2013-02-08 03:07:16 -
BOISE, IDAHO -- (Marketwire) -- 02/08/13 -- The leadership team of the Boise National Forest (BNF) and Board of Directors of American CuMo Mining Corporation's (CuMoCo) (TSX VENTURE:MLY)(OTCQX:MLYCF) exploration team have responded to the Federal District Court's August 29, 2012, Memorandum of Decision and Order. The Boise National Forest will prepare a supplemental Environmental Assessment (EA) to undertake further analysis concerning groundwater hydrology relating to drilling explorations of CuMoCo at its CuMo Mineral Project, in remote Boise County.
On August 29, 2012, Federal District Court Judge, Edward Lodge, required that the Forest Service further clarify groundwater hydrology testing reported in the 2011 EA. Judge Lodge's decision was the result of a lawsuit brought by environmental groups challenging the agency's EA process and its Finding of No Significant Impact. Judge Lodge ruled in favor of the Forest Service regarding four of the five claims made by the environmental groups, and called for supplemental documentation on groundwater impact only.
"While the EA did include groundwater data related to the CuMo Project exploration, it needed to be presented in a more comprehensive manner," said Shaun Dykes, Chief Executive Officer of CuMoCo. "We look forward to providing additional information concerning the groundwater testing and to proceeding further with the Project."
The Forest Service will supplement the 2011 EA to include a detailed subsection discussing and analyzing the groundwater hydrology. The subsection will include evidence that supports the Decision Notice and Finding of No Significant Impact study previously issued by the Forest Service in 2011.
"CuMoCo is committed to a strong working relationship with the Forest Service and the communities of Idaho to advance this vital exploration program with our industry-leading environmental practices," said Dykes.
The CuMo exploration team has maintained best management practices with respect to groundwater, hydrogeology and environmental protection in conducting its federally approved activities on private and public lands during a successful exploration program in 2012. Exploration data is a critical determinant in assessing the financial investment needed to advance the Project.
"With the cooperation of the Forest Service, best management practices and vital support of the community, the CuMo Project should be able to progress. As CuMoCo works through these environmental assessments, I believe we will be able to reach our goal of bringing thousands of jobs to Idaho and billions of dollars of construction and development spending to the area," Dykes said.
ABOUT AMERICAN CUMO MINING CORPORATION
American CuMo Mining Corporation is a mining exploration and development company with a diverse portfolio of high potential precious and base metals projects, located in low political risk environments in North America.
The Company's primary focus is developing its Idaho-based CuMo Project, one of the world's largest
molybdenum deposits. For more information about the Company, please visit www.cumoco.com : www.cumoco.com and www.cumoproject.com.
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.
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.
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