American CuMo Mining Corporation (“CuMoCo” or the “Company”) (TSXV: MLY; OTC Pink: MLYCF) announces as a result of a review by the British Columbia Securities Commission, we are issuing the following news release to clarify our disclosure in our filing of a 43-101 technical report dated May 29, 2018 (the Report). The Report was filed to support the evaluation of the effects of Ore-Sorting technology on the Preliminary Economics of the CuMo Project as detailed in a news release dated May 30, 2018. The Report produces several sections and values from previously filed reports which the Company continued to disclose.
The authors will clarify that certain values and assumptions used in the new 2018 Report that are derived from 2015 and 2009 reports continue to be current and valid. The authors have advised the Company that these values are current and valid and that appropriate additional language will be added to the Report to support these conclusions.
The Report will be removed from the Company’s website, as currently it should not be relied upon until the non-compliant issues are resolved within the amended Report. The Company will promptly disclose any changes to the status or results of the Preliminary Economics that result from preparation of the amended Report.
The Company does not expect material changes to the updated PEA because of amendments to the Report.
The amended Report will be reviewed by the BCSC and subsequently filed as soon as the review is completed.
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 the Calida Gold project and has prepared the technical information contained in this news release.
CuMoCo is focused on advancing its CuMo Project towards feasibility. CuMoCo is also advancing its newly-acquired Calida Gold project. Please visit cumoco.com, idahocumo.com and cumoproject.com.
About Sacre-Davis Engineering
Founded in 1986, Sacré-Davey Engineering provides multi-disciplined engineering and project management services to clients in the mining, oil and gas, heavy industrial and clean-tech sectors. Sacré-Davey is certified by the Professional Engineers and Geoscientists of BC as an Organizational Quality Management Certified organization.
For further information, please contact:
American CuMo Mining Corporation
Shaun Dykes, President and Chief Executive Officer
Tel: (604) 689-7902
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.
Cautionary statement regarding forward‐looking information
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, 2018. 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.