VANCOUVER, March 19, 2015 /CNW/ - American CuMo Mining Corporation ("CuMoCo" or the "Company") (TSXV: MLY; OTC-Pink: MLYCF) announces that Shaun Dykes, John Moeller, Joseph Baird, Thomas Conway and Trevor Burns were elected as the Company's Board of Directors at the Company's annual and special general meeting held yesterday.
Shareholders of the Company also approved:
- the reappointment of DeVisser Gray LLP as the Company's auditor;
- an ordinary resolution approving the Company's rolling 10% incentive stock option plan for the next year;
- an ordinary resolution of the disinterested shareholders of the Company to approve, subject to receipt of TSX Venture Exchange approval, the reduction of the exercise price to $0.15 of certain unexercised outstanding stock options previously granted to certain insiders and others; and
- a special resolution approving an alteration to the Company's Articles to include provisions requiring advance notice from shareholders of director nominees,
all as further described in the Company's management information circular dated February 15, 2015 and filed on the Company's profile at www.sedar.com.
Shaun Dykes thanked shareholders for their continued support and patience during the past eight months and provided an update on the progress of the CuMo Project and the current state of negotiations with various parties interested in funding the Company. Over the past few months substantial progress has been made towards completing the Supplemental Environmental Assessment, with the final report and decision expected shortly. Since the dismissal of the receivership hearing, interest in financing the Company and the CuMo Project has increased and discussions of potential financing options are ongoing with several groups from around the world.
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 prepared the technical information contained in this news release.
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 period ended December 31, 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
For further information: American CuMo Mining Corporation, Tel: (604) 689-7902, Email: inf[email protected]