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Cameo Engages JDS Energy & Mining to Conduct Comprehensive Assessment of Max Mill and Mine

30.04.2019  |  GlobeNewswire

VANCOUVER, April 30, 2019 - Cameo Industries Corp. (TSX Venture: CRU) (OTC: CRUUF) (FWB: SY7N) (the “Company” or “Cameo”) is pleased to announce it has formally engaged JDS Energy & Mining Inc. (“JDS”) to conduct an assessment of its MAX Mill and Molybdenum Project.

JDS will conduct a preliminary site visit in order carry out a comprehensive assessment of the MAX Mine Concentrator in May 2019. The objective of this initiative is to determine the estimated 2019 replacement cost of the MAX Mine and Mill. The report will depict equipment conditions and provide recommendations for critical equipment/facility upgrades that may be needed.

JDS’ initial mine site investigation will be comprised of:

  • Inspection of the water management and treatment facilities, site roads and sewage treatment;
  • Inspection of all rotating equipment such as pumps, gearboxes, etc.;
  • Inspection of all valves, pipefittings, crushers, mills, flotation cells etc.;
  • Inspection of all existing infrastructure including insulation, siding, leakage, HVAC, walkways etc.; and,
  • Analysis of all existing technical documents including operating manuals, drawings etc.

Once complete Cameo Industries can ensure that all general safety conditions are in place and that the company is compliant with the BC Mine Act, as well as all Electrical and Building Codes. Additionally, Cameo will leverage conclusions derived from JDS’ assessment report to identify potential opportunities related to mill performance, mine recovery and throughput.

Akash Patel, Chief Executive Officer and a Director of Cameo, stated: “JDS is uniquely qualified to complete this evaluation due to their proven experience performing similar projects. The insights provided by the JDS Mining & Energy Assessment will guide management in making mission critical decisions for the future development of the Max Mine and Mill.”

MAX MILL AND MOLYBDENUM PROJECT

The MAX Property covers more than 5,200 hectares near the community of Trout Lake in southeastern B.C., and includes the Max Mill and the underground workings of the MAX molybdenum project. The MAX Molybdenum project was explored by Newmont Exploration Canada Inc. in the late 1970’s and early 1980’s, including development of an underground access adit, rock dump, and roads.

The MAX molybdenum project mill is the suggested site for processing the gold-copper-silver ore from the Willa deposit, as described in the Willa PEA technical report (see below; Ash, et al., 2016). The MAX mill is located 142 km from the Willa deposit by road. Ash et al. (2016) noted that as of late 2015, the MAX mill had BCMEM permits in good standing, but they might need amending and/or extending if material is going to be shipped from the Willa Property and if new tailings are to be produced.

ABOUT JDS ENERGY & MINING

JDS Energy & Mining Inc. (JDS) was founded in 2004 and is composed of a diverse set of skilled and highly experienced mining and construction professionals. With a proven record providing clients with fit-for-purpose solutions and value delivery, JDS has acquired a reputation for delivering and executing project plans on budget, on time, and most importantly, safely. The JDS team prides itself on delivering project concepts from inception to full operations – a process it has executed seamlessly for operations throughout Canada and the world, including the Minto Mine in the Yukon, the Gahcho Kue Mine located in the Northwest Territories, and most recently the Silvertip Mine in northern British Columbia.

CAMEO INDUSTRIES CORP.

“Akash Patel”

For more information contact:
(778) 549-6714

Or Email: lucas@iacinvest.com
www.cameocobalt.com

Reader Advisory
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the Company’s proposed acquisition, exploration program and the expectations for the cobalt industry. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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