International Millennium Mining Corp.
TSX VENTURE : IMI

International Millennium Mining Corp.

December 01, 2008 09:00 ET

IMMC Announces 3rd Quarter 2008 Report

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2008) - International Millennium Mining Corp. (the "Company") (TSX VENTURE:IMI) announces the release of its 3rd Quarter financial statements and MD&A (the "Quarterly Report") for the nine months ended September 30, 2008 (BC Form 51-102F1). Pursuant to the requirements of National Instrument 54-102, this news release provides a summary of the information contained in the Quarterly Report.



Summary of 3rd Quarter ended
----------------------------------------------------------------------------
September 30, September 30, Year to date
Cdn ($) 2008 2007 Fiscal 2008
----------------------------------------------------------------------------
General and Administration
expenditures $ 72,143 $ 92,015 $ 262,937
----------------------------------------------------------------------------
Interest income $ 365 $ 16,957 $ 15,678
----------------------------------------------------------------------------
Net Loss $ (71,778) $ (75,058) $ (251,259)
----------------------------------------------------------------------------
Net Loss per share $ (0.00) $ (0.00) $ (0.01)
----------------------------------------------------------------------------


----------------------------------------------------------------------------
September 30, December 31,
As at 2008 2007
----------------------------------------------------------------------------
Deferred Mineral Property expenditures $ 6,909,564 $ 5,976,641
----------------------------------------------------------------------------
Total Assets $ 7,649,923 $ 7,956,982
----------------------------------------------------------------------------
Total Liabilities $ 369,124 $ 479,124
----------------------------------------------------------------------------
Share Capital $ 10,254,537 $ 10,204,337
----------------------------------------------------------------------------
Common shares outstanding 30,986,944 30,726,944
----------------------------------------------------------------------------


Summary Discussion

General and administrative costs for the quarter ended September 30, 2008 were $72,144 compared to $102,765 in the second quarter of fiscal 2008 ended June 30, 2008 and $92,015 recorded in the third quarter of fiscal 2007. The primary reasons for the difference are a reduction in printing costs, trade show costs, salaries and transfer agent and filing fees.

At September 30, 2008, the Company had a total of 30,986,944 common shares, 1,825,000 stock options and 13,252,343 warrants outstanding.

Deferred mineral property expenditures totalled $78,358 during the third quarter of fiscal 2008, compared to $451,369 in second quarter of fiscal 2008 and $276,307 in the third quarter of fiscal 2007. Expenditures during the second quarter of fiscal 2008 are mostly attributed to the drill program on the Cobalt, Ontario property. Property payments decreased to $85,199 in the third quarter of fiscal 2008 compared to $106,410 in the second quarter of fiscal 2008, primarily as a result of the annual payment that was paid in the second quarter for the High Lake property, and decreased from $ 116,966 in the fiscal 2007 third quarter because the Nivloc property was acquired and a one time payment was made in that 2007 quarter.

Given the significant changes in the financial and metals markets, as well as the uncertainty in the global economies, Management has agreed to cut backs in fees and salaries, expenses have been reduced and, other then the Simon Property, Nevada, property programs have been put on hold. All the assay results have been received for the Cobalt Property drilling program and there were no significant mineralized drill intersections. Consequently, Management is evaluating the properties to determine which claims to return to the underlying owners. Management is speaking with financiers, but no decision is imminent, nor is there any reason to make any decision until sometime in the spring of 2009.

Exploration Programs

The Simon Mine is a former producing polymetallic mine, located in the Walker-Lane Trend south of Reno. Shut down in the late 1960s, this project now presents itself as an exploration and development play offering both size and grade potential for long-term mining. Historical records of ore shipped from the 905 drift (89 rail cars) indicate average grades 12 oz Ag, 0.04 oz Au, 9% Pb, 5.7% Zn and 3% Cu. (These historic figures are considered relevant and demonstrate the potential of the property, but need to be verified by the Company). A drilling program will be deferred until the financial and metals markets improve, which will not be until sometime in 2009 at the earliest.

The High Lake Property was explored in a piecemeal fashion since the early 1950s. During that time, parts of the claim group were controlled by different parties. The IMMC option agreement marks the first time that this property, covered by the 20 claims, has been held by one company. Additionally, the High Lake Property is contiguous on the south border of the Electrum Lake Property. The High Lake/Electrum Lake Properties contain several known gold and gold/copper- molybdenum prospects. Several resource estimates have been produced by previous explorers on the mineralized zones identified in the eastern and western part of the High Lake Property. MMI geochemistry work has been completed on this project and we are waiting for final results.

The Cobalt Properties have numerous classical Cobalt Type silver targets outlined within the claim group. The Company conducted exploration on the Cobalt Properties in the first quarter of fiscal 2007, which consisted of line cutting and geophysics work over certain areas of the properties. The purpose of the geophysics work was to identify the location of volcanogenic massive sulfide and Cobalt Type targets. In the second quarter, this work was followed up with mobile metal ion geochemistry work, the results of which encouraged the Company to proceed to a drilling program. A drilling contract with Cabo Drilling Corp. was executed February 20, 2008 and drilling commenced April 18, 2008. At this time nine drill holes totaling approximately 2,550 meters have been drilled. Overall the results are disappointing and the Company will likely return a significant portion of the property to the underlying owners.

