ROYAL BANK PLAZA
200 BAY STREET, SUITE 3800
TORONTO, ONTARIO M5J 2Z4
AVENIDA SANTA MARIA 2224
PROVIDENCIA, SANTIAGO, CHILE
Telephone: 56-2-2569 6200
1 KING STREET WEST, SUITE 4009
TORONTO, ONTARIO M5H 1A1
For further information, contact:
Stephen W. Houghton, CEO
David R. S. Thomson, EVP
Telephone: 56-2-2569 6224
TORONTO, July 4, 2016 /CNW/ - Cerro Grande Mining Corporation (the "Company" or "CEG") (CSE:CEG) (OTCQB:CEGMF) reported that its Pimenton Mine remains closed due to a severe snow storm on the second , third and fourth of June, 2016.
As previously reported, the snow storm has caused severe financial difficulties for Compania Minera Pimenton and CEG. From an operations perspective, the Company is well along the way to the completion of an independent National Instrument 43-101 technical review of Pimenton's current proven, probable and resource position which is expected to be completed within two weeks. The Company has also submitted a high grade pillar recovery and replacement plan which is in the final review stage by SERNAGEOMIN, the Government of Chile's mining agency. From a financial perspective, the Company is actively reviewing financial alternatives to restart the Pimenton Mine.
Cerro Grande Mining Corporation is a minerals producing, exploration and development company with properties and activities currently focused in Chile.
Cautionary Statement on Forward-looking Information:
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of CEG. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of CEG to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release based on current expectations and beliefs and CEG disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE Cerro Grande Mining Corporation
For further information: Stephen W. Houghton, CEO; David R. S. Thomson, EVP, E-Mail: firstname.lastname@example.org, Telephone: 56-2-2569 6224, Website: www.cegmining.com