International Millennium Mining Corp.
TSX VENTURE : IMI

International Millennium Mining Corp.

July 16, 2007 09:00 ET

IMMC Signs Option and Joint Venture Agreement With First Mexican Resources on Mexican Properties

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2007) - International Millennium Mining Corp. (TSX VENTURE:IMI) ("IMMC" or the "Company") 100% wholly owned subsidiary Minera Internacional Milenio S.A. de C.V. (MIMSA) has entered into an Option and Joint Venture Agreement with First Mexican Resources Inc. ("First Mex") of Toronto, Ontario, granting First Mex the right to elect to acquire 60% interest in some and 40% interest in other mineral concessions in Sonora State, Mexico.

In consideration of the expenditure by First Mex of one million US dollars (US$1,000,000) in accordance with the terms of the Option Agreement, First Mex acquires the exclusive and irrevocable right and option to elect, based on an alternating right-of-election formula set out in the Agreement, to acquire sixty or forty percent undivided interests in and to the Hilda 30 and La Esperanza properties presently held under agreements by MIMSA, and in any other property acquired by MIMSA or First Mex within a defined area of interest in Sonora State.

First Mex agrees to expend an aggregate total of US$1,000,000 on any one or more of the Mexican properties as follows:



a) US$175,000 on or before December 31, 2007;
b) US$175,000 on or before August 31, 2008;
c) US$275,000 on or before August 31, 2009; and
d) US$375,000 on or before August 31, 2010.


Upon completion of the expenditures and acquisition by the parties of respective interests in the properties, all subsequent expenditures for exploration or development of each property are to be carried out on a joint venture basis.

About the Mexican Properties

James G. Burns, BSc., PEng., a qualified person, pursuant to NI 43-101, describes the Mexican properties in the summary of his Technical Report for the Hilda 30 and La Esperanza Concessions, Sonora State, Mexican properties (a copy of which was filed July 20, 2005, and can be found at www.sedar.com), as follows:

"The Hilda 30 concession and La Esperanza concession are both located in Sonora State, Mexico. The properties lie about 190 km ESE of Hermosillo, the state capital, and approximately 50 km west from the town of Yecora. There is road access onto both properties.

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 tetrahedrite vein. More recently, a short incline shaft was excavated to access the same vein and two declines were commenced also targeting similar vein structures. At La Esperanza concession the remains of an earthen kiln and slag pile, and a 20 m long adit are evidence of past exploration efforts. There is nothing, such as cut lines, drill hole sites, or other evidence, to indicate either property was ever systematically explored.

At least one mineral occurrence exists on both properties. On Hilda 30 a 40 m wide breccia zone with a quartz stockwork exposed in a road cut averages 2.8 g/t gold and 228 g/t silver. This zone lies above the shaft area and appears to strike towards it. At Esperanza a silica-argillite alteration zone has been traced for 600 m. One tetrahedrite vein is known within this alteration zone and the presence of others suspected. Assays for grab samples collected within the alteration zone are weakly to strongly anomalous for gold and silver. The style of mineralization on both properties is consistent with the model for epithermal precious metal deposits.

The Hilda 30 and Esperanza properties are prospective as potential settings for epithermal economic gold-silver deposits. Favourable factors include:

- Both the Hilda 30 and la Esperanza properties are underlain by favourable Cretaceous-Tertiary volcanic stratigraphy that within the Sierra Madre Occidental province are host to numerous gold-silver mines and occurrences.

- The monzonite intrusion created numerous structural features have been mapped in the immediate vicinity of the two properties. The structures act as channel ways for mineralizing fluids which are pumped through the rock driven by the latent heat from the intrusion. There are 14 known gold-silver occurrences spatially related to the intrusion.

- There is at least one mineral occurrence on each property. The indicated grade (2.8 g/t Au and 228 g/t Ag) over a +/- 40m width on the Hilda 30 is suggestive of the potential for a bulk mineable deposit. The 600+ m alteration zone at Esperanza is suggestive of a potential large mineralizing system.

- Neither property has been systematically explored."

A 2-Phase exploration program comprising rock, stream sediment and soil sampling, geological mapping, IP survey, satellite and air photo analysis and core drilling is proposed as the next logical step to evaluate the properties. First Mex has commenced exploration work on the Hilda 30 property.

About First Mexican Resources Inc.

First Mexican Resources Inc. is a mineral exploration company focused on creating significant shareholder value by acquiring Gold and Silver exploration properties of merit in Mexico, and proving up the resource potential to bring those properties into production. The Company is also focused on appropriate strategic acquisition of near term production assets.

About International Millennium Mining Corp.

International Millennium Mining Corp. is a mineral exploration and development company engaged in the acquisition and exploration of 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.

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.

The Exchange has not in any way passed upon the merits of this news release.

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
    (604) 983-8056 (FAX)
    Email: ir@immc.ca
    Website: www.immc.ca