International Millennium Mining Corp.

International Millennium Mining Corp.

May 30, 2013 09:00 ET

International Millennium Mining Corp. Reports 1st Quarter Results and Announces Exchange Approval of Private Placement

NEW WESTMINSTER, BRITISH COLUMBIA--(Marketwired - May 30, 2013) - International Millennium Mining Corp. ("IMMC" or the "Company") (TSX VENTURE:IMI) reports the Company's results for its fiscal year 2013 first quarter ended March 31, 2013.

Summary of 1st Quarter Results Ended March 31
1st Quarter
Fiscal 2013
1st Quarter
Fiscal 2012
Year to Date
Fiscal 2013
General and Administrative Expenditures $ 84,473 $ 106,165 $ 84,473
(Gain) Loss on Foreign Exchange (438 ) 16,775 (438 )
Stock Based Compensation $ - $ - $ -
Gain on Disposal Mineral Properties $ - $ 640,000 $ -
Net Income (Loss) for the Period $ (118,984 ) $ 513,890 $ (118,984 )
Net and Comprehensive Income (Loss) for the Period $ (118,984 ) $ 259,890 $ (118,984 )
Net Income (Loss) Per Share $ 0.00 $ 0.01 $ 0.00
As at March 31, 2013 December 31, 2012
Deferred Mineral Property Expenditures $ 5,644,467 $ 5,577,125
Total Assets $ 5,898,373 $ 5,895,236
Total Liabilities $ 661,033 $ 684,312
Share Capital $ 16,364,145 $ 16,299,945
Common Shares Outstanding 105,060,096 104,245,096
Fully Diluted Shares Outstanding 137,443,721 136,628,761

Summary Discussion

At March 31, 2013, the Company had a total of 105,060,096 common shares outstanding.

During the quarter ended March 31, 2013 the Company recorded a net loss of $118,984 as compared to a net income of $513,890 during the comparable period in fiscal 2012. The material variances during the periods are as follows:

i) The Company had recorded a gain of $640,000 during the first quarter of fiscal 2012 compared to nil gain in the first quarter of fiscal 2013 (this amount was recalculated in the fourth quarter of fiscal 2012 to $170,825) on the sale of the remaining 20% interest in the Hilda/Guadalupe property. IMMC received four million shares of First Mexican Gold Corp. ("First Mex") and a 2% NSR payable to IMMC with 1% re-purchasable by First Mex for US$1 million dollars. The Company had previously reported the gain of $640,000 in the first quarter of fiscal 2012, but it was revised to reflect the present value of the 4,000,000 shares received. According to the agreement signed with First Mex, IMMC can only sell 50,000 shares per month, unless otherwise agreed upon between the parties;
ii) The Company incurred an accretion and finance cost expense of $19,511 as a result of a $286,000 loan; and,
iii) The Company wrote down resource properties by $15,000 in the first quarter of fiscal 2013.

In the first quarter of fiscal 2013, IMMC issued 715,000 common shares, as a bonus for a loan of $286,000 received in January 2013, and a further 100,000 common shares were issued for a property payment.

The Company's working capital deficit increased to $554,348 at March 31, 2013, as compared to a deficit of $513,422 at December 31, 2012.

Operating Expenses

Comparison of the results

Overall, there was a 20% decrease in expenses, to $84,473 in the first quarter of fiscal 2013, compared to $106,165 in the first quarter of fiscal 2012, and an increase from the $72,049 recorded in the fourth quarter of fiscal 2012.

i) In the first quarter of fiscal 2013, the Company recorded a foreign exchange gain of $438, compared to a foreign exchange loss of $16,775 in the comparable fiscal 2012 period;
ii) Promotion and trade show costs increased to $33,996 in the first quarter fiscal 2013, compared to $21,303 in the first quarter of fiscal 2012. The primary difference is the additional costs incurred attending trade shows;
iii) Salaries and benefits decreased during the first quarter of fiscal 2013 to $11,167 from $14,870 recorded in the comparable period in fiscal 2012, due to reduced administration required for its property record keeping, regulatory filings and other legal document filings; and,
iv) Transfer agent and filing fees decreased during the first quarter of fiscal 2013 to $1,841 compared to $10,221 in the comparable fiscal 2012 period. The majority of this difference is a reduction in filing fees for private placements in 2013 compared to 2012.

The Company recorded a net loss of $118,984 during the first quarter fiscal 2013, as compared to a net loss of $676,628 in the fourth quarter of fiscal 2012 and net income of $513,890 during the first quarter of fiscal 2012. The primary reason for difference is a realized gain of $170,285 on the sale of the Company's remaining 20% interest in the Hilda/Guadalupe property to First Mex, which was partially offset by the $176,593 stock based compensation for stock options; the $77,629 in accretion and finance costs in fiscal 2012; and, the write-down of the Hope Lake and La Esperanza properties for $165,856 recorded in the fourth quarter of fiscal 2012.

