American CuMo Mining Corporation (TSXV:MLY,OTCPINK:MLYCF), along with its subsidiaries Idaho CuMo Mining Corporation and Poly Resources LLC (“Poly”), is pleased to announce that a payment of US$1 million, representing the first instalment payment of the first private placement of US$10 million, as per the binding Memorandum of Understanding entered with Millennia Minerals Pte Ltd. (Singapore) (“Millennia”) (see February 27, 2017 News Release), has been sent to Poly’s bank account in Boise, Idaho. The funds will be available upon final legal review of the Definitive Agreement.
Representatives of Millennia are actively working together with CuMoCo team members on the ground in Boise and continue driving this new strategic financial relationship forward.
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 prepared the technical information contained in this news release.
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. CuMoCo also intends to advance 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.