CALGARY,
Jan. 27, 2014 /CNW/ - CMQ Resources
Inc. (TSXV: NV) ("CMQ") has received a notice (the
"Notice") of termination of its Exploration Agreement with
Option to form a joint venture between Montezuma Mines Inc., a
subsidiary of CMQ ("Montezuma"), and Miranda Gold Corp. (the
"Agreement"). The Agreement previously
provided CMQ, indirectly through Montezuma, with its interest in
the Red Canyon project, one of three Nevada based mining projects being pursued by
CMQ. The Notice has been issued based on Montezuma's failure
to pay certain required amounts under the Agreement or to cure such
defaults within the required period. As a result, the Notice
terminates the Agreement and requests that Montezuma surrender
possession of the Red Canyon project to Miranda Gold Corp.
("Miranda").
CMQ is currently engaged in discussions with
Miranda in an effort to attempt to negotiate the retraction and
cancellation of the Notice. There can be no assurances that
such retraction or cancellation will be obtained. In the
event that no such retraction or cancellation is able to be
obtained CMQ will lose its existing interest in the Red Canyon
Project.
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.
Forward-Looking Statements
This press release contains certain
forward-looking statements and forward-looking information
(collectively referred to herein as "forward-looking
statements") within the meaning of Canadian securities laws,
including with respect to the ability of CMQ to influence
retraction or cancellation of the Notice and the future loss of
rights to the Red Canyon project. All statements other than
statements of historical fact are forward-looking statements.
Forward-looking statements typically contain statements with words
such as "anticipate", "believe", "plan", "continuous", "estimate",
"expect", "intend", "may", "will", "shall", "project", "would",
"should", or similar words suggesting future outcomes.
Undue reliance should not be placed on
forward-looking statements, which are inherently uncertain, are
based on estimates and assumptions, and are subject to known and
unknown risks and uncertainties (both general and specific) that
contribute to the possibility that the future events or
circumstances contemplated by the forward-looking statements will
not occur. There can be no assurance that the plans, intentions or
expectations upon which forward-looking statements are based will
in fact be realized. Actual results will differ, and the difference
may be material and adverse to CMQ and shareholders.
Forward-looking statements are based on management's current
beliefs as well as assumptions made by, and information currently
available to, management. Though management considers these
assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect. By their very
nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks that
forward-looking statements will not be achieved. The
forward-looking statements contained in this press release are made
as of the date hereof and CMQ does not undertake any obligation to
update publicly or to revise any of the included forward-looking
statements, except as required by applicable law. The
forward-looking statements contained herein are expressly qualified
by this cautionary statement.
SOURCE CMQ Resources Inc.