NEW WESTMINSTER, BRITISH COLUMBIA — (Marketwired) — 05/01/13 — 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, 2012 (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 2012 Audited Consolidated Financial Statements for the year ended December 31, 2012.
Summary for the Year Ended December 31
Summary Discussion
At December 31, 2012, the Company had a total of 104,245,096 common shares outstanding.
During the year ended December 31, 2012 the Company recorded a net loss of $652,115 as compared to a net loss of $439,749 during fiscal 2011. Overall expenditures decreased by $37,627, or 9%, from $407,080 in fiscal 2011 to $369,453 in fiscal 2012. The material variances during the periods are as follows:
During fiscal 2012, the Company issued 14,608,599 common shares. These common shares were issued pursuant to the exercise of 50,000 stock options for proceeds of $5,000; the exercise of 3,569,265 warrants for proceeds of $359,927; the exercise of 355,584 broker warrants for proceeds of $28,447; 350,000 shares issued for property payments; and 10,283,750 shares issued pursuant to a private placement for net proceeds of $786,580.
The Company-s working capital deficit decreased to $513,422 at December 31, 2012, as compared to a deficit of $594,901 at December 31, 2011.
Selected Financial Data by Quarter
Exploration Programs
Nivloc Mine, Nevada Property
Upon finalization of the Nivloc Property Option & Joint Venture Agreement with Silver Reserve Corp.-s („SRC“), the Company initiated a drilling program on the Nivloc Property. Thirty-seven (37) drill holes, totalling approximately 10,500 metres have been completed to April 5, 2012.
The Company is beginning to outline a silver and gold un-mined mineralized zone measuring 1,200 feet along strike and 600 feet down dip, measured vertically. Drill hole results from drill holes 1 through 37 have been announced previously by the Company. These results have been filed on SEDAR, and can be reviewed on the Company-s web site at .
On August 16, 2012 the Company announced the results of its initial inferred mineral resource estimate at the Nivloc Silver and Gold Project. 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. The 43-101 Initial Inferred Mineral Resource Estimate can be viewed on the Company-s website at .
Subsequent to the year end, and pursuant to a Sale and Purchase Agreement, International Millennium Mining Inc. („IMMI“) a subsidiary of IMMC, has agreed to pay SRC US$425,000 for SRC-s Nivloc Property interests and SRC will transfer 100% of its interest, right and title in those interests to IMMI. This transaction is scheduled to close May 31, 2013 or such other date that the parties agree upon.
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 Audited Consolidated Financial Statements with the regulatory authorities through SEDAR (), 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 , or on the Company-s website .
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 ().
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.
Contacts: International Millennium Mining Corp. Ms. Sheri Barton 403-217-5830
International Millennium Mining Corp. Mr. John Versfelt President & CEO 604-527-8135
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