International Millennium Mining Corp.
TSX VENTURE : IMI

International Millennium Mining Corp.

November 30, 2009 19:58 ET

International Millennium Mining Corp. Reports 3rd Quarter Results

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2009) - International Millennium Mining Corp. (the "Company") (TSX VENTURE:IMI) reports its financial statements and MD&A (the "Quarterly Report") for the 3rd Quarter ended September 30, 2009 (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
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Cdn ($) 3rd Quarter 3rd Quarter Year to Date
Fiscal 2009 Fiscal 2008 Fiscal 2009
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General and Administration
Expenditures $ 77,241 $ 72,143 $ 226,324
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Stock Based Compensation $ - $ - $ -
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Interest Income $ - $ 365 $ 1,151
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Net Loss $ (101,915) $ (71,778) $ (220,847)
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Net Loss per share $ (0.00) $ (0.00) $ (0.01)
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September 30, December 31,
2009 2008
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Deferred Mineral Property
Expenditures $ 3,306,515 $ 3,106,807
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Total Assets 3,587,256 3,590,231
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Total Liabilities 382,990 316,618
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Share Capital 10,488,737 10,257,737
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Common Shares Outstanding 35,336,943 30,986,944
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Fully Diluted Shares Outstanding 38,361,943 30,986,944
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Summary Discussion

During the nine-month period ending September 30, 2009, the Company made the $100,000 property payment pursuant to the High Lake option agreement. The Company will recover this payment from Canadian Star Minerals Inc. ("Canadian Star") and will continue to recover property payments for the Hilda 30 and Hilda 37 & 38 properties in Mexico.

The Company is positioned to maintain its existing property interests and to fund its cash flow requirements for the next twelve months due to the i) closing of the private placement of $185,500 during the third quarter; ii) the Canadian Star transactions set out below; iii) the continuing Mexico and Cobalt joint ventures; iv) the termination of the Harrison Lake Property joint venture; and, v) soon to be completed negotiations to extend certain property exploration commitments. However, the Company is also actively pursuing new financings and has warrants outstanding that, if exercised, would result in an additional $302,500.

On August 15, 2009, the Harrison Property Joint Venture Agreement between the Company and Zoloto has been terminated. IMMC paid Zoloto $1,000 subsequent to the quarter end as a termination fee. All 35 claims covering the 16,197 hectare Harrison property were allowed to lapse.

In September 2009, the Company signed a Letter of Intent with Canadian Star to sell 100% of the High Lake Property and option 51% of the Electrum Lake Property in exchange for $100,000 and 200,000 shares of Canadian Star to be paid upon closing of the agreement. (IMMC received $75,000 from Canadian Star as a deposit). Canadian Star must also incur $750,000 in exploration expenditures over ten years and pay 500,000 shares of Canadian Star to earn a 51% interest in the Electrum Lake Property.

General and administrative costs for the quarter ended September 30, 2009, were $77,241, an increase of $5,098 from $72,143 in the quarter ended September 30, 2008. Accounting and legal fees decreased during the quarter ended September 30, 2009, to $10,609 from $11,470, in the second quarter of fiscal 2009 due to lower legal fees. Accounting and legal fees decreased from $12,101 in the third quarter of fiscal 2008 to $10,609 in the third quarter of fiscal 2009 due to the salary reductions implemented in fiscal 2008. The Company recorded $7,500 in director fees in the third quarter of fiscal 2009, compared to $7,500 in the second quarter of fiscal 2009 and $6,250 recorded in the third quarter of fiscal 2008. The main reason for the difference is the timing of payments of director fees. Transfer agent and filing fees decreased from $10,102 in the second quarter of fiscal 2009 as compared to the $4,709 recorded in the third quarter of fiscal 2009 due to higher filing fees incurred in the second quarter for the filings for the 2008 Annual General Meeting. Promotion and trade show costs have increased to $24,875 during the third quarter of fiscal 2009 as compared to $18,756 in the second quarter of fiscal 2009 and $12,272 in the third quarter of fiscal 2008 because the Company has increased the investor relation costs to assist in raising new capital.

The Company recorded a net loss of $101,915 for the quarter ending September 30, 2009 as compared to a net loss of $71,241 in the quarter ending September 30, 2008 and a net loss of $55,578 for the second quarter of fiscal 2009. The primary difference is the $35,674 write down of the Warrior and Mable properties recorded in the third quarter of fiscal 2009, this write down is partially offset by the $11,000 income tax recovery.

Cash reserves decreased from $389,586 at December 31, 2008 to $253,844, at September 30, 2009. The Company invests excess cash in short-term interest bearing investments. Its working capital position has decreased to a deficiency of $104,051 at September 30, 2009.

The Company has executed a Joint Venture Agreement with Diamond Exploration Inc. ("DEI") whereby DEI is entitled to earn fifty-one percent (51%) interest, subject to a partially re-purchasable three percent (3%) net smelter return royalty, in thirty-six mining claims comprised of 250 claim units of IMMC's Cobalt Area property. Under terms of the agreement, DEI may earn a 51% interest in diamond production from the property by expending $1,000,000 over a period of up to ten years at an average rate of not less than $100,000 per year and by then delivering to IMMC, 500,000 shares of DEI. Following DEI's acquisition of an interest in the property, further exploration and development of the claims will be the subject of a joint venture between the parties.

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 small mines mining company.

At September 30, 2009, the Company had a total of 35,336,943 common shares and 3,025,000 warrants outstanding.

Concurrently with this news release, the Company is filing its 3rd Quarter 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. is a mineral exploration and development company engaged in the acquisition and exploration of polymetallic mineral properties in Canada and the Americas, with a particular focus on small mine deposits. To date, 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 gold, silver, cobalt, molybdenum, zinc, lead, nickel, copper and platinum group metals. The Company's common shares trade on the TSX Venture Exchange under the symbol: IMI, and on the Frankfurt Exchange under the symbol: L9J.

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.

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.

Contact Information

  • International Millennium Mining Corp.
    Lindsay Malcolm
    (604) 569-2508
    lindsaym@immc.ca
    or
    International Millennium Mining Corp.
    Wayne Meredith
    (604) 569-2509
    waynem@immc.ca