International Millennium Mining Corp.
TSX VENTURE : IMI

International Millennium Mining Corp.

June 01, 2009 09:00 ET

International Millennium Mining Corp. Reports 1st Quarter Results

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 1, 2009) - International Millennium Mining Corp. (the "Company") (TSX VENTURE:IMI) reports its 1st Quarter 2009 financial statements and MD&A (the "Quarterly Report") for the 1st Quarter ended March 31, 2009 (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.



Summary of 1st Quarter Ended

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Cdn ($) March 31, March 31, Year to Date
2009 2008 Fiscal 2009
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General and Administration
Expenditures $ 64,194 $ 88,029 $ 64,194
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Stock Based Compensation $ - $ - $ -
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Interest Income $ 840 $ 10,123 $ 810
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Net Loss $ (63,354) $ (77,906) $ (63,354)
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Net Loss per share $ (0.00) $ (0.00) $ (0.00)
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As at December 31 March 31, December 31,
2009 2008
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Deferred Mineral Property
Expenditures $ 3,144,842 $ 3,106,807
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Total Assets $ 3,526,954 $ 3,590,231
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Total Liabilities $ 310,695 $ 316,618
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Share Capital $ 10,342,737 $ 10,257,337
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Common Shares Outstanding 32,686,944 30,986,944
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Fully Diluted Shares Outstanding 34,386,944 30,986,944
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Summary Discussion

Given the significant changes in the financial and metals markets, as well as the uncertainty in many global economies, management of the Company (the "Management") has agreed to cut backs in fees and salaries, expenses have been reduced and, other than the Simon Property, Nevada project, exploration programs have been put on hold or property option agreements have been terminated. Management has negotiated restructured property payments with certain property owners as the Company focuses on reducing cash outlays.

As a result, general and administrative expenses have decreased for the fourth straight quarter from $88,029 in the fourth quarter of fiscal 2008 to $64,914 in the first quarter of fiscal 2009. Management expects these costs to decrease slightly more in the next several quarters as there were a few non-recurring charges incurred in the first quarter of fiscal 2009. Similar to the first quarter 2008, higher than normal promotion and trade show costs were incurred in the first quarter 2009 because of costs of attendance at the PDAC trade show. Also, in this first quarter annual sustaining fees are paid to the TSX Venture Exchange resulting in higher than normal transfer agent and filing fee costs.

Accounting and legal fees and administration costs have decreased on a combined basis by 27% in the first quarter of fiscal 2009 to $21,359 from $29,143 in the fourth quarter of fiscal 2008 and a 15% reduction from the $25,129 recorded in the first quarter of fiscal 2008, as a result of salary reductions implemented during these challenging financial times. Other reductions during the quarter include lower travel costs and office costs incurred in the first quarter of fiscal 2009 as compared to the first quarter of fiscal 2008.

The Company recorded a net loss of $63,354 for the quarter ending March 31, 2009 as compared to a net loss of $77,906 in the quarter ending March 31, 2008 and a loss of $4,089,636 incurred in the fourth quarter of fiscal 2008. The primary difference is the $4,109,441 asset write-down of the Company's Harrison Lake, British Columbia property and all of its Ontario properties during the fourth quarter of fiscal 2008. Interest income decreased to $840 in the first quarter of fiscal 2009 compared to $10,023 in the first quarter fiscal 2008, as a result of the smaller investment base and lower interest rates.

Cash reserves decreased from $389,586 at December 31, 2008 to $286,804, at March 31, 2009. The Company invests excess cash in short-term interest bearing investments. Its working capital position has decreased to $69,103 at March 31, 2009.

The Company entered into flow-through share subscription agreements in fiscal 2008 whereby it is committed to incur and renounce to the subscribers a total of $85,000 of qualifying Canadian Exploration Expenses as described in the Income Tax Act of Canada.

The Company signed a letter of intent with Diamond Exploration Inc. ("DEI") whereby DEI is entitled to earn fifty-one percent (51%) interest, subject to a partially re-purchasable three percent (3%) net interest return royalty, in thirty-six mining claims comprised of 250 claim units of IMMC's Cobalt Area property. Under terms of the agreement, DEI may earn a 51% interest in diamond production from the property by expending $1,000,000 over a period of up to ten years at an average rate of not less than $100,000 per year and by then delivering to IMMC, five hundred thousand shares of DEI. Following DEI's acquisition of an interest in the property, further exploration and development of the claims will be the subject of a joint venture between the parties.

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.

At March 31, 2009, the Company had a total of 32,686,944 common shares and 1,700,000 warrants outstanding.

Concurrently with this news release, the Company is filing its 1st Quarter 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 polymetallic mineral properties in Canada and the Americas, with a particular focus on small mine deposits. To date, 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 gold, silver, cobalt, molybdenum, zinc, lead, nickel, copper 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.

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.

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.

Contact Information

  • International Millennium Mining Corp.
    John A. Versfelt
    President & CEO
    (604) 984-9907
    (604) 983-8056 (FAX)
    info@immc.ca
    or
    International Millennium Mining Corp.
    Lindsay Malcolm
    (604) 569-2508
    lindsaym@immc.ca
    or
    International Millennium Mining Corp.
    Wayne Meredith
    (604) 569-2509
    waynem@immc.ca