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:
- 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;
- 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;
- Transfer agent and filing fees decreased from $41,240 in fiscal
2012 to $22,127 in fiscal 2013;
- Administration, accounting and legal costs decreased $16,549 in
2013 compared to fiscal 2012;
- 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;
- The Company wrote down resource properties by $15,000 in fiscal
2013 as compared to $165,856 in fiscal 2012; and
- 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.
International Millennium Mining Corp.John A. VersfeltPresident
& CEO(604) 527-8135(604) 527-9126info@immc.cawww.immc.ca
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