nternational Millennium Mining Corp.: 3rd Quarter 2007 Report
Thursday November 29, 10:21 pm ET
NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2007) - International Millennium Mining Corp. (the "Company") (TSX VENTURE:IMI - News) announces the release of its 3rd Quarter financial statements and MD&A (the "Quarterly Report") for the nine months ended September 30, 2007 (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 Quarterly Report.
3rd Quarter Highlights
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Cdn ($) 3rd Quarter 3rd Quarter Year to date
Sept. 30, Sept. 30, Fiscal 2007
2007 2006
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Net Revenues Nil Nil Nil
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General and Administration
expenditures $ 92,061 $ 78,638 $ 293,486
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Interest income $ 16,957 $ - $ 61,917
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Stock based compensation
expense $ - $ - $ 114,000
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Net Loss $ (75,058) $ (79,920) $ (345,527)
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Net Loss per share $ (0.01) $ (0.02) $ (0.01)
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Deferred Mineral Property
expenditures $ 276,307 $ 165,155 $ 682,468
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Total assets $ 8,004,519 $ 911,098 $ 8,004,519
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Total liabilities $ 270,223 $ 80,739 $ 270,223
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Working capital $ 2,190,546 $ (23,340) $ 2,190,546
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Common shares - issued and
outstanding 30,616,944 9,426,370 30,616,944
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Common shares - fully diluted 45,669,287 10,336,370 45,669,287
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IMMC began trading on the facility of the TSX Venture Exchange at the opening on February 27, 2007 under the trading symbol IMI.
General and administrative costs for the quarter ended September 30, 2007 were $92,061, an increase from $78,396 in the quarter ended September 30, 2006. The primary reasons for the difference are transfer agent and regulatory costs that continue to be quite high.
Accounting and legal costs decreased $3,122 during the third quarter of fiscal 2007 to $11,632 as compared to $14,754 in third quarter of fiscal 2006. Transfer agent and filing costs increased by $13,077 to $14,989 in the third quarter of fiscal 2007 compared to $1,912 in third quarter of fiscal 2006.
Promotion and tradeshow costs decreased to $16,750 during the third quarter of fiscal 2007 as compared to $20,480 in the third quarter of fiscal 2006, the decrease is due to reduction of one time costs related to the production of the Company's tradeshow materials. The investor relations for the Company are being performed jointly by the management of the Company and investor relations consultants.
Property payment and deferred mineral property expenditures incurred $393,272 in the third quarter of fiscal 2007 compared to $138,529 in the third quarter of fiscal 2006. The increased expenditures are primarily due to the geochemistry and geophysics work on the Simon Property, on the Cobalt Property and on the Jason Property. Property payments increased by $116,966, reflecting the Company's continuing interest in all properties acquired since 2005.
Cash reserves decreased during the quarter from $2,717,525 to $2,309,164 primarily due to property payments and deferred exploration expenditures and approximately $92,000 in general and administrative expenses. The Company's working capital position has decreased by $439,879 from $2,630,425 at June 30, 2007 to $2,190,546 at September 30, 2007.
With the completion of the private placements, the Company has planned exploration on most of its properties in fiscal 2007. The Company continues to have a joint-venture partner on the Harrison Lake property and the Mexico properties. In the third quarter of fiscal 2007, the Company furthered its programs on the Simon Property, High Lake Property and the Cobalt Property, as well as the Jason Property. First Mexican Resources Inc. ("First Mex") of Toronto, Ontario, the partner on the Mexico properties is earning the right to elect to acquire 60% interest in some and 40% interest in other mineral concessions in Sonora State, Mexico.
The Company executed a Sale and Purchase Agreement for the Nivloc Mine Property, dated September 6, 2007, to acquire three contiguous unpatented claims in Esmeralda County, in the State of Nevada for a purchase price of $60,000 USD (paid).
Management is focused primarily on precious metal polymetallic projects in the Americas and is working towards building a strong, stable and well financed mineral exploration and development property entity.
Future Exploration Programs - First half of 2008
The Simon Mine is a former producing polymetallic mine, located in the Walker-Lane Trend south of Reno. Shut down in the late 1960s, this project now presents itself as an exploration and development play offering both size and grade potential for longer-term mining. Historical records of ore shipped from the 905 drift (89 rail cars) indicate average grades 12 oz Ag, 0.04 oz Au, 9% Pb, 5.7% Zn and 3% Cu. (These historic figures are considered relevant and demonstrate the potential of the property, but need to be verified by the Company). Planning for the drilling program is taking place and a drill permit application will be filed with the mining authorities in December 2007. In the meantime a second phase Mobile Metal Ion (MMI) geochemistry program is being mobilized.
