International Millennium Mining Corp.

International Millennium Mining Corp.

December 29, 2006 17:09 ET

International Millennium Mining Corp. Receives TSX Venture Exchange Conditional Approval for Its Listing Application and Closes Brokered and Non-Brokered Private Placements

NORTH VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 29, 2006) - International Millennium Mining Corp. (the "Company") announces that it has received conditional approval from the TSX Venture Exchange ("TSX-V") for the listing of its common shares. The conditions for listing are set out in a letter from the TSX-V dated December 27, 2006.

The Company is also pleased to announce that it has:

(i) closed on the final tranche of its brokered private placement of flow-through and non-flow-through subscription receipts, receiving $325,000 from the sale of flow-through subscription receipts. This brings the total amount received on the brokered portion of the private placement to $1,467,050. All subscription funds pertaining to the flow-through subscription receipts, being Flow-Through Receipts, have been released to the Company, and shares and warrants have been issued to the Flow-Through Receipt holders. The Company engaged Integral Wealth Securities Limited (the "Agent") to assist in selling this portion of the private placement. As partial consideration, the Company issued 81,250 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, exercisable at $0.40 per share for a period of two years. A total of 377,700 Agent's Receipts was issued in connection with all tranches of the brokered private placements. Upon listing and trading of the common shares of the Company on the TSX-V, 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 $117,364). The securities issued with respect to the final $325,000 tranche noted above are subject to a hold period expiring April 22, 2007; and

(ii) also closed on its non-brokered portion of the private placement, realizing a total of $2,407,225 through the sale of flow-through units ($25,000) and non-flow-through units ($2,382,225). Each flow-through unit consists of one share and one-half of one warrant (each whole warrant exercisable at $0.45 per flow-through share for a period of two years). Each non-flow-through unit consists of one share and one warrant (each warrant exercisable at $0.40 per non-flow-through share for a period of two years). Finder's fees will be paid in accordance with securities regulations. All securities issued with respect to the above are subject to a hold period expiring April 29, 2007.

The proceeds of these financings will be used primarily for exploration expenses on the Company's current mineral properties and those being acquired from Cabo Drilling Corp., and for general working capital purposes.

The Company confirms it is completing its acquisition of all of the Ontario mineral property assets of Cabo Drilling Corp., ("Cabo") and will be issuing 10,000,000 units (each unit consisting of one share and one-third of one warrant) to Cabo in consideration for such assets. Cabo has confirmed it will set a record date on or about the middle of January 2007 for the re-distribution of no less than 7,500,000 of such units to the shareholders of Cabo as of that record date.

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. 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) or by contacting the below.

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) 983-9907
    Email: info@immc.ca
    or
    International Millennium Mining Corp.
    Mr. D. Alex Caldwell
    Corporate Secretary
    (604) 983-9907
    (604) 983-8056 (FAX)