VANCOUVER, Dec. 2, 2014 /CNW/ - American CuMo Mining Corporation ("CuMoCo" or the "Company") (TSXV: MLY; OTCQX: MLYCF) is pleased to announce the Company's financial results for the quarter ending September 30, 2014, the first quarter under the new board elected as a result of a shareholder requisitioned meeting held late July of this year.
The Company recorded a net gain of $19,003 for this quarter, compared to a net loss of $474,472 in the quarter ended September 30, 2013. As of September 30, 2014, the Company had a working capital deficiency of $851,046, compared to a working capital deficiency of $1,291,240 at June 30, 2014. Details are available on the Company's website www.cumoco.com or on SEDAR.
Shaun Dykes, President and CEO, stated "the Company appreciates the hard work of all directors and management to improve our financial stability. The improvements in cash flow and the reduction in working capital deficit are just the beginning, as this is the first quarter under the new team. We will continue to work hard to improve the financial health of the Company while moving the CuMo Project forward."
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 financial year ended June 30, 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, Shaun Dykes, President and Chief Executive Officer, Tel: (604) 689-7902, Email: [email protected]