board has appointed Mr. Greg Powell, CPA-CGA, as Chief Financial Officer and welcomes him to the Company.
Mr. Powell has over 15 years of extensive experience as a senior financial professional with both large- and small-scale international operations in multiple sectors. He has a strong financial skillset, with a focus on operational efficiency and finding cost-savings through smart financial planning. Mr. Powell is a Chartered Professional Accountant - Certified General Accountant ("CPA - CGA"), and in 2012 was awarded Fellowship in the Association of Chartered Certified Accountants.
Shaun Dykes, President and CEO commented: "We are very pleased to welcome Greg to the CuMoCo family. His deep experience as a financial professional will both complement and enhance the capabilities of the Company's leadership team."
The Board approved the name change of the Company's majority owned subsidiary, Idaho CuMo Mining Corporation, to "International CuMo Mining Corporation - A Diverse Copper-Silver Polymetallic Mining Company". The new name better reflects the expansion of the Company into Austria and the diverse portfolio of metals.
The Company also announces that it has granted options to purchase up to 10,350,000 common shares of the Company to directors, officers, employees and consultants at a price of CDN$0.065 per share, exercisable until January 18, 2025. The options were priced at a 50% premium to the 10-day moving average of the stock price. The option grant consists of 4,450,000 shares to replace expired options and 5,900,000 new share options.
Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., President and CEO of the Company, is the designated qualified person for the CuMo and Bleiberg Projects and has prepared the technical information contained in this news release.
CuMoCo is focused on advancing its CuMo Project towards feasibility. Management is continuing to build an even stronger foundation from which to move the Company and its projects forward. For more information, please visit www.cumoco.com, www.idahocumo.com and www.cumoproject.com.
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 September 30, 2020. 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.
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