International Millennium Mining Corp.
TSX VENTURE : IMI
FRANKFURT : L9J

International Millennium Mining Corp.

November 02, 2009 09:00 ET

International Millennium Mining & First Mexican Resources Sign Letter of Intent to Change Their Interests in Sonora Mexico Properties

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2009) - International Millennium Mining Corp. ("IMMC" or the "Company") (TSX VENTURE:IMI)(FRANKFURT:L9J) announces that it has signed a new letter of intent ("LOI") with First Mexican Resources Inc. ("First Mex") of Vancouver, B.C., whereby the two companies will replace their existing agreement with respect to the Company's three mineral properties in Sonora State, Mexico. Under the present option, announced, July 16, 2007, First Mex has been earning the right to elect acquisition of either a 60% or 40% interest in the three Hilda 30, Hilda 37/38 and La Esperanza properties. The LOI sets out terms of a new agreement that entitles First Mex to acquire up to 80% interest in the Hilda properties. IMMC retains 100% interest in the La Esperanza property. For its interests in the Hilda properties, First Mex will pay a total of US$100,000 in staged cash payments, issue IMMC 1.4 million First Mex shares and incur US$3.24 million in exploration or development expenditures on the properties over five years.

The LOI sets out terms of two options. Under the first option, IMMC grants First Mex the right to acquire 60% interest in one Hilda property and 40% in the other by maintaining the option and by expending US$239,808 by August 31, 2010. This would bring total expenditures by First Mex under the existing and replacement agreements to US$1 million. The second option allows First Mex to acquire 80% interest in both Hilda properties. Following acquisition by First Mex of its interest in the Hilda properties, First Mex and IMMC will form joint ventures. If either party's interest in a Joint Venture is reduced to 10%, that interest will convert to a partially re-purchasable two percent (2%) NSR royalty interest.

James G. Burns, BSc., PEng., a qualified person, pursuant to NI 43-101, describes the Hilda properties as situated about 190 km ESE of Hermosillo, the capital of Sonora state, and approximately 50 km west from the town of Yecora. The properties are underlain by Cretaceous to Tertiary age andesite and rhyolite volcanic rocks that are part of the Sierra Madre Occidental province which is host to numerous epithermal gold/silver mines and mineral occurrences. Near the properties the volcanic rocks have been intruded by a monzonite porphyry pluton. At least 14 gold-silver mineral occurrences are spatially related to this pluton which suggests that the pluton may have been the heat source for the mineralizing fluids.

In the past both properties have been extensively prospected. In 1910, a 27 m shaft was sunk on the Hilda 30 concession to access a 30 - 50 cm thick tetrahedrite (Cu,Sb,Ag) vein. More recently, a short incline shaft was excavated to access the same vein and two declines were commenced also targeting similar vein structures. In the same area, samples from a 46 m long breccia zone healed with drusy quartz veins exposed in a road cut averaged 3.07 g/t Au and 155 g/t Ag.. This zone lies above the shaft area and appears to strike towards it. This suggests that a zone of bulk mineable material may exist on the property.

About International Millennium Mining Corp.

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. 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 silver, gold, cobalt, molybdenum, zinc, lead, nickel, copper and platinum group metals. The Company's common shares trade on the Frankfurt Exchange under the symbol: L9J and on the TSX Venture Exchange under the symbol: IMI.

ON BEHALF OF THE BOARD,

John A. Versfelt, President & 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