Idaho-based management team optimistic following test results and appeal dismissal
BOISE, Idaho—Last month, shareholders of the former Mosquito Consolidated Gold Mines Limited approved a corporate rebranding, becoming American CuMo Mining Corporation (CuMoCo) [OTCQX:MLYCF; TSX-V:MLY] and made a strong commitment to advancing the Company’s flagship project – an approximately 10,000 acre exploration for strategic metals in Boise County, Idaho approved by the U.S. Forest Service in 2011.
CuMoCo named a new chief executive officer, former CuMo project manager Shaun Dykes, and elected a new slate of directors that includes two prominent Idaho business leaders – Forsgren Associates principal John Moeller, Ph.D., as well as attorney and Northwest Mining Association board member Joseph Baird, a partner of Baird Hanson, LLP. In addition to the election of Moeller and Baird, CuMoCo has appointed Hongxue Fu as Executive Chairman of the Board.
“Our shareholders recognize the large potential opportunity of the CuMo Project, and we are committed to responding fully to regulatory authorities and completing this phase of our development,” Dykes said. “The addition of influential Idahoan’s John Moeller and Joseph Baird to the Company’s board underscores CuMoCo’s commitment to carry out an exploration program that protects Idaho’s interests, outlines appropriate next steps, and demonstrates to the public the full extent of what we believe to be a world-class deposit.”
Dr. Moeller holds a Bachelor of Science in Electrical Engineering and Masters of Science from the University of Kentucky, and earned his Doctorate in Biology with an emphasis on water quality from Idaho State University. He has managed numerous programs and a regional office of the Idaho Department of Environmental Quality.
Mr. Baird provides environmental and mining counsel to a wide variety of NYSE, TSX and venture capital mineral companies. He is the former President and Secretary of the Northwest Mining Association board and a member and former trustee of the Rocky Mountain Mineral Law Foundation and a member of the Society for Mining, Metallurgy, and Exploration.
Since Mr. Dykes’ election to CEO, he has initiated the Company’s rebranding and completed a complex management transition. He has also successfully obtained the dismissal of an appeal filed by environmental groups that challenged Judge Edward Lodge’s August 29, 2012, decision that decided in favor of the USFS on four of the five concerns. The fifth concern has been remanded to the USFS for resolution.
“Our next critical step is continued cooperation with the U.S. Forest Service as it supplements the Environmental Assessment with information outlining how the CuMo exploration program will protect groundwater,” said Moeller, CuMoCo board member and regulatory liaison for the CuMo project. “Our shareholders expect Joe Baird and me to work with Forest Service staff and decision-makers to answer legitimate concerns about environmental protection and to facilitate expeditious completion of the exploration work.”
The CuMo Project is an advanced exploration of lands that the Company leaders believe contain large and economically significant deposits of molybdenum, copper, silver and tungsten. CuMoCo is approved by the U.S. Forest Service to explore approximately 10,000 acres of federal land, involving the building of up to 10 miles of roads and small-bore exploratory drilling at 137 different sites over five years.
CuMoCo successfully completed its federally authorized exploratory drilling program for the 2012 season with excellent and encouraging results. At this advanced exploration stage, the work is now transitioning from outlining the shape and size of the deposit to obtaining the detailed information required to make informed and intelligent decisions with regard to the development of the project. CuMoCo anticipates an active and successful 2013 exploration program under the guidance of its new leadership.
“Decisions must be made with accurate scientific facts and substantiated evidence. The purpose of the future programs is to deliver this proper information. CuMo is developing into a significant economic asset that will benefit not only the local communities but also the entire State of Idaho,” said Baird. “The Company looks forward to working with all stakeholders in a reasonable, professional and respectful manner for the benefit of all.”
Contact:
Dave Harbison 208-388-3800 / dharbison@peyron.com / www.peyron.com
Noelle Lovern 208.388.3800 / nlovern@peyron.com / www.peyron.com
ABOUT AMERICAN CUMO MINING CORPORATION
American CuMo Mining Corporation is a mining exploration and development company with a diverse portfolio of high potential precious and base metals projects, located in low political risk environments in North America. The Company’s primary focus is developing its Idaho-based CuMo Project, one of the world’s largest molybdenum deposits. For more information about the Company, 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.
Forward-looking information
This 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, including such things as the Company’s current funding, and funds to be received from equipment sales, being sufficient to fund 2013 work programs at the CuMo project and corporate development.
Often, but not always, forward-looking information can be identified by the use of words such as “expects”, “estimates”, “potential”, or “believes” or describes a “goal” or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved.
Forward-looking information is based on a number of material factors and assumptions, including the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen breakdowns, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, that the Court will not intervene with the Company’s proposed exploration activities at the CuMo project and that laboratory and other related services are available and perform as contracted. 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 results, prediction, projection, forecast, performance or achievements 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; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company’s publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, 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.
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