NEW WESTMINSTER, BRITISH COLUMBIA--(Marketwire - March 11, 2013) - International Millennium Mining Corp. (TSX VENTURE:IMI) (the "Company" or "IMMC") is pleased to announce that its wholly-owned subsidiary, International Millennium Mining Inc. ("IMMI"), has executed a Sale and Purchase Agreement (the "Agreement") to acquire the balance of Silver Reserve Corp.'s ("SRC") underlying interests in the Nivloc, Nevada Property (the "Transaction"). These interests include the following:
- The Option and Joint Venture Agreement executed between the parties on February 25, 2011, and amended May 22, 2012 (together the "Nivloc Agreements"), whereby SRC had the right to retain a fifteen percent (15%) interest in 18 claims originally held by SRC and optioned to IMMI;
- The outstanding cash and share payments payable pursuant to the terms of the Nivloc Agreements, which agreements shall be terminated upon closing of the Transaction;
- The sole and exclusive right and option to acquire a fifteen percent (15%) interest in the 104 claims held by IMMI; and,
- Any and all of SRC's right, title and interest in and to any and all royalties in the Nivloc, Nevada Property (122 claims).
Pursuant to the Agreement, IMMI will pay SRC US$425,000 for the Nivloc Property interests detailed above and SRC will transfer 100% of its interest, right and title in those interests to IMMI. Final closing of the Agreement is expected to take place on or before April 30, 2013.
IMMI is focusing its attention on developing the Nivloc silver and gold mine property, which is situated in the Silver Peak Mining District of Esmeralda County, Nevada, USA, where IMMI has estimated a National Instrument 43-101 ("NI 43-101") compliant Inferred Mineral Resource, at 40 g/t Ag cut-off, of 1,640,000 tonnes grading 106.47 g/t Ag and 0.78 g/t Au. The Company recently announced the following additional encouraging drill intersections from the Nivloc property:
70.0 feet @ 103.0 g/t Ag and 0.43 g/t Au, including 11.0 feet @ 335.6 g/t Ag and 1.12 g/t Au;
92.0 feet @ 163.8 g/t Ag and 0.80 g/t Au, including 58.0 feet @ 235.8 g/t Ag and 1.03 g/t Au; and
115.0 feet @ 89.1g/t Ag and 0.33 g/t Au, including 13.5 feet @ 210.0 g/t Ag and 1.03 g/t Au.
See the Company's news releases of August 16, 2012, December 4, 2012 and January 8, 2013, either on the Company's website www.immc.ca or on SEDAR at www.sedar.com.
"We believe the potential for the Nivloc silver and gold mine property is considerable, so we are very pleased to have the opportunity to acquire SRC's remaining interests in the Nivloc property, thereby increasing IMMI's interest to 100%, free of all royalty burden," stated Mr. John Versfelt President and CEO of IMMC. "IMMC has made significant progress on the Nivloc property to date and we look forward to advancing our programs over the next couple of years, with the intent of putting the mine back into production."
The Company is planning a drill program designed to reduce drill hole spacing and to confirm the continuity of the mineralization included in the Inferred Mineral Resource estimate, as well as carrying out a step out drilling program to confirm the extension of the mineralized zone to the Northeast and to the Southwest, as well as at depth.
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.
Effective September 2012, the Company relocated its office to 20 Sixth Street, New Westminster, B.C. V3L 2Y8.
ON BEHALF OF THE BOARD
John A. Versfelt, President & CEO
Further information about the Company can be found on the IMMC website (www.immc.ca), 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.