Mr. Shaun Dykes reports

AMERICAN CUMO MINING UPDATES SHAREHOLDERS

American CuMo Mining Corp. is closing the first tranche of a non-brokered private placement of units. The company intends to raise up to $2-million through the sale of up to 20 million units at a price of 10 cents per unit. Each unit consists of one common share of the company and one common share purchase warrant exercisable to purchase an additional common share of the company at a price of 15 cents per warrant share for a period of two years from the date of issue, subject to an acceleration provision whereby the term of the warrants may be accelerated if the company's common shares trade at or above a price of 17.5 cents per share for a period of 10 consecutive trading days. In such case, the company may give notice to the holders of warrants that the warrants will expire 20 days from the date of providing such notice. The private placement is subject to TSX Venture Exchange approval. In connection with the private placement and in accordance with TSX-V policy, the company may pay finders' fees to certain eligible finders for units sold in the private placement.

The first tranche consists of a total of 6.51 million units for gross proceeds of $651,000. The private placement is being kept open as several parties are still determining their level of participation. A price reservation was previously filed with the TSX-V.

The funds received will be allocated to continuing permitting work at the CuMo project and for general working capital.

In other news, the U.S. Forest Service and its third party contractor, Stantec, continue to work on finalizing the supplemental red-line environmental assessment (SREA) draft for the CuMo project, having completed studies on the effects of two fires that burned through the area in 2014 and 2016. The draft is scheduled to be released to the public during the fourth quarter of 2018.

President Trump signed into law Bill H.R. 5515, National Defense Authorization Act for 2019. Included in the act is Section 871, Prohibition on Acquisition of Sensitive Materials from Non-Allied Foreign Nations, which includes tungsten. With China as the primary supplier of tungsten and on the prohibition list, the United States will be actively looking for domestic sources; this is highly advantageous to the CuMo project, given it is one of the largest tungsten deposits in North America.

Regarding the Calida gold project, the company has received the results of the detailed sample study completed by Process Mineralogical Consulting Ltd. The company is currently reviewing the results and will report the results in a separate news release.

Finally, the company continues to work with several parties on both its financing efforts and its projects.

Shaun M. Dykes, MSc (Eng), PGeo, president and chief executive officer of the company, is the designated qualified person for the CuMo project and the Calida gold project and has prepared the technical information contained in this news release.

About American CuMo Mining Corp.

American CuMo is focused on advancing its CuMo project toward feasibility. American CuMo is also advancing its recently acquired Calida gold project.

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