VANCOUVER, July 23,
2014 /CNW/ - American CuMo Mining Corporation ("CuMoCo" or
the "Company") (TSXV: MLY) (OTCQX: MLYCF) is very pleased to
announce that Thomas Conway was
elected as an additional director of the Company at the
shareholder-requisitioned general meeting of shareholders of the
Company held yesterday. The proposals of the requisitioning
shareholders to remove Hongxue Fu
and Yiming Xie as directors of the
Company did not garner the requisite 2/3 majority vote to pass.
After the shareholder meeting, the Board of Directors met. Details
of the Board meeting are provided below and the following
individuals are now directors of CuMoCo: Shaun M. Dykes, Joseph
Baird, Dr. John Moeller,
Thomas Conway, Trevor Burns, Charles
Yuen, Hongxue Fu, and
Yi Ming Xie.
Thomas Conway
holds a B.Sc Mining Engineering (University of
Minnesota) and attended Harvard
Business School's Executive MBA program. He is a
results-oriented executive with 20 years of diverse experience
largely with Newmont Mining Corporation ("Newmont") in operations,
general management, environmental affairs and risk management,
including serving as Newmont's Vice President of Risk Management.
His operational experience at Newmont covered domestic and
international assignments in open pit and underground operations
where he has a record of enhancing operations through improved cost
control and productivity innovations, while maintaining safety and
environmental standards. Mr. Conway served as Vice
President/General Manager Carlin Operations for Newmont where he
was responsible for a 2 million ounce per year operation with 1,600
salaried and hourly employees; and Vice President/General Manager
Minera Yanacocha where, under his
guidance, Yanacocha expanded annual gold production from 300,000
ounces to 1.2 million ounces in 3 years. Mr. Conway also served as
assistant General Manager at Yanacocha where he was responsible for
the start-up - ahead of schedule and under budget - of two
metallurgical plants and three open pit mines. Mr. Conway has a
strong understanding of the permitting process through time served
as Manager, Environmental Affairs Carlin Operations, where he was
responsible for compliance and permitting, and negotiations with
the US EPA and the State of Nevada
regulators. Since February 1,
2011, Mr. Conway has served as President and CEO of
I-Minerals Inc., a TSX Venture Exchange listed company developing
two unique industrial mineral deposits in Idaho, USA.
At the meeting of the Board of Directors the
following motions were voted on and passed: (a) Trevor Burns was appointed as an additional
director of the Company as well as interim Chief Financial Officer;
(b) Shaun Dykes was appointed as
President and Chief Executive Officer; (c) John Moeller was
appointed as interim Chairman of the Board of Directors to replace
Hongxue Fu; and (d) Charles Yuen was removed from the position of
Executive Vice-President. The Board also appointed Messrs.
Conway and Moeller, as well as Joseph Baird, to the Audit Committee
and formed a litigation committee comprised of Messrs. Moeller,
Baird and Burns to oversee the handling of the litigation involving
the Company and International Energy & Mineral Resources
Investment (Hong Kong) Company Limited, a company owned and
controlled by Hongxue Fu, a director of the Company, and his
wife.
Shaun Dykes, the
new President and Chief Executive Officer, welcomes Mr. Conway and
Mr. Burns to the board, and stated that this is a major step
forward for the company and he looks forward to working with the
new board to advance the CuMo project with all deliberate speed and
thus increase shareholder value.
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
