TSX-V: CUG and CUG.DB
MONTREAL, July 27, 2016 /CNW Telbec/ - Cyprium Mining Corporation ("Cyprium" or the "Company") (TSXV: CUG CUG.DB) is pleased to announce the appointment of Mr. Jonathan George as a director of the Company.
Mr. George is a consulting geologist and entrepreneur who has been involved in international mineral exploration and development for over 35 years. He has raised more than $60 million for various projects around the world, including Mexico. Mr. George was the President and Co-founder of Creston Moly Corp, which acquired Mexico's largest molybdenum deposit. Creston merged with Mercator Minerals in 2011 in a transaction valued at more than $176 million. Prior to his success with Creston, he was President and CEO of ESO Uranium (predecessor of Alpha Minerals) where he was instrumental in assembling one of the largest land packages in the Athabasca Basin, Saskatchewan; Alpha and its partner Fission Energy made one of the most significant uranium discoveries in recent history on their Patterson Lake South joint venture.
Mr. George commented on his appointment: "Having known Mr. Lambert the Chairman and CEO of Cyprium for some time, I had the opportunity to visit the Potosi mine in late 2015. I have been following the Company's progress ever since. During my visit, I went inside the mine and met with the Cyprium technical team and mining contractors. I was impressed with the assets acquired and the team assembled to bring this historic mine back into production. With the rehabilitation of the Potosi No. 3 shaft complete, the start of production and the decision to deliver a 43-101 resource estimate of the Santo Domingo mineralized body, Cyprium has delivered on the business plan they laid out for me during my visit to Chihuahua." He concluded: "I look forward to working closely with Mr. Lambert and the rest of the his team to ensure the continued development of the Potosi mine, the financing of the Company and eventually the acquisition of further mining projects that meet the criteria of the Company's business plan of acquiring and exploiting past producing mine in Mexico which can be quickly and inexpensively be brought back into production to generate cash flow for exploration and development and which also have significant exploration potential leading to the possibility of making new discoveries."
About Cyprium Mining Corporation
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Qualified Person: Dr. Craig Gibson, Certified Professional Geologist, prepared the summary of public historical information on the Santa Eulalia district, and has reviewed the appropriate portions of this news release and approved the contents thereof. Public information included in this release are based on work by from a PhD dissertation by Peter K. M. Megaw and information from the Mexican Geologcial Survey (Servicio Geologico Mexicano).
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward -looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the Company's anticipated plans for developments of the Company and its mining projects".
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding future growth, plans for and completion of projects by Company's third party relationships, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of Company's anticipated projects, delays or changes in plans with respect to the development of Company's anticipated projects by Company's third party relationships, risks affecting the ability to develop projects, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, and the inability to raise additional capital. No assurances can be given that the efforts by the Company will be successful. Additional assumptions and risks are set out in detail in the Company's MD&A, available on SEDAR at www.sedar.com.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
Investors should note that the Potosi silver mine and La Chinche property have no established mineral resources or mineral reserves as defined by NI 43-101. Although Cyprium Mining has made a production decision regarding the Potosi silver mine based on historical production records and results from recent sampling, a feasibility study of its projects has not been completed and there is no certainty that the proposed operations will be economically or technically viable. It must be understood that any such production would be from unmeasured mineralized material. The Company further advises that since its production decision was not based on a feasibility study of mineral reserves demonstrating economic and technical viability there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. These risks, among others, include areas that are analysed in more detail in a feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts. There is no guarantee that production will proceed as anticipated or at all or that anticipated production costs will be achieved. Failure of production to proceed as planned would have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability.
SOURCE Cyprium Mining Corporation
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