Vancouver, B.C., January 7, 2013: American CuMo Mining Corporation (TSXV: MLY), (formerly, Mosquito Consolidated Gold Mines Limited) (the "Company") is pleased to announce that it will begin trading under its new corporate name today after its shareholders approved the name change at the Annual and Special General Meeting of Shareholders held December 28, 2012. Shareholders re-elected Hongxue Fu, Shaun Dykes, Stanislaw Siewierski, Joseph Baird, John Moeller and Long Wang as directors of the Company and also approved the continuation of the Shareholder rights plan and the 10% rolling stock option plan. The Board has also appointed Long Wang as Executive Vice-President and Trevor Burns as Vice-President, Public Relations in addition to the existing management team.
Shaun Dykes, CEO, reported to shareholders that the Company is on firm financial footing with a $3 million loan received from International Energy & Mineral Resources Investment (Hong Kong) Company Limited (a company controlled by Hongxue Fu, the Company's Executive Chairman and President) and the ongoing sale of equipment and assets of the Company's wholly-owned subsidiary, Kirkness Diamond Drilling. Mr. Dykes said both the loan funding and equipment sales should be sufficient to fund 2013 work programs at the Company's CuMo project and future corporate development.
The Company is completely 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 copper and silver producer. With a professional, dedicated team and new funding in place, management is confident that it is on the path of realizing the potential of the CuMo project.
The Company's new web site (www.cumoco.com) will be accessible shortly with updated presentation materials to follow.
The Board sincerely thanks the shareholders for their tremendous support in effecting necessary change at the Company.
On behalf of the Board of Directors of
American CuMo Mining Corporation
Chief Executive Officer
For further information, contact:
Shaun Dykes, Chief Executive Officer
American CuMo Mining Corporation
Tel: (604) 689-7902
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.
This 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, including such things as the Company's current funding, and funds to be received from equipment sales, being sufficient to fund 2013 work programs at the CuMo project and corporate development.
Often, but not always, forward-looking information can be identified by the use of words such as "expects", "estimates", "potential", or "believes" or describes a "goal" or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.
Forward-looking information is based on a number of material factors and assumptions, including the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen breakdowns, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, that the Court will not intervene with the Company's proposed exploration activities at the CuMo project and that laboratory and other related services are available and perform as contracted. 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 results, prediction, projection, forecast, performance or achievements 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; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, 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.
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