In the same category
International Millennium Mining Corp. Reports 4th Quarter and Annual Results
Published : May 19, 2011
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Copper | G Mexico | Gold | Lead | Market | Mexico | Recovery | Silver | Zinc |

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2011) - International Millennium Mining Corp. (the "Company") (News - Market indicators) reports its financial statements and MD&A (the "Quarter and Annual Report") for the 4th Quarter and year ended December 31, 2010 (BC Form 51-102F1). Pursuant to the requirements of National Instrument 51-102, this news release provides a summary of the information contained in the Quarter and Annual Report. 

Summary of 4th Qtr and Year Ended December 31
Cdn ($) 4th Quarter Fiscal 2010   4th Quarter Fiscal 2009   Year to Date
Fiscal 2010
  Year to Date
Fiscal 2009
 
General and Administration Expenditures $ 125,445   $ 99,380   $ 398,663   $ 326,073  
Stock Based Compensation $ -   $ 190,000   $ -   $ 190,000  
Interest Income $ -   $ -   $ -   $ 1,151  
Future Income Tax Recovery $ -   $ -   $ (26,625 ) $ (21,250 )
Write Down Resource Properties $ 1,136,088   $ 35,674   $ 1,513,543   $ 409,653  
Net Loss $ (1,173,523 ) $ (682,478 ) $ (1,797,581 ) $ (903,325 )
Net Loss per share $ (0.02 ) $ (0.03 ) $ (0.03 ) $ (0.03 )
             
             
As at December 31   2010     2009  
Deferred Mineral Property Expenditures $ 2,333,517   $ 2,879,562  
Total Assets $ 3,248,611   $ 3,101,011  
Total Liabilities $ 460,320   $ 283,473  
Share Capital   12,265,021     10,506,987  
Common Shares Outstanding   69,874,367     35,336,943  
Fully Diluted Shares Outstanding   101,762,530     41,171,943  

Summary Discussion

At December 31, 2010, the Company had a total of 69,874,367 common shares outstanding.

During the fiscal year ended December 31, 2010 the Company recorded a net loss of $(1,797,581) as compared to $(903,325) during the fiscal 2009. The primary reasons for the difference are as follows:

i) The Company wrote down the resource properties totalling $1,513,543 during fiscal 2010 as compared to the write down in fiscal 2009 of $409,653;
ii) Stock based compensation expense decreased from $ 190,000 in fiscal 2009 to nil in fiscal 2010; 
iii) Accounting and legal expenditures increased by $21,118 due to higher legal fees incurred on investigation of properties and settlement of property litigation; 
iv) Interest income has decreased to $nil for the fiscal year ended December 31, 2010 as compared to $1,151 in fiscal 2009;
v) Foreign currency losses increased to $39,309 in fiscal 2010 as compared to a loss of $3,069 in fiscal 2009, as a result of foreign exchange differences. In 2010 foreign exchange differences between USD and CAD whereas in 2009 were more pronounced as there was little difference between U.S. and Canadian currencies in fiscal 2009;
vi) A future tax recovery of $26,625, recorded on the renouncement of the flow through financing that closed in January 2010, reduced the net loss by $26,625.

During fiscal 2010, the Company finalized three private placements by issuing 34,017,237 units for total proceeds of $1,951,784. These proceeds were used to fund the drill programs on the Simon and Nivloc properties.

The Company's working capital has increased to a surplus of $297,294 at December 31, 2010. Subsequent to the year end, 4,818,916 warrants and 2,357,059 broker warrants were exercised for gross proceeds of $663,691 that will fund the drill program on the Nivloc Property and provide additional working capital.

With the exception of a $2,000 USD monthly payment that will be required for the Simon Property the Company also transferred all property payments and contracted exploration expenditures to joint venture partners. During fiscal 2009, the Company transferred or eliminated all significant required expenditures and property payments with the Canadian Star acquisition of the High Lake and Electrum Lake, Ontario properties; the continuing Mexico joint ventures; the termination of the Harrison Lake Property joint venture; and, the termination of the Jason Property Agreement. The Company has 27,521,369 warrants outstanding that, if exercised, would result in additional $2,274,579.

Accounting and legal fees increased during the year ended December 31, 2010, to $79,846 from $58,728, in the fiscal 2009 due to additional legal fees on the settlement of the Simon estate. Administration costs decreased during fiscal 2009 by $15,557 primarily as a result of fees incurred to prepare a business plan during fiscal 2009 which costs were not incurred during fiscal 2010. Bank charges and interest decreased by $4,100 during fiscal 2010 to $1,627 as a result of lower accrual of Part XII taxes. Printing and shareholders information decreased from $12,770 in fiscal 2009 to $11,318 in fiscal 2010 due to a reduction in costs incurred in preparation of the 2010 annual report. Salary costs increased by $3,997 during fiscal 2010 to $32,278 as compared to $28,881 in fiscal 2009 due to salary increases. Transfer agent and filing fees increased to $40,226 in fiscal 2010 as compared to $35,348 in fiscal 2009, an increase of $4,878 in additional regulatory filing fees incurred because of the private placements completed in fiscal 2010.

The Company recorded a net loss of ($1,797,581) for the year ended December 31, 2010 as compared to a net loss of ($903,325) in the year ended December 31, 2009. The primary difference results from larger write downs of resource properties recorded in fiscal 2010, as compared to fiscal 2009. Additionally the Company recorded a $88,000 change in fair value on investments as a result of the increase of the 200,000 shares of First Mexican Gold. During fiscal 2009, the Company recorded a $26,625 income tax recovery as a result of renouncing $31,500 of exploration expenditures for income tax benefits on a flow through financing, compared to a $21,250 renouncement in fiscal 2009.

