International Millennium Mining Corp.

TSX VENTURE : IMI


International Millennium Mining Corp.

May 01, 2014 08:45 ET

International Millennium Mining Corp. Reports 4th Quarter and 2013 Annual Results

NEW WESTMINSTER, BRITISH COLUMBIA--(Marketwired - May 1, 2014) - International Millennium Mining Corp. (the "Company" or "IMMC") (TSX VENTURE:IMI) reports its financial statements and MD&A (the "Quarter and Annual Report") for the 4th Quarter and Year Ended December 31, 2013 (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 2013 Audited Consolidated Financial Statements for the year ended December 31, 2013.

Selected Annual Information

Years Ended December 31 2013 2012 2011
Expenditures $ 291,880 $ 369,453 $ 407,080
Stock Based Compensation $ 36,950 $ 176,593 $ 20,000
Gain on sale of mineral properties $ - $ 170,825 $ -
Gain on sale of subsidiary $ 30,000 $ - $ -
Premium on issue of flow through shares $ - $ - $ (10,000 )
Write Down or (Gain) on Resource Properties $ 15,000 $ 165,856 $ (13,495 )
Net Loss $ (399,760 ) $ (652,115 ) $ (439,749 )
Net Loss Per Share $ (0.00 ) $ (0.01 ) $ (0.01 )
Deferred Mineral Property Expenditures $ 5,839,441 $ 5,577,125 $ 5,044,945
Total Assets $ 5,898,107 $ 5,895,236 $ 5,405,488
Total Liabilities $ 911,824 $ 684,312 $ 801,444
Share Capital $ 16,584,645 $ 16,299,945 $ 15,082,923
Common Shares Outstanding 108,088,296 104,245,096 89,613,497
Fully Diluted Shares Outstanding 143,627,046 136,628,761 103,426,723

Summary Discussion

At December 31, 2013, the Company had a total of 108,088,296 common shares outstanding.

During the year ended December 31, 2013 the Company recorded a net loss of $399,760 as compared to a net loss of $652,115 during fiscal 2012. Overall expenditures decreased by $77,573, or 21%, from $369,453 in fiscal 2012 to $291,880 in fiscal 2013. The material variances during the periods are as follows:

  1. The Company granted 1,725,000 stock options. As a result the Company recorded $36,950 in stock based compensation during fiscal 2013 as compared to $176,593 during fiscal 2012;
  1. The Company recorded a gain on foreign exchange of $4,099 during fiscal 2013, as compared to a foreign exchange loss of $5,617 in fiscal 2012, on the translation of a transaction through our USA subsidiary;
  1. Transfer agent and filing fees decreased from $41,240 in fiscal 2012 to $22,127 in fiscal 2013;
  1. Administration, accounting and legal costs decreased $16,549 in 2013 compared to fiscal 2012;
  1. The Company incurred an accretion and finance cost expense of $85,930 in fiscal 2013 as compared to a finance expense of $77,629 in fiscal 2012;
  1. The Company wrote down resource properties by $15,000 in fiscal 2013 as compared to $165,856 in fiscal 2012; and
  1. The Company recorded a gain of $30,000 on the disposal of Minera Internacional Milenio SA in fiscal 2013.

During fiscal 2013, the Company issued 715,000 common shares, as a bonus for a loan of $286,000 received in January 2013, and a further 450,000 shares were issued for property payments. On May 23, 2013, the Company announced a second tranche private placement of 2,625,000 units at $0.08 per unit, for gross proceeds of $210,000. 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.

The Company's working capital deficit increased to $858,848 at December 31, 2013, as compared to a deficit of $513,422 at December 31, 2012.

Selected Financial Data by Quarter

( $ ) Q4-13 Q3-13 Q2-13 Q1-13 Q4-12 Q3-12 Q2-12 Q1-12
Revenue Nil Nil Nil Nil Nil Nil Nil Nil
Expenses 48,510 68,804 90,093 84,473 72,045 83,181 108,062 106,165
Net income (loss) for the period
(55,403
)
(112,916
)
(112,457
)
(118,984
)
(676,628
)
(109,014
)
(384,365
)
513,890
Stock based compensation 14,950 22,000 - - (63,407 ) - 240,000 -
Basic income (loss) per share 0.00 0.00 0.00 0.00 0.00 0.00 (0.01 ) 0.01
Cash & cash equivalents 335 2,020 22,028 29,205 102,038 111,870 45,106 191,575
Current assets 2,976 4,027 24,824 56,685 120,890 120,706 53,933 207,887
Working capital (deficiency) (858,848 ) (796,112 ) (585,327 ) (554,348 ) (513,422 ) (902,098 ) (881,975 ) (692,583 )

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.

Resignation of Director

The Company also announces that Norm Brewster resigned as a director of the Company effective January 8, 2014. Mr. Brewster decided to step down from the board of the Company due to other work commitments. Mr. Versfelt, International Millennium Mining's President & CEO stated, "We appreciate the contributions Mr. Brewster has made to the Company over the past nine years and I personally wish Mr. Brewster the greatest amount of success and enjoyment with his future endeavours."

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.

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