TORONTO, June 5, 2015 /PRNewswire/ - Cerro Grande Mining
Corporation (the "Company" or "CEG") (CSE:CEG)(OTCQB:CEGMF)
reported that the Company's last shipment of gold doré, which
amounts to approximately 60% of the Company's revenues, was on
May 5, 2015 due to a strike by the
employees of Brinks and other armoured car services in Chile. Brinks takes full responsibility for
the security of the gold doré on receiving it at the mine site. The
gold doré, once it is transported to Santiago by Brinks, is then sent by air to
Argor Heraeus, located in Mendrisio, Switzerland which refines the gold doré into
99.9% pure gold bars. The strike was partially terminated on
June 1st. This has
had a material adverse impact on the Company's revenues and cash
flow during the month of May, 2015 and may also have an adverse
impact on the Company third fiscal quarter ending on June 30, 2015 if the partial settlement of the
strike further impacts our shipments of gold doré.
Cerro Grande Mining Corporation is a minerals producing,
exploration and development company with properties and activities
currently focused in Chile.
Cautionary Statement on Forward-looking Information:
This news release contains "forward-looking information",
which may include, but is not limited to, statements with respect
to the future financial or operating performance of CEG. Often, but
not always, forward-looking statements can be identified by the use
of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of CEG to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Forward-looking statements contained herein are made as of the date
of this press release based on current expectations and beliefs and
CEG disclaims, other than as required by law, any obligation to
update any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if
management's estimates or opinions should change, or otherwise.
There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, the reader is cautioned not to place undue reliance on
forward-looking statements.
SOURCE Cerro Grande Mining Corporation