Core Nickel

American CuMo Mining Announces Additional Financing Arrangements; Provides Update on Calida Gold Drilling Program

Vancouver, British Columbia--(Newsfile Corp. - September 12, 2017) - American CuMo Mining Corporation (TSXV: MLY) (OTC Pink: MLYCF) ("CuMoCo or the "Company") announces that Millennia Minerals Pte Ltd. ("Millennia") has informed the Company that it still intends to proceed with the proposed financing, subject to the final approval of Millennia's Board of Directors, of up to US$200 million (the "Millennia Financing") with the Company, as announced in the Company's previous news releases, and that Millennia has advised that it is in the final stages of obtaining the necessary funds to close the Millennia Financing. Concurrently, the Company has notified Millennia that it is seeking additional financing arrangements to meet its operational requirements until such time that the strategic financial agreements with Millennia are executed, and adequate funds are received from Millennia.

The Company continues to offer its non-brokered private placement (the "Private Placement") of up to 15,000,000 units (the "Units") at a price of CAD$0.25 per Unit to raise gross proceeds of up to CAD$3,750,000, as announced in its news release dated August 15, 2017. CuMoCo has received some subscription agreements and, as well, expressions of interest from investors that collectively represent a significant amount of the Private Placement. The Company may adjust the pricing based on current market conditions, subject to the consent of the TSX Venture Exchange ("Exchange").

Additionally, at the request of several potential investors and interested groups, the Company has amended the pricing structure of its silver stream units, subject to Exchange approval, to allow smaller amounts of silver to be purchased. As announced in previous news releases, CuMoCo's silver stream units (the "Original Silver Stream Units") were priced at US$250,000 per Original Silver Stream Unit, with each Original Silver Stream Unit consisting of a secured and non-transferable promissory note in the principal amount of US$250,000 (a "Note") and a right (the "Silver Purchase Right") to enter into a silver purchase and sale agreement (a "Silver Purchase Agreement") with the Company's wholly-owned subsidiary, Idaho CuMo Mining Corporation ("Idaho Cumo"). The Notes will bear interest at a rate of 8.5% per annum and give the Original Silver Stream Unit holder a Silver Purchase Right to purchase 375,000 ounces of silver for US$5 per ounce from future production. The Company will continue to offer Original Silver Stream Units for sale. A total of 77 Original Silver Stream Units, with corresponding Silver Purchase Rights for 28,875,000 ounces of silver, remain for sale.

The Company will additionally offer for sale silver stream units with a reduced minimum purchase price of US$5,000 per Silver Stream Unit (a "New Silver Stream Unit"). The holder of a New Silver Stream Unit will be granted a Silver Purchase Right pursuant to a Silver Purchase Agreement with Idaho Cumo to purchase that number of ounces of silver equal to the amount of the investment divided by US$1. For example, an investment of US$5,000 will give the holder of the New Silver Stream Unit the right to purchase 5,000 ounces of silver at US$5 per ounce, and an investment of US$10,000 will give the holder of the New Silver Stream Unit the right to purchase 10,000 ounces of silver at US$5 per ounce. Silver ounces from future production will be sold on a first come first served basis.

In other news, drilling at CuMoCo's Calida Gold project continues to intercept copper-bearing mineralized zones, with 18 holes now completed on the project. Copper is a signature of the gold-copper-silver bearing zones that were present in the historic drilling on the project. Drilling is expected to continue for the next few months, weather permitting.

The following table lists each hole information and visual mineralized intercepts (containing quartz veins with visible copper):

Hole Information Mineralized intercepts
Hole Pad azimuth dip length length start end length start end length
        meters feet meters meters meters feet feet feet
C17-1 W3 180 -45 172.4 565.5 50.6 71.0 20.4 166 233 67.0
C17-2 W3 180 -60 110.3 361.8 93.6 105.2 11.6 307 345 38.0
C17-3 W3 210 -45 185.6 609.0 3.0 15.2 12.2 10 50 40.0
            26.8 51.8 25.0 88 170 82.0
C17-4 W3 210 -60 101.3 332.5 18.0 25.0 7.0 59 82 23.0
            28.7 40.8 12.2 94 134 40.0
C17-5 M1 180 -45 142.3 467.0 32.3 37.5 5.2 106 123 17.0
C17-6 M1 210 -50 144.9 475.5 4.9 15.2 10.4 16 50 34.0
            74.1 95.7 21.6 243 314 71.0
C17-7 M1 210 -65 130.9 429.5 7.0 27.4 20.4 23 90 67.0
C17-8 M3 200 -50 111.3 365.0 21.9 52.4 30.5 72 172 100.0
            92.4 94.5 2.1 303 310 7.0
C17-9 M3 200 -65 74.1 243.0 10.1 35.7 25.6 33 117 84.0
            48.5 56.4 7.9 159 185 26.0
C17-10 M3 170 -50 36.6 120.0 10.1 36.6 26.5 33 120 87.0
Hole abandoned due to stuck rods            
C17-11 M3 170 -65 101.5 333.0 15.5 28.7 13.1 51 94 43.0
            77.4 88.4 11.0 254 290 36.0
C17-12 M3 70 -50 79.9 262.0 56.4 79.2 22.9 185 260 75.0
C17-13 M2 210 -60 101.5 333 19.8 21.3 1.5 65 70 5.0
            52.7 62.2 9.4 173 204 31.0
C17-14 M2 170 -60 146.0 479 16.2 18.0 1.8 53 59 6.0
            74.1 92.4 18.3 243 303 60.0
C17-15 w4 200 -65 107.4 352.5 34.4 39.0 4.6 113 128 15.0
            45.3 69.5 24.2 148.5 228 79.5
C17-16 W4 170 -65 94.2 309 34.1 40.7 6.6 112 133.5 21.5
            47.2 66.4 19.2 155 218 63.0
C17-17 w2 210 -65 96.0 315 68.1 75.3 7.2 223.5 247 23.5
            79.6 91.7 12.2 261 301 40.0
C17-18 W2 170 -65 100.0 328 62.5 68.6 6.1 205 225 20.0
            74.4 95.7 21.3 244 314 70.0

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 the Calida Gold project and he prepared the technical information contained in this news release.

About CuMoCo

CuMoCo is focused on advancing its CuMo Project towards feasibility. CuMoCo is also advancing 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.

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