International Millennium Mining Corp.

TSX VENTURE : IMI


International Millennium Mining Corp.

May 30, 2014 08:45 ET

International Millennium Mining Corp. Reports 1st Quarter Results

NEW WESTMINSTER, BRITISH COLUMBIA--(Marketwired - May 30, 2014) - International Millennium Mining Corp. ("IMMC" or the "Company") (TSX VENTURE:IMI) reports the Company's results for its fiscal year 2014 first quarter ended March 31, 2014.

Summary of 1st Quarter Results Ended March 31

1st Quarter
Fiscal 2014
1st Quarter
Fiscal 2013
Year to Date
Fiscal 2014
General and Administrative Expenditures $ 37,978 $ 84,473 $ 37,978
(Gain) Loss on Foreign Exchange 223 (438 ) 223
Stock Based Compensation $ - $ - $ -
Gain on Disposal Mineral Properties $ - $ - $ -
Net Income (Loss) for the Period $ (46,595 ) $ (118,984 ) $ (46,595 )
Net and Comprehensive Income (Loss) for the Period $ (46,595 ) $ (118,984 ) $ (46,595 )
Net Income (Loss) Per Share $ 0.00 $ 0.00 $ 0.00
As at March 31,
2014
December 31,
2013
Deferred Mineral Property Expenditures $ 5,849,183 $ 5,839,441
Total Assets $ 5,912,058 $ 5,898,107
Total Liabilities $ 968,370 $ 911,824
Share Capital $ 16,588,645 $ 16,584,645
Common Shares Outstanding 108,188,296 108,088,296
Fully Diluted Shares Outstanding 143,267,046 143,627,046

First Quarter Summary

During the quarter ended March 31, 2014 the Company recorded a net loss of $46,595 as compared to a net loss of $118,984 during the comparable period in fiscal 2013. The material variances during the periods are as follows:

  1. Accounting and administration costs decreased by $16,204 in the first quarter fiscal 2014 from $22,204 in fiscal 2013 to $6,000;
  1. Transfer agent and filing fees increased to $6,016 in fiscal 2014 from $1,841 in fiscal 2013, primarily due to timing of the TSX venture Sustaining Fees;
  1. Promotion and trade show costs decreased to $9,079 in the first quarter of fiscal 2014 from $33,996 in the first quarter of fiscal 2013 due to cost reduction measures;
  1. The Company incurred an accretion and finance cost expense of $8,617 in the first quarter of fiscal 2014 as compared to a finance expense of $19,511 in fiscal 2013. The Company issued 715,000 bonus shares for the loan in fiscal 2013; and,
  1. The Company wrote down resource properties by $15,000 in the first quarter of fiscal 2013 as compared to no resource property write downs in the first quarter of fiscal 2014.

Overall general and administration expenditures decreased by $46,495, or 55%, from $84,473 in the first quarter of fiscal 2013 to $37,978 in the first quarter of fiscal 2014.

In the first quarter of fiscal 2014, IMMC 100,000 common shares were issued for a property payment. At March 31, 2014, the Company had a total of 108,188,296 common shares outstanding.

The Company's working capital deficit increased to $911,185 at March 31, 2014, as compared to a deficit of $858,848 at December 31, 2013.

Exploration Programs

The Company has acquired and is exploring mineral properties in British Columbia and Ontario, Canada and Nevada, USA. It has also announced, at December 24, 2013, a transaction to merge with Elephant Copper Ltd., whose primary asset is the Mkushi copper mine in Zambia.

Nivloc Mine, Nevada Property

Subject to securing further financings, the Company will continue its exploration programs on the Nivloc property, as set out in the Company's NI 43-101 Technical Report dated July 31, 2012, which can be found on at www.sedar.com or the Company's website www.immc.ca. The report concludes that the area tested by the 2011 drilling program on the Nivloc 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.

Management is focused on polymetallic projects and is working towards building a strong, stable and well financed mineral exploration and small mines mining company. Emerging mineral targets include silver, gold, copper, molybdenum, zinc, lead and platinum group metals.

Elephant Copper Transaction

The Elephant Copper ("Elephant") transaction announced December 24, 2013, whereby the Company agreed to complete a business combination transaction, is proceeding to the filing stage. The Shareholders Exchange Agreement is distributed for signature to the Elephant shareholders; a NI 43-101 report has been delivered; and the Company is awaiting receipt of the audited 2013 and 2014 consolidated Elephant financial statements. The primary asset of Elephant is the Mkushi copper mine located in Zambia.

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, with the goal of advancing the properties to the mining stage. Emerging targets include silver, gold, copper, molybdenum, zinc, lead and platinum group metals. The Company's common shares trade on the TSX Venture Exchange under the symbol: IMI and on the Frankfurt Exchange under the symbol: L9J. Additional information about International Millennium Mining Corp. and its mineral property interests, including technical reports, is available on the internet at the SEDAR website www.sedar.com, or on the Company's website www.immc.ca.

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 (www.sedar.com), and has mailed it to shareholders who have requested copies and whose names appear on the Company's Supplemental List.

ON BEHALF OF THE BOARD

John A. Versfelt, President and CEO

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

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. 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 Versfelt
    President & CEO
    604-527-8135
    604-527-9126 (FAX)
    info@immc.ca
    www.immc.ca