VANCOUVER, July 18,
2014 /PRNewswire/ - American CuMo Mining Corporation
("CuMoCo" or the "Company") (TSXV: MLY; OTCQX: MLYCF) and
Shaun Dykes, Chief Operating
Officer, are pleased to announce that yesterday afternoon the
Supreme Court of British Columbia
heard Mr. Dykes' application for an order to halt the lawsuit
brought by IEMR Hong Kong ("IEMR(HK)") against the Company and Mr.
Dykes on June 17, 2014, and ordered
that the lawsuit be stayed. Yesterday evening, IEMR(HK)
published a news release that incorrectly stated that the lawsuit
was "ongoing" when it was actually stayed by the Court
yesterday afternoon. IEMR(HK) first attempted to delay Mr.
Dykes' application yesterday, with a preliminary request to adjourn
it for some unspecified period of time, but the Supreme Court
dismissed IEMR(HK)'s application for a delay
The Court ruled that Mr. Dykes was correct in his
argument that IEMR(HK)'s claim was improperly commenced. The
Court ruled that, by having commenced the lawsuit as a Notice of
Civil Claim, IEMR(HK) was circumventing the Rules of Court, which
entitle Mr. Dykes to the right to require that IEMR(HK) support the
serious claims that it was making against him and the company with
a sworn affidavit. By following an improper procedure,
IEMR(HK) filed allegations against Mr. Dykes without any sworn
evidence to support them. Mr. Yiming
Xie published certain of its unsupported allegations in a
public news release on June 30th. Yesterday's ruling by the
Supreme Court requires IEMR(HK), if it wishes to continue with a
new proper Petition proceeding, to file a sworn affidavit deposing
to the allegations against Mr. Dykes, rather than simply making
unsupported allegations, as it did in its initial lawsuit.
The court also awarded costs to Mr. Dykes.
American CuMo Mining Corporation
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 September 30,
2013. 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