Der Explorationsplan für 07 ist zu beachten.
International Millennium Mining Corp.: 1st Quarter 2007 Report
Wednesday May 30, 5:58 pm ET
NORTH VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 30, 2007) - International Millennium Mining Corp. (the "Company") (TSX VENTURE:IMI - News) announces the release of its 1st Quarter financial statements and MD&A (the "Quarterly Report") for the three months ended March 31, 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.
1st Quarter Highlights
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1st Quarter 1st Quarter Year ended
March 31, March 31, December 31,
2007 2006 2006
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Cdn $ Cdn $ Cdn $
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Net Revenues Nil Nil Nil
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General and Administration
expenditures 125,036 61,889 441,410
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Loss before other items (125,036) (61,889) (359,791)
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Loss per share before stock
based compensation (0.01) (0.01) (0.04)
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Net Loss (103,461) (61,016) (441,410)
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Net Loss per share (0.01) (0.01) (0.05)
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Deferred Mineral Property
expenditures 4,713,956 648,329 4,474,994
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Total assets 7,983,161 985,128 8,242,163
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Total liabilities 190,129 50,025 404,020
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Share capital 10,513,237 3,359,279 10,194,617
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2007 2006 2006
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Weighted average number of
shares outstanding 29,688,776 7,610,106 8,741,314
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Common shares outstanding 30,342,944 9,176,370 29,247,944
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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.
The Company's cost structure has varied from the first quarter in fiscal 2007 compared to the first quarter in fiscal 2006. Regulatory costs have decreased from $23,099 in the first quarter of fiscal 2006 to nil in the first quarter of fiscal 2007 due to hiring of an employee responsible for all regulatory and land management matters previously contracted. As a result, the Company has incurred $11,477 in salaries in performing these duties. Administration costs have decreased from $19,669 in fiscal 2006 to $11,744 in fiscal 2007 due to new lower contract rates with American Resource Management Consultants Inc. for management and administration services. Accounting and legal costs increased $18,928 from $10,732 in fiscal 2006 to $29,660 in fiscal 2007 primarily as a result of non-recurring costs legal and accounting fees required for the listing application and the private placements. Transfer agent and filing costs increased by $38,639 from $3,989 in first quarter of fiscal 2006 to $42,628 in the first quarter of fiscal 2007 largely due to the $22,500 listing application to the TSX -Venture Exchange and higher transfer agent costs due to the significant volume of shares issued during the quarter because of the private placement and the new trading activities in February 2007. Promotion and trade show costs of $11,477 incurred during the first quarter of fiscal 2007, as compared to nil costs in the first quarter of fiscal 2006, are primarily due to new trade shows and travel incurred in the anticipation of the Company trading on the TSX Venture Exchange. The investor relations for the Company are being performed jointly by the management of the Company and by an investor relations consultant.
Total property payment and deferred mineral property expenditures increased by $249,552 in the first quarter of fiscal 2007 compared to $54,680 in the first quarter of fiscal 2006. The increase in expenditures and property payments is largely caused by the additional properties acquired from Cabo Drilling Corp.
Management believes that with the very low metal inventories, relatively low increases in metal supplies and increased 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.
Future Exploration Programs - First half of 2007
The Simon Mine in Nevada 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/t Ag, 0.04 oz/t 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). In the first quarter of fiscal 2007 the Company began a deeper penetrating IP resistivity geophysics program over the entire Simon Mine property.
The High Lake Property near Kenora Ontario 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. The Company will begin geochemistry work on this project, which will be concentrated within these two zones, in May 2007.
The Cobalt Property in Ontario has numerous classical Cobalt Type silver targets outlined within that property claim group. Sufficient preliminary work has been completed on three of these 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 geophysics work over certain areas of the property. The purpose of the geophysics work will be to identify the location of volcanogenic massive sulfide and Cobalt Type targets.
At its Harrison Lake Project in British Columbia, the Company will continue exploration work with its joint venture partner Sutcliffe Resources Ltd. 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 recommended in order to establish drill targets for the Jason property area and drilling is recommended and the Harrison Lake property joint venture.
First quarter ended March 31, 2007
General and administrative costs for the quarter ended March 31, 2007 were $125,036, up from $61,889 in the quarter ended March 31, 2006. The primary reasons for the difference are non-recurring legal and filing costs incurred to complete of the private placements and the listing application. The Company incurred $14,877 in the first quarter of fiscal 2007 for promotion and trade show costs and travel costs as compared to nil costs during the first quarter in fiscal 2006.
The Company earned $21,579 in the first quarter of fiscal 2007 compared to $19 in the first quarter of fiscal 2006 in interest income. The Company invests excess cash in short-term interest bearing investments.
In February 2007, the Company converted the subscription receipts of 875,000 non-flow-through subscription receipts ("NFT Receipts") into one common share and one non-flow through common share purchase warrant, with each non-flow through warrant exercisable to purchase an additional non-flow through share at a price of $0.40 per share on or before December 28, 2008. The Company received gross proceeds of $306,250 in December 2006 from the issuance of the 875,000 NFT Receipts at $0.35. The Company paid cash commissions of $24,500 and issued 87,500 compensation warrants entitling agents to purchase 87,500 NFT Receipts at a price of $0.35 per NFT Receipt on or before December 7, 2008.
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 may negotiate agreements with possible partners for one or more properties. In the first quarter of fiscal 2007 the Company has initiated several programs on the Simon Property, High Lake Property and the Cobalt Property.
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. is a mineral exploration and development company engaged in the acquisition and exploration of mineral properties in Canada and 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
