VANCOUVER, April 13, 2015 /PRNewswire/ - American CuMo
Mining Corporation ("CuMoCo" or the "Company") (TSXV: MLY;
OTC-Pink: MLYCF) wishes to announce that the U.S. Forest
Service (USFS) has released its Draft supplemental Decision Notice
and Finding of No Significant Impact (FONSI) and Supplemental
Environmental Assessment (SEA) regarding the CuMo Exploration
Project. The report and decision re-confirms the Forest Service's
2011 Decision Notice and FONSI and will enable fulfillment of a
federal judge's order to carry out necessary studies to complete
the exploration phase of the CuMo Project's large strategic metals
asset in Idaho.
The new report demonstrates that by following proper procedures,
the exploration program can avoid or mitigate groundwater quality
impacts – a key consideration for the federal district court.
The SEA resulted from an August
2012 decision rendered by Federal District Court Judge
Edward Lodge, in response to
litigation filed by environmental groups challenging the USFS's
National Environmental Policy Act (NEPA), Environmental Assessment
process, and it's FONSI relative to the CuMo Exploration Project.
While Judge Lodge affirmed the Forest Service process and denied
four of the five claims in the litigation, the fifth claim
regarding deficiencies in groundwater analysis was remanded to the
USFS for further clarification.
In February 2013, the USFS decided
to address Judge Lodge's decision through a supplemental addendum
to the original Environmental Assessment. The report is the
culmination of efforts by the USFS and Enviroscientists, an
independent third-party contractor that performed the work.
The Forest Service's response to the court focuses on the
following subject areas:
- In-depth analysis directed by the court on potential impacts to
groundwater quality;
- Additional reporting to address mitigation and monitoring
measures;
- An update to changes in status of the wolverine and gray wolf
under the Endangered Species Act;
- Additional monitoring information performed in 2011 and 2012 on
the great gray owl and northern goshawk;
- Rare plant inventories performed on Sacajawea's
bitterroot;
- Additional narrative about the CuMo Project's Comprehensive
Plan of Operation and Best Management Practices Checklist
concerning approved temporary roads and drill pad construction and
reconstruction.
"We are very pleased with the extraordinarily high level of
effort the U.S. Forest Service put into its rigorous environmental
review," said Shaun Dykes, President
and CEO of CuMoCo. "They left no stone unturned and continue to
hold us to the highest regulatory standards. That fits perfectly
with our Company's commitment to environmental excellence. The
release of the SEA is an extremely positive step in a transparent
and ongoing public process."
CuMoCo has conducted exploration of the CuMo Project since 2004,
relying on scientific methodology and best mining practices in
every facet of research and development. Corporate leadership
believes the outcome of the USFS's Environmental Assessment affirms
that the CuMo Project can proceed with full and complete
exploration – with minimal impact on the environment and a
substantial positive impact on the economy.
"The CuMo Project is poised to expeditiously proceed with the
cooperation of the USFS, vital support of the local community, and
the use of best operating and management practices," said Dykes.
"As CuMoCo works through the environmental regulatory process, we
are eager to reach our goal of bringing thousands of well-paying
jobs and billions of dollars in construction and development
spending to Idaho."
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