www.cypriummining.com
TSX-V: CUG and CUG.DB
MONTREAL, July 27, 2016 /CNW Telbec/ - Cyprium
Mining Corporation ("Cyprium" or the "Company")
(TSXV: CUG CUG.DB) is pleased to announce the appointment of
Mr. Jonathan George as a director of
the Company.
Mr. George is a consulting geologist and entrepreneur who has
been involved in international mineral exploration and development
for over 35 years. He has raised more than $60 million for various projects around the
world, including Mexico. Mr.
George was the President and Co-founder of Creston Moly Corp, which
acquired Mexico's largest
molybdenum deposit. Creston merged
with Mercator Minerals in 2011 in a transaction valued at more than
$176 million. Prior to his success
with Creston, he was President and
CEO of ESO Uranium (predecessor of Alpha Minerals) where he was
instrumental in assembling one of the largest land packages in the
Athabasca Basin, Saskatchewan; Alpha and its partner Fission
Energy made one of the most significant uranium discoveries in
recent history on their Patterson Lake
South joint venture.
Mr. George commented on his appointment: "Having known Mr.
Lambert the Chairman and CEO of Cyprium for some time, I had the
opportunity to visit the Potosi
mine in late 2015. I have been following the Company's progress
ever since. During my visit, I went inside the mine and met with
the Cyprium technical team and mining contractors. I was impressed
with the assets acquired and the team assembled to bring this
historic mine back into production. With the rehabilitation of the
Potosi No. 3 shaft complete, the start of production and the
decision to deliver a 43-101 resource estimate of the Santo Domingo mineralized body, Cyprium has
delivered on the business plan they laid out for me during my visit
to Chihuahua." He concluded: "I look forward to working closely
with Mr. Lambert and the rest of the his team to ensure the
continued development of the Potosi mine, the financing of the Company and
eventually the acquisition of further mining projects that meet the
criteria of the Company's business plan of acquiring and exploiting
past producing mine in Mexico
which can be quickly and inexpensively be brought back into
production to generate cash flow for exploration and development
and which also have significant exploration potential leading to
the possibility of making new discoveries."
About Cyprium Mining Corporation
Website: www.cypriummining.com
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Qualified Person: Dr. Craig
Gibson, Certified Professional Geologist, prepared the
summary of public historical information on the Santa Eulalia district, and has reviewed the
appropriate portions of this news release and approved the contents
thereof. Public information included in this release are
based on work by from a PhD dissertation by Peter K. M. Megaw and information from the
Mexican Geologcial Survey (Servicio Geologico Mexicano).
This news release contains "forward-looking information"
(within the meaning of applicable Canadian securities laws) and
"forward -looking statements" (within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995). Such statements
or information are identified with words such as "anticipate",
"believe", "expect", "plan", "intend", "potential", "estimate",
"propose", "project", "outlook", "foresee" or similar words
suggesting future outcomes or statements regarding an outlook. Such
statements include, among others, those concerning the Company's
anticipated plans for developments of the Company and its mining
projects".
Such forward-looking information or statements are based on a
number of risks, uncertainties and assumptions which may cause
actual results or other expectations to differ materially from
those anticipated and which may prove to be incorrect. Assumptions
have been made regarding, among other things, management's
expectations regarding future growth, plans for and completion of
projects by Company's third party relationships, availability of
capital, and the necessity to incur capital and other expenditures.
Actual results could differ materially due to a number of factors,
including, without limitation, operational risks in the completion
of Company's anticipated projects, delays or changes in plans with
respect to the development of Company's anticipated projects by
Company's third party relationships, risks affecting the ability to
develop projects, risks inherent in operating in foreign
jurisdictions, the ability to attract key personnel, and the
inability to raise additional capital. No assurances can be given
that the efforts by the Company will be successful. Additional
assumptions and risks are set out in detail in the Company's
MD&A, available on SEDAR at
www.sedar.com.
Although the Company believes that the expectations reflected
in the forward-looking information or statements are reasonable,
prospective investors in the Company's securities should not place
undue reliance on forward-looking statements because the Company
can provide no assurance that such expectations will prove to be
correct. Forward-looking information and statements contained in
this news release are as of the date of this news release and the
Company assumes no obligation to update or revise this
forward-looking information and statements except as required by
law.
Investors should note that the Potosi silver mine and La Chinche property
have no established mineral resources or mineral reserves as
defined by NI 43-101. Although Cyprium Mining has made a production
decision regarding the Potosi
silver mine based on historical production records and results from
recent sampling, a feasibility study of its projects has not been
completed and there is no certainty that the proposed operations
will be economically or technically viable. It must be understood
that any such production would be from unmeasured mineralized
material. The Company further advises that since its
production decision was not based on a feasibility study of mineral
reserves demonstrating economic and technical viability there may
be an increased uncertainty of achieving any particular level of
recovery of minerals or the cost of such recovery, including
increased risks associated with developing a commercially mineable
deposit. Historically, such projects have a much higher risk of
economic and technical failure. These risks, among others, include
areas that are analysed in more detail in a feasibility study, such
as applying economic analysis to resources and reserves, more
detailed metallurgy and a number of specialized studies in areas
such as mining and recovery methods, market analysis, and
environmental and community impacts. There is no guarantee that
production will proceed as anticipated or at all or that
anticipated production costs will be achieved. Failure of
production to proceed as planned would have a material adverse
impact on the Company's ability to generate revenue and cash flow
to fund operations. Failure to achieve the anticipated production
costs would have a material adverse impact on the Company's cash
flow and future profitability.
SOURCE Cyprium Mining Corporation