VANCOUVER, July 23, 2014 /CNW/ - American CuMo Mining Corporation ("CuMoCo" or the "Company") (TSXV: MLY) (OTCQX: MLYCF) is very pleased to announce that Thomas Conway was elected as an additional director of the Company at the shareholder-requisitioned general meeting of shareholders of the Company held yesterday. The proposals of the requisitioning shareholders to remove Hongxue Fu and Yiming Xie as directors of the Company did not garner the requisite 2/3 majority vote to pass. After the shareholder meeting, the Board of Directors met. Details of the Board meeting are provided below and the following individuals are now directors of CuMoCo: Shaun M. Dykes, Joseph Baird, Dr. John Moeller, Thomas Conway, Trevor Burns, Charles Yuen, Hongxue Fu, and Yi Ming Xie.
Thomas Conway holds a B.Sc Mining Engineering (University of Minnesota) and attended Harvard Business School's Executive MBA program. He is a results-oriented executive with 20 years of diverse experience largely with Newmont Mining Corporation ("Newmont") in operations, general management, environmental affairs and risk management, including serving as Newmont's Vice President of Risk Management. His operational experience at Newmont covered domestic and international assignments in open pit and underground operations where he has a record of enhancing operations through improved cost control and productivity innovations, while maintaining safety and environmental standards. Mr. Conway served as Vice President/General Manager Carlin Operations for Newmont where he was responsible for a 2 million ounce per year operation with 1,600 salaried and hourly employees; and Vice President/General Manager Minera Yanacocha where, under his guidance, Yanacocha expanded annual gold production from 300,000 ounces to 1.2 million ounces in 3 years. Mr. Conway also served as assistant General Manager at Yanacocha where he was responsible for the start-up - ahead of schedule and under budget - of two metallurgical plants and three open pit mines. Mr. Conway has a strong understanding of the permitting process through time served as Manager, Environmental Affairs Carlin Operations, where he was responsible for compliance and permitting, and negotiations with the US EPA and the State of Nevada regulators. Since February 1, 2011, Mr. Conway has served as President and CEO of I-Minerals Inc., a TSX Venture Exchange listed company developing two unique industrial mineral deposits in Idaho, USA.
At the meeting of the Board of Directors the following motions were voted on and passed: (a) Trevor Burns was appointed as an additional director of the Company as well as interim Chief Financial Officer; (b) Shaun Dykes was appointed as President and Chief Executive Officer; (c) John Moeller was appointed as interim Chairman of the Board of Directors to replace Hongxue Fu; and (d) Charles Yuen was removed from the position of Executive Vice-President. The Board also appointed Messrs. Conway and Moeller, as well as Joseph Baird, to the Audit Committee and formed a litigation committee comprised of Messrs. Moeller, Baird and Burns to oversee the handling of the litigation involving the Company and International Energy & Mineral Resources Investment (Hong Kong) Company Limited, a company owned and controlled by Hongxue Fu, a director of the Company, and his wife.
Shaun Dykes, the new President and Chief Executive Officer, welcomes Mr. Conway and Mr. Burns to the board, and stated that this is a major step forward for the company and he looks forward to working with the new board to advance the CuMo project with all deliberate speed and thus increase shareholder value.
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.
On behalf of the Board of Directors of
American CuMo Mining Corporation
President and Chief Executive Officer
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 March 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: Shaun Dykes, President and Chief Executive Officer, American CuMo Mining Corporation, Tel: (604) 689-7902, Email: [email protected]