International Millennium Mining Corp.

Published : May 30th, 2014

International Millennium Mining Corp. Reports 1st Quarter Results

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International Millennium Mining Corp. Reports 1st Quarter Results

NEW WESTMINSTER, BRITISH COLUMBIA--(Marketwired - May 30, 2014) - International Millennium Mining Corp. ("IMMC" or the "Company") (TSX VENTURE:IMI) reports the Company's results for its fiscal year 2014 first quarter ended March 31, 2014.

Summary of 1st Quarter Results Ended March 31

1st Quarter
Fiscal 2014
1st Quarter
Fiscal 2013
Year to Date
Fiscal 2014
General and Administrative Expenditures $ 37,978 $ 84,473 $ 37,978
(Gain) Loss on Foreign Exchange 223 (438 ) 223
Stock Based Compensation $ - $ - $ -
Gain on Disposal Mineral Properties $ - $ - $ -
Net Income (Loss) for the Period $ (46,595 ) $ (118,984 ) $ (46,595 )
Net and Comprehensive Income (Loss) for the Period $ (46,595 ) $ (118,984 ) $ (46,595 )
Net Income (Loss) Per Share $ 0.00 $ 0.00 $ 0.00
As at March 31,
2014
December 31,
2013
Deferred Mineral Property Expenditures $ 5,849,183 $ 5,839,441
Total Assets $ 5,912,058 $ 5,898,107
Total Liabilities $ 968,370 $ 911,824
Share Capital $ 16,588,645 $ 16,584,645
Common Shares Outstanding 108,188,296 108,088,296
Fully Diluted Shares Outstanding 143,267,046 143,627,046

First Quarter Summary

During the quarter ended March 31, 2014 the Company recorded a net loss of $46,595 as compared to a net loss of $118,984 during the comparable period in fiscal 2013. The material variances during the periods are as follows:

  1. Accounting and administration costs decreased by $16,204 in the first quarter fiscal 2014 from $22,204 in fiscal 2013 to $6,000;
  1. Transfer agent and filing fees increased to $6,016 in fiscal 2014 from $1,841 in fiscal 2013, primarily due to timing of the TSX venture Sustaining Fees;
  1. Promotion and trade show costs decreased to $9,079 in the first quarter of fiscal 2014 from $33,996 in the first quarter of fiscal 2013 due to cost reduction measures;
  1. The Company incurred an accretion and finance cost expense of $8,617 in the first quarter of fiscal 2014 as compared to a finance expense of $19,511 in fiscal 2013. The Company issued 715,000 bonus shares for the loan in fiscal 2013; and,
  1. The Company wrote down resource properties by $15,000 in the first quarter of fiscal 2013 as compared to no resource property write downs in the first quarter of fiscal 2014.

Overall general and administration expenditures decreased by $46,495, or 55%, from $84,473 in the first quarter of fiscal 2013 to $37,978 in the first quarter of fiscal 2014.

In the first quarter of fiscal 2014, IMMC 100,000 common shares were issued for a property payment. At March 31, 2014, the Company had a total of 108,188,296 common shares outstanding.

The Company's working capital deficit increased to $911,185 at March 31, 2014, as compared to a deficit of $858,848 at December 31, 2013.

Exploration Programs

The Company has acquired and is exploring mineral properties in British Columbia and Ontario, Canada and Nevada, USA. It has also announced, at December 24, 2013, a transaction to merge with Elephant Copper Ltd., whose primary asset is the Mkushi copper mine in Zambia.

Nivloc Mine, Nevada Property

Subject to securing further financings, the Company will continue its exploration programs on the Nivloc property, as set out in the Company's NI 43-101 Technical Report dated July 31, 2012, which can be found on at www.sedar.com or the Company's website www.immc.ca. 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.

Management is focused on polymetallic projects and is working towards building a strong, stable and well financed mineral exploration and small mines mining company. Emerging mineral targets include silver, gold, copper, molybdenum, zinc, lead and platinum group metals.

