International Millennium Mining Corp. ("IMMC" or the "Company") (TSX
VENTURE:IMI) reports the Company's results for its fiscal year 2013 first
quarter ended March 31, 2013.
Summary of 1st Quarter Results Ended March 31
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1st Quarter 1st Quarter Year to Date
Fiscal 2013 Fiscal 2012 Fiscal 2013
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General and Administrative
Expenditures $ 84,473 $ 106,165 $ 84,473
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(Gain) Loss on Foreign Exchange (438) 16,775 (438)
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Stock Based Compensation $ - $ - $ -
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Gain on Disposal Mineral
Properties $ - $ 640,000 $ -
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Net Income (Loss) for the Period $ (118,984) $ 513,890 $ (118,984)
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Net and Comprehensive Income
(Loss) for the Period $ (118,984) $ 259,890 $ (118,984)
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Net Income (Loss) Per Share $ 0.00 $ 0.01 $ 0.00
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As at March 31, 2013 December 31, 2012
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Deferred Mineral Property Expenditures $ 5,644,467 $ 5,577,125
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Total Assets $ 5,898,373 $ 5,895,236
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Total Liabilities $ 661,033 $ 684,312
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Share Capital $ 16,364,145 $ 16,299,945
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Common Shares Outstanding 105,060,096 104,245,096
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Fully Diluted Shares Outstanding 137,443,721 136,628,761
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Summary Discussion
At March 31, 2013, the Company had a total of 105,060,096 common shares outstanding.
During the quarter ended March 31, 2013 the Company recorded a net loss of
$118,984 as compared to a net income of $513,890 during the comparable period in
fiscal 2012. The material variances during the periods are as follows:
i) The Company had recorded a gain of $640,000 during the first quarter
of fiscal 2012 compared to nil gain in the first quarter of fiscal
2013 (this amount was recalculated in the fourth quarter of fiscal
2012 to $170,825) on the sale of the remaining 20% interest in the
Hilda/Guadalupe property. IMMC received four million shares of First
Mexican Gold Corp. ("First Mex") and a 2% NSR payable to IMMC with
1% re-purchasable by First Mex for US$1 million dollars. The Company
had previously reported the gain of $640,000 in the first quarter of
fiscal 2012, but it was revised to reflect the present value of the
4,000,000 shares received. According to the agreement signed with
First Mex, IMMC can only sell 50,000 shares per month, unless
otherwise agreed upon between the parties;
ii) The Company incurred an accretion and finance cost expense of
$19,511 as a result of a $286,000 loan; and,
iii) The Company wrote down resource properties by $15,000 in the first
quarter of fiscal 2013.
In the first quarter of fiscal 2013, IMMC issued 715,000 common shares, as a
bonus for a loan of $286,000 received in January 2013, and a further 100,000
common shares were issued for a property payment.
The Company's working capital deficit increased to $554,348 at March 31, 2013,
as compared to a deficit of $513,422 at December 31, 2012.
Operating Expenses
Comparison of the results
Overall, there was a 20% decrease in expenses, to $84,473 in the first quarter
of fiscal 2013, compared to $106,165 in the first quarter of fiscal 2012, and an
increase from the $72,049 recorded in the fourth quarter of fiscal 2012.
i) In the first quarter of fiscal 2013, the Company recorded a foreign
exchange gain of $438, compared to a foreign exchange loss of
$16,775 in the comparable fiscal 2012 period;
ii) Promotion and trade show costs increased to $33,996 in the first
quarter fiscal 2013, compared to $21,303 in the first quarter of
fiscal 2012. The primary difference is the additional costs incurred
attending trade shows;
iii) Salaries and benefits decreased during the first quarter of fiscal
2013 to $11,167 from $14,870 recorded in the comparable period in
fiscal 2012, due to reduced administration required for its property
record keeping, regulatory filings and other legal document filings;
and,
iv) Transfer agent and filing fees decreased during the first quarter of
fiscal 2013 to $1,841 compared to $10,221 in the comparable fiscal
2012 period. The majority of this difference is a reduction in
filing fees for private placements in 2013 compared to 2012.
The Company recorded a net loss of $118,984 during the first quarter fiscal
2013, as compared to a net loss of $676,628 in the fourth quarter of fiscal 2012
and net income of $513,890 during the first quarter of fiscal 2012. The primary
reason for difference is a realized gain of $170,285 on the sale of the
Company's remaining 20% interest in the Hilda/Guadalupe property to First Mex,
which was partially offset by the $176,593 stock based compensation for stock
options; the $77,629 in accretion and finance costs in fiscal 2012; and, the
write-down of the Hope Lake and La Esperanza properties for $165,856 recorded in
the fourth quarter of fiscal 2012.
