MONTREAL, Sept. 13, 2019 (GLOBE NEWSWIRE) -- AM Resources Corporation (“AM” or the “Corporation”) (AMR.V) (76A.F) informs that following a routine site visit to the Corporation’s DJU-071 coal concession contract area (the “Mina Luz Property”) by the Colombian National Mining Agency (“ANM”), the mining activities have been provisionally suspended for allegedly being outside the granted area.
The Corporation’s Colombian subsidiary AM Resources SAS, is actively working with local counsel to undertake the necessary legal action in order to clarify this situation and request the lifting of the suspension, before the ANM, which unfortunately can take up to sixty business days to respond.
AM wishes to clarify that the decision to suspend mining work is a provisional measure, while the Corporation and the ANM clarifies the area of the coordinates granted. AM is fully committed to work diligently, with Colombian regulatory authorities to resolve this situation in a timely manner.
La Esperanza Progress
On a more exciting note the Corporation recently received the TSXV final approval of the acquisition of its La Esperanza asphaltite project located Norte de Santander, in Colombia, and is really pleased with the progress of its exploration program. AM intends to divert a portion of it available resources from the Mina Luz Property while it works toward resolving the title issue.
Lastly, further to its August 22 and 23, 2018 press release, the Corporation also wants to inform its shareholders that it is still working on arranging the financing to complete a transaction for the Ultimate Conversion System (‘’UCS’’) machine.
ABOUT AM RESOURCES CORP.
AM Resources Corp. is a mining exploration Corporation with interests in coal, natural bitumen and gold projects in Colombia. AM is betting on Colombia's excellent mineral potential and favourable climate to pursue its Colombian venture.
For more information, please contact:
Adriana Rios Garcia
President and Chief Executive Officer
Neither 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 news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AM to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date.
AM does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.