Elephant Copper Transaction

The Elephant Copper ("Elephant") transaction announced December 24, 2013, whereby the Company agreed to complete a business combination transaction, is proceeding to the filing stage. The Shareholders Exchange Agreement is distributed for signature to the Elephant shareholders; a NI 43-101 report has been delivered; and the Company is awaiting receipt of the audited 2013 and 2014 consolidated Elephant financial statements. The primary asset of Elephant is the Mkushi copper mine located in Zambia.

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, with the goal of advancing the properties to the mining stage. Emerging targets include silver, gold, copper, molybdenum, zinc, lead and platinum group metals. The Company's common shares trade on the TSX Venture Exchange under the symbol: IMI and on the Frankfurt Exchange under the symbol: L9J. 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.

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.

ON BEHALF OF THE BOARD

John A. Versfelt, President and CEO

Further information about the Company can be found on SEDAR (www.sedar.com).

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. 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.

Read the rest of the article at finance.yahoo.com
Data and Statistics for these countries : Canada | Zambia | All
Gold and Silver Prices for these countries : Canada | Zambia | All

International Millennium Mining Corp.

EXPLORATION STAGE
CODE : IMI.V
ISIN : CA4599701097
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IMMC is a silver and gold exploration company based in Canada.

IMMC holds various exploration projects in Canada.

Its main exploration properties are SIMON MINE, COBALT CLAIMS, JASON CLAIMS, ELECTRUM LAKE and LOBSTICK in Canada.

IMMC is listed in Canada. Its market capitalisation is CA$ 2.6 millions as of today (US$ 2.0 millions, € 1.7 millions).

Its stock quote reached its highest recent level on June 03, 2011 at CA$ 0.37, and its lowest recent point on March 20, 2020 at CA$ 0.01.

IMMC has 170 200 000 shares outstanding.