At the Harrison Lake Projects in British Columbia, ground chemistry and detailed geology of priority targets was completed on the Jason property and drill targets have been defined. The Company hopes to begin a drill program at a later date. The Company and Zoloto have settled their dispute and the Company is committed to a $165,000 exploration program to be completed by the summer of 2009

For the Quarter ending September 30, 2008

General and administration costs decreased $19,919 or 22% to $72,143 in third quarter of fiscal 2008 compared to $92,062 in the third quarter of fiscal 2007 and decreased 30% from the $102,765 recorded in the second quarter of fiscal 2008.

Filing fees decreased by 70% to $4,546 during the third quarter of fiscal 2008 from $ 14,989 in the third quarter of fiscal 2007 and from $9,152 in the second quarter of fiscal 2008 primarily due to significantly reduced activity. The Company accrued $6,250 in directors' fees for the quarter compared to nil for the second quarter of fiscal 2007. Effective April 1, 2007 the Company began recording director fees to each independent director at $500 per month plus $250 for each meeting, but these fees were not recorded until the fourth quarter of fiscal 2007.

Office costs increased 352% to $5,883 in the third quarter of fiscal 2008 from $1,301 in the third quarter of fiscal 2007, as a result of director's & officer's liability insurance expenses incurred during the quarter ending September 30, 2008. Printing and shareholders information decreased by 94% to $ 776 in the third quarter of fiscal 2008 compared to $13,206 in the second quarter of fiscal 2007 and from $16,314 in the second quarter of fiscal 2008. Printing of the annual report takes place during the second quarter of fiscal 2008, at which time the expense is incurred.

The Company recorded a net loss of ($71,778) for the third quarter of fiscal 2008 as compared to a net loss of ($75,058) in third quarter of fiscal 2007. The smaller loss is primarily the result of lower general and administration expenses incurred during the 3rd quarter of fiscal 2008. Interest income decreased to $365 in the second quarter of fiscal 2008 compared to $16,957 in the third quarter of fiscal 2007.

For the nine months ending September 30, 2008

Accounting and legal fees decreased, during the nine months ending September 30, 2008, to $43,734 from $49,700 in the nine months ending September 30, 2007 due to lower total legal fees in fiscal 2008 compared to the fees incurred because of the completion of the listing application in 2007. The Company recorded $22,500 in director fees during the nine-month period ending September 30, 2008 compared to nil in the comparable period in fiscal 2007. Directors' fees for fiscal 2007 were first recorded and paid in the fourth quarter of fiscal 2007. Transfer agent and filing fees were reduced significantly to $26,557 for the nine months ending September 30 in fiscal 2008 compared to $66,993 recorded in nine months ending September 30 fiscal 2007, because of the reduction in costs related to the finalization of the listing application in 2007.

The Company recorded a net loss of ($251,259) for the nine months ending September 30, 2008 as compared to a net loss of ($345,527) in nine months ending September 30, 2007. The difference is that there was very low stock based compensation expense in 2008 as compared to $114,000 recorded in fiscal 2007. Interest income has also decreased, due to the smaller investment base, to $15,678 in the nine months ending September 30 2008, compared to $61,917 in the nine months ending September 2007.

Management is focused on precious metal polymetallic projects in the Americas and is working towards building a strong, stable and well financed mineral exploration and development property entity.

Financial and Mineral Property Information

Concurrently with this news release, the Company is filing the Quarterly Report with the regulatory authorities through SEDAR (www.sedar.com) and has mailed it to shareholders who have requested copies and whose names appear on the Company's Supplemental List. A copy of the Quarterly Report is available on the SEDAR website, or will be mailed upon request. Additional information about International Millennium Mining Corp. and its mineral property interests, including technical reports, is available on the internet at the SEDAR website, namely www.sedar.com.

International Millennium Mining Corp. (the "Company") is a mineral exploration and development company engaged in the acquisition and exploration of mineral properties in the Americas. The Company has acquired and is exploring mineral properties in British Columbia, and Ontario, Canada; Nevada, USA; and Sonora State, Mexico. Emerging mineral targets include silver, gold, cobalt, molybdenum, zinc, lead, nickel, copper and platinum group metals.

ON BEHALF OF THE BOARD

John A. Versfelt, President and CEO

Further information about the Company can be found on SEDAR (www.sedar.com).

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes and other business transactions timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Contact Information

  • International Millennium Mining Corp.
    Mr. John A. Versfelt
    President & CEO
    (604) 984-9907
    or
    International Millennium Mining Corp.
    Mr. D. Alex Caldwell
    Corporate Secretary
    (604) 984-9907
    Email: info@immc.ca