International Millennium Mining Corp.
Reports 1st Quarter Results
North
Vancouver, B.C. - International Millennium Mining Corp. (the
"Company") (TSX-V:IMI) reports its 1st Quarter 2009 financial
statements and MD&A (the "Quarterly Report") for the 1st
Quarter ended March 31, 2009 (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. in the
Quarterly Report.
Summary of 1st Quarter Ended
Cdn ($)
|
March 31,
2009
|
March 31,
2008
|
Year to Date
Fiscal 2009
|
General and
Administration Expenditures
|
$
64,194
|
$
88,029
|
$
4,194
|
Stock Based
Compensation
|
$
-
|
$
-
|
$
-
|
Interest Income
|
$
840
|
$
10,123
|
$
810
|
Net Loss
|
$
(63,354)
|
$
(77,906)
|
$
(63,354)
|
Net Loss per share
|
$
(0.00)
|
$
(0.00)
|
$
(0.00)
|
As at:
|
March 31,
2009
|
December 31, 2008
|
Deferred Mineral Property Expenditures
|
$
3,144,842
|
$
3,106,807
|
Total Assets
|
$
3,526,954
|
$
3,590,231
|
Total Liabilities
|
$
310,695
|
$
316,618
|
Share Capital
|
$
10,342,737
|
$
10,257,337
|
Common Shares Outstanding
|
32,686,944
|
30,986,944
|
Fully Diluted Shares Outstanding
|
34,386,944
|
30,986,944
|
Summary Discussion
Given the significant changes in the financial and metals markets, as
well as the uncertainty in many global economies, management of the Company
(the "Management") has agreed to cut backs in fees and salaries,
expenses have been reduced and, other than the Simon Property, Nevada
project, exploration programs have been put on hold or property option
agreements have been terminated. Management has negotiated restructured
property payments with certain property owners as the Company focuses on
reducing cash outlays.
As a result, general and administrative expenses have decreased for the
fourth straight quarter from $88,029 in the fourth quarter of fiscal 2008
to $64,914 in the first quarter of fiscal 2009. Management expects these
costs to decrease slightly more in the next several quarters as there were
a few non-recurring charges incurred in the first quarter of fiscal 2009.
Similar to the first quarter 2008, higher than normal promotion and trade
show costs were incurred in the first quarter 2009 because of costs of
attendance at the PDAC trade show. Also, in this first quarter annual
sustaining fees are paid to the TSX Venture Exchange resulting in higher
than normal transfer agent and filing fee costs.
Accounting and legal fees and administration costs have decreased on a
combined basis by 27% in the first quarter of fiscal 2009 to $21,359 from
$29,143 in the fourth quarter of fiscal 2008 and a 15% reduction from the
$25,129 recorded in the first quarter of fiscal 2008, as a result of salary
reductions implemented during these challenging financial times. Other
reductions during the quarter include lower travel costs and office costs
incurred in the first quarter of fiscal 2009 as compared to the first
quarter of fiscal 2008.
The Company recorded a net loss of $63,354 for the quarter ending March
31, 2009 as compared to a net loss of $77,906 in the quarter ending March
31, 2008 and a loss of $4,089,636 incurred in the fourth quarter of fiscal
2008. The primary difference is the $4,109,441 asset write-down of the
Company's Harrison Lake, British Columbia property and all of its Ontario
properties during the fourth quarter of fiscal 2008. Interest income
decreased to $840 in the first quarter of fiscal 2009 compared to $10,023
in the first quarter fiscal 2008, as a result of the smaller investment
base and lower interest rates.
Cash reserves decreased from $389,586 at December 31, 2008 to $286,804,
at March 31, 2009. The Company invests excess cash in short-term interest
bearing investments. Its working capital position has decreased to $69,103
at March 31, 2009.
The Company entered into flow-through share subscription agreements in
fiscal 2008 whereby it is committed to incur and renounce to the
subscribers a total of $85,000 of qualifying Canadian Exploration Expenses
as described in the Income Tax Act of Canada.
The Company 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 interest
return royalty, in thirty-six mining claims comprised of 250 claim units of
IMMC's Cobalt Area property. Under terms of the agreement, DEI may earn a
51% interest in diamond production from the property by expending
$1,000,000 over a period of up to ten years at an average rate of not less
than $100,000 per year and by then delivering to IMMC, five hundred
thousand 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.
Management is focused on precious metal polymetallic projects in the
Americas and is working towards building a strong, stable and well financed
mineral exploration and small mines mining company.
At March 31, 2009, the Company had a total of 32,686,944 common shares
and 1,700,000 warrants outstanding.
Concurrently with this
news release, the Company is filing its 1st Quarter 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.
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,
with a particular focus on small mine deposits. 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 gold, silver, cobalt, molybdenum, zinc, lead, nickel,
copper 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.
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:
Lindsay Malcolm . 604-569-2508 . lindsaym@immc.ca
Wayne Meredith . 604-569-2509 . waynem@immc.ca
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.
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