International Millennium Mining Corp.

International Millennium Mining Corp.

December 07, 2006 09:00 ET

International Millennium Closes First Tranche of Brokered Private Placement

NORTH VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 7, 2006) - International Millennium Mining Corp. (the "Company") announces that, further to its news release of August 28, 2006, it has closed a first tranche of its brokered private placement and issued:

(i) 1,667,000 flow-through subscription receipts ("FT Receipts") at $0.40 per FT Receipt for gross proceeds of $666,800; each FT Receipt entitling the holder thereof to receive (for no additional consideration or action on the part of the holder) one unit consisting of one flow-through common share of the Issuer and one-half of one flow-through common share purchase warrant; and

(ii) 775,000 non-flow-through subscription receipts ("NFT Receipts") at $0.35 per NFT Receipt for gross proceeds of $271,250; each NFT Receipt entitling the holder thereof to receive (for no additional consideration or action on the part of the holder) one unit consisting of one non-flow-through common share of the Issuer and one non-flow-through common share purchase warrant.

The Company engaged Integral Wealth Securities Limited (the "Agent") to assist in selling its private placement. As partial consideration, the Company issued 244,200 receipts (the "Agent's Receipts") to the Agent; each Agent's Receipt entitling the Agent to receive, for no additional consideration, one warrant ("Agent's Compensation Warrants"). Each Agent's Compensation Warrant will entitle the Agent to purchase one unit for a period of two years at a price of $0.35 per unit, each unit being comprised of one non-flow-through common share and one non-flow-through share purchase warrant.

All securities issued with respect to the private placement are subject to a hold period expiring April 8, 2007.

All of the private placement proceeds are being held in trust pursuant to a Subscription Receipt Agreement, and will only be released to the Company, upon the Company's common shares becoming listed on the TSX Venture Exchange. On that same date, the FT Receipts, NFT Receipts and Agent's Receipts will be converted to their respective units; and the cash component of the Agent's commission will be payable (8% of the gross proceeds raised, or $75,044). An application for listing has been filed with the Exchange and is pending.

The proceeds of this financing will be used primarily for exploration work on the Company's mineral properties, and for general working capital purposes.

International Millennium Mining Corp. is a mineral exploration and development company engaged in the acquisition and exploration of mineral properties in Canada and internationally. The Company has acquired and is exploring mineral properties in British Columbia, Canada; Nevada, USA; and Sonora State, Mexico. On December 15, 2005, the Company also executed a letter of intent with Cabo Drilling Corp. ("Cabo") to acquire 100% of Cabo's interest in four Ontario mineral properties. 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

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.

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

Contact Information

  • International Millennium Mining Corp.
    Mr. John A. Versfelt
    President & CEO
    (604) 984-9907
    Email: info@immc.ca
    or
    International Millennium Mining Corp.
    Mr. D. Alex Caldwell
    Corporate Secretary
    (604) 984-9907
    (604) 983-8056 (FAX)