1st Quarter 2007 Report
North Vancouver, B.C. - International Millennium
Mining Corp. (the “Company”) (TSX-V:IMI) 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 March 31,
2007
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1st
Quarter March 31,
2006
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Year ended
December 31, 2006
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Cdn $
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Cdn $
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Cdn $
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Net Revenues
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Nil
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Nil
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Nil
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General and Administration
expenditures
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125,036
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61,889
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441,410
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General and Administration
expenditures
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125,036
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61,889
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441,410
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Loss before other items
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(125,036)
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(61,889)
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(359,791)
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Loss per share before
stock based compensation
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(0.01)
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(0.01)
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(0.04)
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Net Loss
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(103,461)
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(61,016)
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(441,410)
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Net Loss per share
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(0.01)
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(0.01)
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(0.05)
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Deferred Mineral Property
expenditures
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4,713,956
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648,329
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4,474,994
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Total assets
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7,983,161
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985,128
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8,242,163
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Total liabilities
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190,129
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50,025
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404,020
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Share capital
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10,513,237
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3,359,279
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10,194,617
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2007
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2006
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2006
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Weighted average number of shares
outstanding
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29,688,776
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7,610,106
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8,741,314
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Common shares outstanding
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30,342,944
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9,176,370
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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 (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 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
(signed “John A. Versfelt”)
John A. Versfelt President and
CEO
Further information about the Company can be
found on SEDAR (www.sedar.com) or by contacting Mr. John A. Versfelt,
President & CEO of the Company or Mr. D. Alex Caldwell, Corporate
Secretary at 604-984-9907. 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.
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