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Financings of International Millennium Mining Corp.
5/30/2013Reports 1st Quarter Results and Announces Exchange Approval ...
5/23/2013Private Placement
10/12/2012Closes First Tranche of Private Placement
9/14/2012Private Placement Announced
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3/28/2011Cabo Increases Private Placement to $2.525 MillionRecieved:
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3/8/2010Tamerlane Announces Non-Brokered Flow-Through Unit Private P...
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2/12/2010Private PlacementRecieved:
12/2/2009Cabo Closes Private PlacementRecieved:
11/12/2009Cabo Increases Private Placement To $870KRecieved:
9/26/2009Closes Non-Brokered Private Placement
2/11/2009Announces Closing of Non-Brokered Flow-Through Private Place...
1/5/2009Announces Non-Brokered Flow-Through Private Placement
Option Grants of International Millennium Mining Corp.
4/8/2010Trade Winds Grants Stock OptionsRecieved:
7/6/2009Cabo Grants Stock Options Recieved
6/5/2006grant stock options
Financials of International Millennium Mining Corp.
5/20/2011Reports 4th Quarter and Annual Results
12/1/2008Third Quarter Report
8/30/2007Second Quarter Report
Project news of International Millennium Mining Corp.
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8/23/2011Trade Winds Intersects 3.08 g/t gold over 20.8 metres on Blo...
7/7/2011Cabo Drilling (Colombia) Corp. Awarded 20,000 Meter Drill Co...
6/22/2011Cabo Drilling (Pacific) Corp. Awarded Drill Contract by MAN ...
6/21/2011Cabo Drilling Corp Receives Shareholders ApprovalRecieved:
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6/4/2011IMMC Invite To World Resource ConferenceRecieved:
5/24/2011Cabo Drilling Corp. Commences Drilling at Empire Mining Corp...
5/11/2011Trade Winds Intersects 2.08 g/t gold over 30 metres on Block...
8/19/2010(Simon Mine)Confirms New Mineralized Zone At Simon ProjectRecieved:
6/1/2010(Simon Mine)Simon Drilling Intersects Encouraging MineralizationRecieved...
2/11/2010(Simon Mine)Drilling Begins On Simon Mine PropertyRecieved:
1/20/2010(Jason Claims) Commences Drilling and Closes First TrancheRecieved:
12/9/2009Property Updates and Placement announcedRecieved:
9/3/2009(Electrum Lake)Signs Letter of IntentRecieved:
6/29/2009(Cobalt Claims)Sign Formal Agreement
5/27/2009(Simon Mine)Simon Mine Nevada Property Exploration Update
1/20/2009(Hope Lake Property)Encouraged by Favourable Gold and Copper MMI Results
1/27/2009(Cobalt Claims)Options Out Interest In Cobalt Ontario Diamond Prospect
1/10/2008(Cobalt Claims) Survey Identify Strong Silver-Copper Anomalies
1/3/2008(Jason Claims)Jason Property Phase One Exploration
Corporate news of International Millennium Mining Corp.
6/23/2016International Millennium Mining Corp. Closes Private Placeme...
4/12/2016International Millennium Mining Corp. Completes Purchase of ...
2/2/2016Sale & Purchase Agreement Executed to Acquire 100% Interest ...
5/11/2015IIROC Trading Halt - CXD; CSN; GDX; HBY; IMI; JMC; LRC; PBM
11/22/2014Provides Update To Transaction With Elephant Copper Ltd. And...
11/21/2014IMMC Provides Update to Transaction with Elephant Copper Ltd...
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10/4/2013Sale & Purchase Agreement Terminated
7/10/2013Stock Options Granted and Warrants Extended
5/1/2013Reports 4th Quarter and 2012 Annual Results
4/15/2013Wild Goose Property MMI Survey Results
3/11/2013Sale & Purchase Agreement Executed To Acquire 100% Interest ...
3/11/2013Sale & Purchase Agreement Executed To Acquire 100% Interest ...
1/26/2013Join IMMC at its Hospitality Suite at this year's 2013 Round...
1/8/20132012 In-Fill Drilling Continues to Verify Thickness and Grad...
10/2/2012Stock Options Granted and Warrants Extended
4/18/2012Commentary on IMMC news release =2D Wild Goose
12/24/2011Cabo Announces Record 1st Quarter ResultsRecieved:
12/21/2011IMMC=3A Drilling at the Nivloc Project Returns Highest Grade...
12/12/2011IMMC Obtains Loan to Continue Drill Program at Nivloc
12/2/2011Reports 3rd Quarter Results
11/28/2011IMMC Drills 73 Feet of 158 g=2Ft Silver and 1.33 g=2Ft Gold ...
11/24/2011Cabo Drilling Announces Retirement of Three Directors, Nomin...
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8/22/2011Cabo Drilling Corp. Awarded 6,000+ Meter Drill Contract by P...
8/17/2011Joint Venture Partner First Mexican Gold Corp. Starts 2nd Dr...
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7/14/2011More High Grade and Other Significant Intercepts Encountered...
7/4/2011Reports 1st Quarter ResultsRecieved:
7/1/2011Reports 1st Quarter Results
6/22/2011First Mex Confirms New Target & Issues Mexico Property Explo...
6/17/2011Cabo Drilling Corp. Awarded Drill Contract by Ber Alb Sh ARe...
6/10/2011Cabo Drilling Commences Drilling at Alderon Resource Corp. K...
6/3/2011Excellent Grade Found in New Hanging Wall Vein at Nivloc Min...
5/6/2011Granted Management Cease Trade Order
4/11/2011Hits Four Significant Ag/Au Zones in Drill Hole 11NL-5 at Ni...
3/21/2011Cabo Completes $2.525 Million Private PlacementRecieved:
3/8/2011Reports Sampling Results from Bailey Zone on Hilda Property ...
3/2/2011Cabo Announces 2nd Quarter ResultsRecieved:
3/1/2011Signs Option Agreement to Acquire Property Surrounding Its N...
2/23/2011s Positive Results, Adds Ground at Hilda Property Sonora Mex...
12/2/2010Reports 3rd Quarter Results
3/3/2010Trade Winds Announces $2 Million Brokered Private Placement
1/28/2010Closes Final Tranche Of Private Placement
9/1/2009IMMC Reports 3nd Quarter ResultsRecieved:
7/8/2009Change of Direction
6/2/2009Reports 1st Quarter Results
12/4/2008terminates a Cobalt Property Agreement
9/26/2007Purchases Nivloc Mine Property in Nevada
7/16/2007Signs Option and Joint Venture Agreement With First Mexican ...
7/6/2007Engages in Investor Relations
6/1/20071st Quarter 2007 Report
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