Vancouver, B.C., December 20, 2019: American CuMo Mining Corporation (TSXV: MLY) (OTC Pink: MLYCF) (“CuMoCo” or the “Company”) announces that on November 27, 2019, the Company had filed a technical report on SEDAR titled “Preliminary Economic Assessment & NI 43-101 Technical Report for the CuMo Project, USA” (the “Technical Report“), with an effective date of October 15, 2019 , that suggests that the Technical Report was authored by eight (8) qualified persons. It has recently come to the Company’s attention that one qualified person, who was represented as having taken professional responsibility for several sections of the Technical Report, asserts that he had not reviewed or approved the Technical Report and that his signature was included without authorization. The Company accordingly, while it investigates this matter, hereby retracts the filing of the Technical Report on SEDAR and advises that the Technical Report should not be relied upon.
Upon learning of the issue, the Company’s independent directors immediately commenced an investigation. Although such investigation is at an early stage, the issue is being treated with utmost seriousness by the Company.
The Company has also been engaged in discussions with a view to rectifying and refiling the Technical Report with another qualified person assuming responsibility for the relevant sections of the Technical Report for which a responsible qualified person is required. There can be no assurance that the Company will be able to engage another qualified person or file, either in its current or a modified form, the Technical Report.
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. For more information, please visit cumoco.com, idahocumo.com and cumoproject.com.
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 March 31, 2019. 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.