Twenty-one sites have been permitted under a Notice with the
CMQ continues to engage in discussions with Matco in an effort to attempt to negotiate the forbearance of enforcement on existing indebtedness and additional financing required in connection with its existing projects. There can be no assurances that such additional forbearance or any viable financing will be obtained. Matco is currently entitled to enforce its security in respect of such existing indebtedness and seize the assets of CMQ or pursue other legal and contractual remedies. In the event that no additional forbearance or financing from Matco can be obtained, CMQ expects that it will be unable to continue its operations and to operate as a going concern.
Matco is a private corporation controlled by Mr.
Additionally, CMQ is currently continuing to negotiate the terms of the previously announced definitive joint venture agreement with Miranda Gold Corp. ("Miranda") in respect of
North Sleeper Project Details
The North Sleeper (S310 claims) project in
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 availability of continued forbearance and financing from Matco, the conclusion of a definitive joint venture agreement with Miranda, the number and distance of holes to be drilled on the North Sleeper property and CMQ's future ability to carry on operations. 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.
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