INTERNATIONAL MILLENNIUM OPTIONS OUT
INTEREST IN COBALT ONTARIO DIAMOND PROSPECT TO DIAMONDS EXPLORATION INC,
North
Vancouver, B.C. - International Millennium Mining Corp's ("IMMC" or the
"Company") (TSX-V: IMI) announces that it has signed a letter of
intent with Diamond Exploration Inc. ("DEI") whereby DEI is
entitled to earn fifty-one percent (51%) interest, subject to a partially re-purchasable
three percent (3%) net smelter return royalty, in thirty-six (36) mining
claims comprising IMMC's Cobalt Area Property. Under terms of the
agreement, DEI may earn a 51% interest in the property by expending
$1,000,000 over a period of up to ten (10) years at an average rate of not
less than $100,000 per year and by then delivering to IMMC, five hundred
thousand (500,000) shares of DEI. Following DEI's acquisition of an
interest in the property, further exploration and development of the claims
will be the subject of a joint venture between the parties.
The Cobalt Area
Property is located within Lorrain and Gillies Limit North Townships in the
Larder Lake Mining Division, Ontario. The Property comprises two hundred
and fifty (250) claim units in thirty-six (36) contiguous mining claims
enclosing approximately four thousand (4,000) hectares.
Exploration by IMMC to
date has focused on only two of the more than 20 known lamprophyre zones. The
diamond-bearing lamprophyre breccia is coincident with a crudely circular
magnetic low as defined by an airborne magnetic survey. Other magnetic low
targets form a very distinct northeasterly trend that has not been
explored. Additionally, none of the kimberlite indicator mineral anomalies
has been followed up. Airborne magnetic surveys have defined several
prospective targets with kimberlitic signatures that warrant evaluation.
As stated in the DEI
press release January 26, 2009 the DEI technical team believes that diamond
stability field conditions exist within the mantle root beneath the Cobalt
area. The presence of diamond-bearing lamprophyres confirms that the mantle
is fertile for diamonds in this region. Follow up work will focus on
assessment of priority kimberlite targets and additional evaluation of the
most prospective of the lamprophyre breccias.
About Diamond
Exploration Inc.
Diamond Exploration
Inc. is a diamond exploration company that has been focused, since 2001, on
exploration in the far northern regions of Canada's Territories including
Yukon, Northwest Territories and Nunavut. The Company's common shares trade
on the TSX Venture Exchange under the symbol: DIX.
About
International Millennium Mining Corp.
International Millennium Mining Corp. is a mineral exploration and
development company engaged in the acquisition and exploration of
polymetallic mineral properties in Canada and the
Americas. To date, 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. The Company's
common shares trade on the Frankfurt Exchange under the symbol: L9J and on
the TSX Venture Exchange under the symbol: IMI.
ON BEHALF OF THE BOARD
"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.
The TSX Venture Exchange does not accept
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.
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