Exploration Programs
Nivloc Mine, Nevada Property
In August 2012, the Company filed its initial National Instrument 43-101 ("NI
43-101") compliant, independent Mineral Resource Estimate (the "Estimate") on
its Nivloc silver and gold project (the "Nivloc Mine Property"). The independent
technical report, entitled "NI 43-101 Technical Report on the Nivloc Mine
Property, Esmeralda County, Nevada, USA" (the "Technical Report"), was prepared
for the Company by Seymour M. Sears, a consulting Geologist based in Sudbury,
Ontario; P. J. Hollenbeck, an independent resource modeling Geologist based in
Colorado Springs, Colorado; and, A. David Heyl, an independent Geologist based
in Denver, Colorado. The Technical Report is available under the IMMC profile on
SEDAR at www.sedar.com and on the Company's website at www.immc.ca.
The Technical Report concludes that the area tested by the 2011 drilling program
on the Nivloc Mine 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,
resulting in a 7,689,000 silver equivalent total ounces, at a 50:1 silver gold
ratio pursuant to the NI 43-101 Technical Report.
Further infill drilling at the Nivloc Mine Property, reported in December 2012,
verified the thickness and grades that were reported in the Technical Report.
Hole 12NL-35, collared from pad 6, tested an area between the 700 and 800 foot
levels within the old mine workings and below resource blocks outlined by the
2011 drilling program. Drill highlights from the hole included 115 ft @ 89.1 g/t
Ag and 0.33 g/t Au, including 13.5 feet @ 210.0 g/t Ag and 1.03 g/t Au,
including 3.0 feet @ 436.0 g/t Ag and 2.57 g/t Au.
The Company also reported results from two more drill holes completed on its
Nivloc Mine Property. Holes 12NL-36 and 12NL-37 tested an area between the 600
and 800 ft levels of the historic mine workings, within and near the eastern end
of the 2011 43-101 resource area. Drill hole 12NL-36 tested an area between
three previously drilled holes, while 12NL-37 was a short step- out hole towards
the northeast, although proximal to two other holes completed in 2011. Drill
highlights from Hole 12NL-36 included: 70.0 feet @ 103.0 g/t Ag and 0.43 g/t Au,
including 1.0 foot @ 335.6 g/t Ag and 1.12 g/t Au. Drill highlights from Hole
12NL-37 included 92.0 feet @ 163.8 g/t Ag and 0.80 g/t Au, including 3.5 feet @
599.0 g/t Ag and 4.27 g/t Au.
On March 11, 2013 the Company announced that its wholly-owned subsidiary,
International Millennium Mining Inc. ("IMMI"), executed a Sale and Purchase
Agreement (the "Agreement") to acquire the balance of Silver Reserve Corp.'s
("SRC") underlying interests in the Nivloc Mine Property. Pursuant to the
Agreement, IMMI has agreed to pay SRC US$425,000 for the Nivloc Mine Property
interests detailed above and SRC has agreed to transfer 100% of its interest,
right and title in those interests to IMMI.
Wild Goose Property
The Wild Goose property, encompassing 2,918.62 hectares, is located
approximately 23 km northwest of Revelstoke, BC and 5 km north of Mount Copeland
(approximately 10 minutes by helicopter from the Revelstoke airport). The
property is underlain by the Shuswap Metamorphic Complex. Historical reports
identify four (4) distinct lead/silver/zinc showings, several of which have
anomalous gold values. Geologically, the showings all occur in the footwall of
the easterly striking Bews Creek Fault, which may be a detachment structure.
MMI (mobile metal ion) soil sampling was carried out on the Wild Goose Property
in October 2012. The MMI survey was conducted on two grids, each with a line
spacing of 100 meters and a sample interval of 25 meters, as part of a program
designed to extend the known mineralization on the property and locate
previously unknown mineralization. The MMI results revealed that both the north
and south MMI grids are almost entirely covered by highly anomalous lead
results. In addition, a silver anomaly covers almost the entire north grid.
Private Placement
Further to IMMC's announcement on September 14, 2012, on May 23, 2013, the
Company announced a second tranche private placement, which raised gross
proceeds of $660,000. Under the terms of the offering, the Company will issue
8,250,000 units at $0.08 per unit. 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. Shares issued under the placement are subject to a four month
hold period ending September 24, 2013. The placement documents have been
accepted for filing by the TSX Venture Exchange.
The Company will pay paid finders' fees to certain finders in an aggregate
amount of 53,200 common shares in connection with the second tranche of the
private placement.
The Company will use the proceeds to acquire the balance of SRC's underlying
interest in the Nivloc Mine Property (see March 11, 2013 news release), and for
working capital.
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.
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. 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.
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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Millennium Mining Corp.
Ms. Sheri Barton
(403) 217-5830
sheribarton@telus.net
International Millennium Mining Corp.
Mr. John Versfelt
President & CEO
(604) 527-8135
(604) 527-9126 (FAX)
info@immc.ca
www.immc.ca
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