Exploration Programs

Nivloc Mine, Nevada Property

In August 2012, the Company filed its initial National Instrument 43-101 ("NI 43-101") compliant, independent Mineral Resource Estimate (the "Estimate") on its Nivloc silver and gold project (the "Nivloc Mine Property"). The independent technical report, entitled "NI 43-101 Technical Report on the Nivloc Mine Property, Esmeralda County, Nevada, USA" (the "Technical Report"), was prepared for the Company by Seymour M. Sears, a consulting Geologist based in Sudbury, Ontario; P. J. Hollenbeck, an independent resource modeling Geologist based in Colorado Springs, Colorado; and, A. David Heyl, an independent Geologist based in Denver, Colorado. The Technical Report is available under the IMMC profile on SEDAR at and on the Company's website at

The Technical Report concludes that the area tested by the 2011 drilling program on the Nivloc Mine Property contains an Inferred Mineral Resource, at 40 g/t Ag cut-off, of 1,640,000 tonnes at a grade of 106.47 g/t Ag and 0.78 g/t Au, resulting in a 7,689,000 silver equivalent total ounces, at a 50:1 silver gold ratio pursuant to the NI 43-101 Technical Report.

Further infill drilling at the Nivloc Mine Property, reported in December 2012, verified the thickness and grades that were reported in the Technical Report. Hole 12NL-35, collared from pad 6, tested an area between the 700 and 800 foot levels within the old mine workings and below resource blocks outlined by the 2011 drilling program. Drill highlights from the hole included 115 ft @ 89.1 g/t Ag and 0.33 g/t Au, including 13.5 feet @ 210.0 g/t Ag and 1.03 g/t Au, including 3.0 feet @ 436.0 g/t Ag and 2.57 g/t Au.

The Company also reported results from two more drill holes completed on its Nivloc Mine Property. Holes 12NL-36 and 12NL-37 tested an area between the 600 and 800 ft levels of the historic mine workings, within and near the eastern end of the 2011 43-101 resource area. Drill hole 12NL-36 tested an area between three previously drilled holes, while 12NL-37 was a short step- out hole towards the northeast, although proximal to two other holes completed in 2011. Drill highlights from Hole 12NL-36 included: 70.0 feet @ 103.0 g/t Ag and 0.43 g/t Au, including 1.0 foot @ 335.6 g/t Ag and 1.12 g/t Au. Drill highlights from Hole 12NL-37 included 92.0 feet @ 163.8 g/t Ag and 0.80 g/t Au, including 3.5 feet @ 599.0 g/t Ag and 4.27 g/t Au.

On March 11, 2013 the Company announced that its wholly-owned subsidiary, International Millennium Mining Inc. ("IMMI"), executed a Sale and Purchase Agreement (the "Agreement") to acquire the balance of Silver Reserve Corp.'s ("SRC") underlying interests in the Nivloc Mine Property. Pursuant to the Agreement, IMMI has agreed to pay SRC US$425,000 for the Nivloc Mine Property interests detailed above and SRC has agreed to transfer 100% of its interest, right and title in those interests to IMMI.

Wild Goose Property

The Wild Goose property, encompassing 2,918.62 hectares, is located approximately 23 km northwest of Revelstoke, BC and 5 km north of Mount Copeland (approximately 10 minutes by helicopter from the Revelstoke airport). The property is underlain by the Shuswap Metamorphic Complex. Historical reports identify four (4) distinct lead/silver/zinc showings, several of which have anomalous gold values. Geologically, the showings all occur in the footwall of the easterly striking Bews Creek Fault, which may be a detachment structure.

MMI (mobile metal ion) soil sampling was carried out on the Wild Goose Property in October 2012. The MMI survey was conducted on two grids, each with a line spacing of 100 meters and a sample interval of 25 meters, as part of a program designed to extend the known mineralization on the property and locate previously unknown mineralization. The MMI results revealed that both the north and south MMI grids are almost entirely covered by highly anomalous lead results. In addition, a silver anomaly covers almost the entire north grid.

Private Placement

Further to IMMC's announcement on September 14, 2012, on May 23, 2013, the Company announced a second tranche private placement, which raised gross proceeds of $660,000. Under the terms of the offering, the Company will issue 8,250,000 units at $0.08 per unit. Each unit is comprised of one (1) common share and one (1) non-transferable share purchase warrant entitling the holder to purchase an additional share at $0.10 per share if exercised on or before November 23, 2014. Shares issued under the placement are subject to a four month hold period ending September 24, 2013. The placement documents have been accepted for filing by the TSX Venture Exchange.

The Company will pay paid finders' fees to certain finders in an aggregate amount of 53,200 common shares in connection with the second tranche of the private placement.

The Company will use the proceeds to acquire the balance of SRC's underlying interest in the Nivloc Mine Property (see March 11, 2013 news release), and for working capital.

Management is focused on precious metal polymetallic projects in the Americas and is working towards building a strong, stable and well financed mineral exploration and small mines mining company.

Concurrently with this news release, the Company is filing its quarterly financial statements and Management Discussion and Analysis (BC Form 51-102F1) with the regulatory authorities through SEDAR (, and has mailed it to shareholders who have requested copies and whose names appear on the Company's Supplemental List. Additional information about International Millennium Mining Corp. and its mineral property interests, including technical reports, is available on the internet at the SEDAR website, or on the Company's website

International Millennium Mining Corp. (TSX VENTURE:IMI) is a mineral exploration and development company engaged in acquiring known smaller mine deposits, such as its Nivloc, Nevada silver-gold mine project, in the Americas, with the goal of advancing the properties to the mining stage. Emerging targets include silver, gold, copper, zinc and lead. The Company's common shares trade on the TSX Venture Exchange under the symbol: IMI and on the Frankfurt Exchange under the symbol: L9J.


John A. Versfelt, President and CEO

Further information about the Company can be found on SEDAR (

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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