VANCOUVER, Dec. 2, 2014 /CNW/ - American CuMo Mining
Corporation ("CuMoCo" or the "Company") (TSXV: MLY; OTCQX:
MLYCF) is pleased to announce the Company's financial results
for the quarter ending September 30,
2014, the first quarter under the new board elected as a
result of a shareholder requisitioned meeting held late July of
this year.
The Company recorded a net gain of $19,003 for this quarter, compared to a net loss
of $474,472 in the quarter ended
September 30, 2013. As of
September 30, 2014, the Company had a
working capital deficiency of $851,046, compared to a working capital
deficiency of $1,291,240 at
June 30, 2014. Details are
available on the Company's website www.cumoco.com or on SEDAR.
Shaun Dykes, President and CEO,
stated "the Company appreciates the hard work of all directors and
management to improve our financial stability. The improvements in
cash flow and the reduction in working capital deficit are just the
beginning, as this is the first quarter under the new team. We will
continue to work hard to improve the financial health of the
Company while moving the CuMo Project forward."
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. For more information, 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 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 financial year ended June 30,
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
