American CuMo Gains 18 Percent on Updated Resource Estimate

American CuMo Mining (TSXV:MLY) has reported a new mineral resource estimate for its CuMo molybdenum-copper-silver deposit in Idaho. The company gained 18 percent on the news. The new estimate confirms that CuMo is the largest unmined open pit molybdenum deposit in the world.
As quoted in the press release:

Gary Giroux of Giroux Consultants, an independent, internationally recognized mineral industry consultant, completed the estimate. The results represent significant additions to the 2011-12 resource estimate. Most notable are a new measured category and substantial increases to the silver, copper and tungsten measured and indicated estimates. The new estimate covers only approximately 60% of the mineralizing system’s footprint identified to date.
The new resource estimate confirms that the CuMo Project is the largest unmined open-pit molybdenum deposit in the world, and also one of the world’s largest silver deposits. A full 43-101 technical report will be filed on Sedar within 45 days.

Shaun Dykes, president and CEO of American CuMo, said:

I am extremely pleased with the results of CuMo’s new 43-101 mineral resource estimate. The increases in the measured and indicated categories were the result of recent drilling being concentrated in the area of the core of the deposit. Together with a new measured category and an overall increase in the measured and indicated categories, the estimate significantly increases the project’s previous valuations. The new estimate represents a substantial milestone towards completing our feasibility study and achieving our goal of trading on a major international stock exchange.

Click here to read the American CuMo Mining (TSXV:MLY) press release
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