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

International Millennium Mining Corp.

October 16, 2008 09:00 ET

International Millennium Acquires Underlying Interest in Simon Mine, Grants Options and Announces Disappointing Drill Results at Cobalt, Ontario

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2008) - International Millennium Mining Corp. ("IMMC" or the "Company") (TSX VENTURE:IMI)(FRANKFURT:L9J) through its wholly owned Nevada subsidiary, has acquired from certain beneficiaries, a sixty-one percent (61%) interest in the estate of Nadean Y. Bedford (deceased). Included in the Bedford Estate is the Company's Simon Property Option Agreement, a small amount of cash and certain other mineral claims and properties in the State of Nevada. A significant and timely initial benefit for the Company is a 61% reduction in the Company's monthly option payment obligation, conserving more than US$21,000 in cash per year while the option remains in force. Total consideration paid by the Company was US$125,050. The Estate is pending probate in the Fifth Judicial District Court in Nevada.

Cobalt Area Property 2008 Drill Program Results

The Company commenced drilling the Waldman Grid #1 property on April 18th, 2008 to test anomalies identified in a 2007 Mobile Metal Ion (MMI) survey and U-TEM geophysical survey conducted on the property. Cabo Drilling Corp. of Kirkland Lake Ontario drilled a total of 2,546 metres to complete the nine (9) hole program. Assays were conducted at Swastika Laboratories in Swastika, Ontario and Assayers Canada in Vancouver, British Columbia. Of the 9 holes drilled, seven were at -45 degrees, one at -40 degrees, and another at -90 degrees vertical.

Holes CBW-01-08 & CBW-02-08 are both approximately 170 metres north of the Waldman shaft #1 headframe and holes CBW-03-08 & CBW-04-08 are approximately 150 metres south of the headframe. CBW-01-08 showed to have good copper mineralization with a 1 metre wide chalcopyrite/pyrite vein near surface.

In hole CBW-05-08 a vertical hole, the conglomerates are only about 18m thick. Below this are a void or cavity and then fine sand, followed by a fault. The sand was assayed and produced 11 grams of silver/tonne.

CBW-06-08 which is located about 290 metres from the headframe, intersected sphalerite, chalcopyrite and pyrrhotite, primarily in small veins and fractures. Subsequent assays showed mineralization was of insufficient grade.

The last 3 holes CBW-07-08, CBW-08-08 & CBW-09-08 are situated about 700 metres southwest of the headframe. All 3 showed amounts of mineralization, mostly in veins and fracturing, but also in inter-flow sedimentary beds. Mineralization levels were not high enough to warrant continuing with an extended drill program.

Overall, results were less than encouraging. They did confirm the results from the 2007 MMI Geochemical survey. What encouragement there was, came in the form of sphalerite present in most of holes in the southern part of the grid and from the presence of pyrrhotite, a good indicator of VMS deposits and inter-flow sedimentary beds. Most of the holes also had chalcopyrite and pyrite with some galena and silver and trace amounts of gold. The majority of the holes also confirm earlier drilling reports of mineralization on or near surface. Two mineral horizons were encountered. The first from surface to approximately 100m below surface and another smaller occurrence from 140m to 175m below surface. The Company will likely return a significant portion of the property to the underlying owners.

Director, Officer, Employee and Consultant Stock Options

IMMC also announces that it has, subject to regulatory acceptance, granted incentive stock options, under terms of its Stock Option Plan, to directors, officers, employees and consultants for the right to purchase up to one million common shares of the Company at $0.15 per share. The options, for the most part are for three (3) years and will expire September 3, 2011.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this 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: info@immc.ca