International Millennium Mining Corp.

International Millennium Mining Corp.

November 28, 2006 09:00 ET

International Millennium Mining Corp.: 3rd Quarter 2006 Report

NORTH VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 28, 2006) - International Millennium Mining Corp. (the "Company") announces the release of its 3rd Quarter financial statements and MD&A (the "Quarterly Report") for the three months ended September 30, 2006. (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.



3rd Quarter Highlights

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3rd Quarter 3rd Quarter Year ended
September 30, September 30, December 31,
2006 2005 2005
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Cdn $ Cdn $ Cdn $
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Net Revenues Nil Nil Nil
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General and Administration
expenditures 78,638 20,047 139,853
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Loss before other items (79,920) (20,041) (137,033)
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Loss per share before stock
based compensation $ 0.01 $ 0.00 $ 0.02
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Net Loss (79,920) (20,041) (137,033)
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Net Loss per share $ 0.01 $ 0.00 $ 0.02
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Deferred Mineral Property
expenditures 848,559 586,178 593,649
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Total assets 911,098 688,023 675,790
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Total liabilities 80,739 281,209 291,546
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Share capital 3,421,799 2,460,404 2,470,404
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Convertible debenture - 272,517 275,517
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2006 2005 2005
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Weighted average number of
shares outstanding 9,424,196 5,510,979 5,510,507
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Common shares outstanding 9,426,370 5,528,370 5,568,370
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Regulatory costs, administration, travel and office costs decreased 20% compared to the second quarter of fiscal 2006, and increased 151% compared to the third quarter fiscal 2005 in preparation for the Company's application to list its shares on the Exchange and as a result of acquiring the private placement financings for the Company. During the third quarter of fiscal 2006, promotion and trade show costs of $20,480 were incurred, whereas no such costs were incurred in the previous quarter or year. The investor relations for IMMC are being performed jointly by the management of the company and by an investor relations consultant.

Total property payment and deferred mineral property expenditures decreased to $62,073 during the 3rd quarter compared to $72,479 in the 3rd quarter fiscal 2005 and $138,157 incurred in the 2nd quarter fiscal 2006. The decrease in expenditures is largely due to the timing of property payments and finders fees, and as a result of the Company not carrying out exploration work in the quarter.

Management believes that with the very low metal inventories, relatively low increases in metal supplies and increased demand for virtually all precious, base and strategic metals in the early stages of a metal bull market, its strategy of acquiring and developing precious metal polymetallic projects in historic mining areas in the Americas is prudent and will enhance the Company's ability to obtain financing and build long term value.


Letter of Intent

On December 15, 2005, the Company signed a letter of intent with Cabo Drilling Corp. ("Cabo") whereby, subject to certain conditions, the Company will acquire all of Cabo's mineral properties located in the Province of Ontario, Canada. John A. Versfelt, President and Chief Executive Officer of the Company is also President, Chairman, and Chief Executive Officer of Cabo.

The transaction is subject to an independent valuation and fairness opinion (completed), completion of due diligence by both companies (completed), approval by both the Company and Cabo shareholders (received), and approval by the Exchange. The acquisition is also contingent upon the Company completing a $2.5 million financing and gaining a listing on the Exchange.

The Company can acquire 100% of Cabo's interest in the properties by payment of 10 million units of the Company to Cabo, each unit comprised of one common share and 1/3 of a 2 year warrant, each full warrant exercisable at $0.35 per common share and by expending $1,000,000 on exploration or development of the Cabo properties. Cabo will distribute not less than 75% of these units to its shareholders upon receipt from the Company.

Third quarter ended September 30, 2006

General and administrative costs for the quarter ended September 30, 2006 were $78,638, up from $20,047 in the 3rd quarter fiscal 2005. The primary reasons for the difference are increased administration, regulatory costs, printing, travel and office costs in preparation for the Company's application to list its shares on the Exchange and as a result of the Company's pending private placement financings.

The Exchange listing application has been filed after the Company expended considerable time and effort acquiring property technical reports, title opinions and other required regulatory documents. The Company also received shareholder approval to expand its mineral properties portfolio with the acquisition of four Ontario properties from Cabo, prior to submitting its listing application and filing for Exchange approval of the Cabo properties acquisition.

Financial and Mineral Property Information

Concurrently with this news release, the Company is filing the Quarterly 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 mineral properties in Canada and the Americas. 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 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.


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)