VANCOUVER, July 22,
2014 /PRNewswire/ - American CuMo Mining Corporation
("CuMoCo" or the "Company") (TSXV: MLY) (OTCQX: MLYCF)
announces that further to a news release dated June 30, 2014 issued by three directors of the
Company, it has been served with a Notice of Civil Claim filed by
International Energy & Mineral Resources Investment
(Hong Kong) Company Limited ("IEMR
HK") (a) claiming that the US$1,500,000 convertible note and the
Cdn$1,500,000 convertible note
(collectively, the "Notes") issued by the Company to IEMR HK on
April 9, 2013, as well as a general
security agreement dated December 12,
2012 between the Company and IEMR HK, are in default, (b)
seeking a judgment against the Company in the amount of principal
outstanding under the Notes, as well as all accrued and unpaid
interest in respect thereof, and (c) seeking to appoint a
receiver-manager over the property, rights, assets and undertaking
of the Company. IEMR HK has also filed a Notice of
Application seeking the appointment of a receiver-manager to be
heard in Supreme Court of British Columbia on August 1, 2014.
IEMR(HK) is the same party which commenced an
action against the company and Shaun
Dykes on June 17, 2014.
As set out in the Company's news release dated July 18, 2014, the British Columbia Supreme Court
issued an order on July 17, 2014
directing that IEMR(HK)'s prior action be stayed on the basis that
it had been improperly commenced.
The Company is working with independent legal
counsel to vigorously defend itself in this matter and to consider
the pursuit of all legal remedies available to it. The
Company will provide an update as matters progress.
About CuMoCo
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
Shaun Dykes
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.
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,
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