American Cumo Mining Corp. (OTC pink: MLYCF) is engaged as a mining company, which operates the Calida Gold Project. Shares of the gold mining company are rallying 4%, through early trading on Friday, August 4, 2017. Over the past month, American Cumo Mining Corp. has seen average daily volume of 29,242 shares. However, volume of 47,855 shares or dollar volume of $13,399, has already exchanged hands on the day.
Shares of American Cumo Mining Corp. are rallying today, after the company provided a drilling update on its Calida Gold project. The company has successfully drilled five holes with various mineralized zones and intersections. In addition, the company has received conditional acceptance from Canadian regulators, regarding $3 million private placement with Millennia Minerals Ptd Ltd. Here is the full press release detailing of the drilling and private placement:
American Cumo Mining Corp. Press Release:
Vancouver, British Columbia–(Newsfile Corp. – August 1, 2017) – American Cumo Mining Corp. (TSXV: MLY) (OTC Pink: MLYCF) (“CuMoCo” or the “Company”) announces that drilling at its Calida Gold project continues with five holes completed and a sixth hole currently being drilled. The five completed holes have intersected altered and mineralized zones over significant widths. Holes one and two were reported previously in the Company’s news release dated July 17, 2017.
The third hole (C17-03) was drilled to intersect the main vein approximately 100 feet west of intersections in holes C17-01 and C17-02 from the same pad. C17-03 intersected two mineralized zones: 3-meters (10 feet) width between 15.2 meters (50 feet) and 18.2 (60 feet) and 25 meters (82 feet) between 26.8 meters (88 Feet) and 51.8 meters (170 feet). The fourth hole (C17-04), drilled from the same pad at a steeper angle, also intersected two zones: 7 meters (23 feet) between 18 meters (59 feet) and 25 meters (82 feet) and 12.1 meters (40 feet) between 28.7 meters (94 feet) to 40.8 meters (134 feet).
The fifth hole (C17-05) was collared approximately 300 meters (1000 feet) west of the initial holes and drilled into a fault zone with only a single 5.2-meter intersection (17 feet) intersection between 32.3 meter (106 feet) and 37.5 meters (123 feet). The sixth hole (C17-06) is currently being drilled at an angle to avoid the fault intersected in C17-05. It has intersected an upper mineralized zone between 4.9 meters (16 feet) and 15.2 meters (50 feet) and is currently drilling within a second intersection at 78.3 meters (257 feet).
Overall, the intersections are visually similar to those reported by the previous drilling in 1983. The core is being processed and sent for assaying and results will be published as soon as they are received.
In other news, the TSX Venture Exchange has conditionally accepted the proposed US$3 million private placement of 11,000,000 shares at a price of CAD$0.34091 per share (USD$0.27273) between the Company and Millennia Minerals Pte Ltd. (“Millennia”). The proceeds from the private placement will be used to repay the CAD$1,500,000 debenture owed to IEMR(HK) due October 25, 2017 and the USD$1,500,000 debenture also owed to IEMR(HK) due November 25, 2017.
Finally, the Company has applied to the TSX Venture Exchange for conditional approval of the proposed strategic financial partnership with Millennia, and the Company’s lawyers continue to work with Millennia’s lawyers to finalise the detailed legal agreements covering the partnership. Currently, there are no additional agreements in place to extend the due diligence and exclusivity periods, which expired in July.
Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., President and CEO of the Company is the designated qualified person for the CuMo Project and Calida Gold, and prepared the technical information contained in this news release.
About American Cumo Mining Corp.
CuMoCo is focused on advancing its CuMo Project towards feasibility. CuMoCo is also advancing its newly-acquired Calida Gold Project. Management is continuing to build an even stronger foundation from which to move the Company and its projects forward. For more information, please visit www.cumoco.com , www.idahocumo.com and www.cumoproject.com .
For further information, please contact:
American Cumo Mining Corp.
Shaun Dykes, President and Chief Executive Officer
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 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 as the Company’s plan to drill 60 to 70 holes at the Calida Gold Project this year and the Company’s advancement of its CuMo Project to feasibility. Forward-looking information is based on a number of material factors and assumptions, including the result of exploration activities, the ability of CuMoCo to raise additional funds to complete the proposed drill program at Calida and for a feasibility study, that no labour shortages or delays are experienced, that plant and equipment function as specified, that a Court will not intervene with the Company’s proposed exploration activities at the Calida Gold Project, and the ability of the Company to obtain all requisite permits and licenses to advance the CuMo Project. 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 gold, 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, 2017. 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.