The High Lake Property has been explored in a piecemeal fashion since the early 1950s. During that time, parts of the claim group were controlled by different parties. The IMMC option agreement marks the first time that this property, covered by the 20 claims, has been held by one company. Additionally, the High Lake Property is contiguous on the south border of Electrum Lake Property. The High Lake/Electrum Lake Properties contain several known gold and gold-copper-molybdenum prospects. Several resource estimates have been produced by previous explorers on the mineralized zones identified in the eastern and western part of the High Lake Property. MMI geochemistry work is currently underway on this project in order to develop geophysics and drilling targets. This work will be completed by early 2008, after which a drill plan will be prepared.
The Cobalt Property has numerous classical Cobalt Type silver targets outlined within the property claim group. Sufficient preliminary work has been completed on three silver targets to warrant further testing. The next phase of exploration on the Cobalt Property began in the first quarter of fiscal 2007 and consisted of line cutting and geophysics over certain areas of the property. The purpose of the geophysics work was to identify the location of volcanogenic massive sulfide and Cobalt Type targets. In the second quarter, fiscal 2007, this work was followed up by a first phase mobile metal ion geochemistry work, the results of which encouraged the Company to proceed to a more detailed second phase in the third quarter, which is now completed. A drill plan is being prepared for early 2008.
At its Harrison Lake Project in British Columbia, the Company is awaiting the 2007 exploration work report from the joint venture partner and the 2008 plan and budget. Active mining at the Giant Mascot Mine took place within the ultramafic belt, approximately 10 kms from the southeast corner of the Harrison Lake property between 1958 - 1974, producing 4.2 million tonnes from reserves totaling 4.7 million tonnes grading 1.19% Ni; 0.46% Cu; 0.1% Co; 1.0% Cr; and unreported grades of platinum group metals, gold and silver. The Harrison Lake ultramafic belt provides a very attractive exploration prospect for Ni/Cu and platinum group mineralization. Ground chemistry and detailed geology of priority targets is taking place on the Jason property area of the Harrison Lake Project where the Company is acquiring a 100% interest.
Nine Months Ending September 30, 2007
General and administrative costs have increased by approximately $14,000 during the third quarter because of the continuing high transfer agent and regulatory filing fees. For the year to date, the transfer agent and regulatory expense is higher by more than $44,000, compared to 2006; however, much of the costs are related to the Company's listing in early 2007.
Regulatory and administration expenses are now recorded as salary expense, with a net positive decrease of approximately $45,000. However, because of the Company's status as a public company, printing, shareholder information and investor relations expenses have increased by almost $50,000 in fiscal 2007.
Accounting and legal costs are also $16,000 higher in fiscal 2007 largely due to increased audit costs for the Company's listing application.
The Company earned significant interest income, which decreased the Company's net loss for the nine months to $345,527. Excluding stock based compensation, the overall loss for the fiscal 2007 year to date compared to the same period in 2006 was higher by $3,267. The Company invests excess cash in short-term interest bearing investments.
Management believes that with the continued low metal inventories, relatively low increases in metal supplies and high demand for virtually all precious, base and strategic metals in the early stages of a metal bull market, its strategy of acquiring and developing precious metal polymetallic projects in historic areas in the Americas is prudent and will enhance the Company's financing ability and long term value.
Financial and Mineral Property Information
Concurrently with this news release, the Company is filing the Quarterly Report with the regulatory authorities through SEDAR (http://www.sedar.com) and has mailed it to shareholders who have requested copies and whose names appear on the Company's Supplemental List. A copy of the Quarterly Report is available on the SEDAR website, or will be mailed upon request. Additional information about International Millennium Mining Corp. and its mineral property interests, including technical reports, is available on the internet at the SEDAR website, namely http://www.sedar.com.
International Millennium Mining Corp. (the "Company") is a mineral exploration and development company engaged in the acquisition and exploration of mineral properties in the Americas. The Company has acquired and is exploring mineral properties in British Columbia, and Ontario, Canada; Nevada, USA; and Sonora State, Mexico. Emerging mineral targets include silver, gold, cobalt, molybdenum, zinc, lead, nickel, copper and platinum group metals.
ON BEHALF OF THE BOARD
John A. Versfelt, President and CEO