Exploration Programs

Simon

The Simon Mine is a former producing polymetallic mine, located in the Walker-Lane Trend south of Reno, Nevada. Shut down in the late 1960s, this project now presents itself as an exploration and development play offering both size and grade potential for long-term mining. Historical records of ore shipped from the 905 drift (89 rail cars) indicate average grades 12 oz Ag, 0.04 oz 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). A drilling program began in February, 2010 and was completed in August, 2010. Results were reported for seven drill holes. The Company plans to carry out a phase II drill program sometime in 2012.

Nivloc

Upon completion of the Nivloc Property acquisition from SRC, the Company prepared a drilling plan which was started in the beginning of fiscal year 2011. Contingent on receiving funding for the drilling program and favourable results the Company plans to carry out a minimum 3,000 metres of drilling in 2011.Contingent on and the appropriate finances, ,
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.

Comparison of the Quarterly results

Overall there was a 40% increase in general and administration expenses to $140,398 in the quarter ended December 31, 2010 from $99,380 in the comparable period in fiscal 2009. Accounting and legal fees have decreased $13,457 in the fourth quarter of fiscal 2010 to $14,583 as compared to $28,040 in fiscal 2009 and increased by $2,721 in the fourth quarter of fiscal 2010 from $ 10,736 in the third quarter of fiscal 2009 due additional accrual for audit fees in the third quarter. Bank charges and interest decreased by $4,553 to $466 in fourth quarter of fiscal 2010 as compared to $5,019 incurred in the fourth quarter of fiscal 2009 due to a smaller accrual for Part XII taxes. Bank charges and fees increased $40 to $466 in the fourth quarter of fiscal 2010 as compared to $466 incurred in the third quarter of fiscal 2010 for the same reason. The Company incurred a loss of $31,756 on foreign exchange in the fourth quarter of fiscal 2010 as compared to a loss of $2,649 realized in the fourth quarter of fiscal 2009 from the translation of USD to CAD on consolidation of the US subsidiary during the quarter but recorded an increased loss of $30,132 during the fourth quarter of fiscal 2010 as compared to $1,624 in the third quarter of fiscal 2010. Transfer agent and filing fees increased by $2,012 to $12,486 in the fourth quarter of fiscal 2009 as compared to $10,474 in the fourth quarter of fiscal 2009 and increased by $5,134 when compared to the third quarter of fiscal 2010, due to additional regulatory filing fees incurred as a result of private placement closed in November 2010.

The Company recorded nil stock based compensation during the fourth quarter of fiscal 2010. During the fourth quarter of fiscal 2009, the Company recorded a stock based compensation expense of $190,000 as a result of the issue of 2,810,000 stock options.

The Company recorded a net loss of $(1,173,523) during the quarter ended December 31, 2010 as compared to a net loss of$(682,478) during the comparable period in fiscal 2009 and a loss of $(426,158) incurred during the third quarter of fiscal 2010. The primary difference for the losses are the resource property write downs.

Concurrently with this news release, the Company is filing its 2010 4th Quarter and Annual 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 Quarter and Annual 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.

As the Company has now filed its outstanding financial statements and MD&A, the British Columbia Securities Commission has revoked the management cease trade order imposed May 5, 2011. 

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.

International Millennium Mining Corp. is a mineral exploration and development company engaged in acquiring known small mine deposits and in the exploration of polymetallic mineral properties in Canada and the Americas. To date, the Company has acquired and is exploring mineral properties in Nevada, USA; Ontario, Canada; and, Sonora State, Mexico. Emerging mineral targets include silver, gold, zinc, lead, and copper. 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, President and CEO

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

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.

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.

International Millennium Mining Corp.
Ms. Sheri Barton
403-217-5830
sheribarton@telus.net
or
International Millennium Mining Corp.
Mr. John Versfelt
President & CEO
604-984-9907
info@immc.ca
Data and Statistics for these countries : Canada | Mexico | All
Gold and Silver Prices for these countries : Canada | Mexico | All

International Millennium Mining Corp.

EXPLORATION STAGE
CODE : IMI.V
ISIN : CA4599701097
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

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.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
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
8/2/2011Private Placement ClosedRecieved:
7/19/2011Private Placement Announced
3/28/2011Cabo Increases Private Placement to $2.525 MillionRecieved:
2/17/2011Cabo Drilling to Offer $1.5 Million Private PlacementRecieve...
3/8/2010Tamerlane Announces Non-Brokered Flow-Through Unit Private P...
2/23/2010IMMC closes Private PlacementRecieved:
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.
2/15/2013(Hope Lake Property)Terminates Its Hope Lake Property Option Agreement
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:
6/14/2011Cabo Drilling Corp. Commences Drilling at Ridgemont Iron Or...
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...
5/30/2014International Millennium Mining Corp. Reports 1st Quarter Re...
5/1/2014International Millennium Mining Corp. Reports 4th Quarter an...
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...
8/30/2011Reports 2nd Quarter ResultsRecieved:
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...
8/17/2011Cabo Drilling Corp. Awarded 20,000 Meter Drill Contract by F...
8/17/2011Trade Winds Begins 20,000 Metre Drill Program on Block AReci...
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
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (IMI.V)
0.015+0.00%
TSX-V
CA$ 0.015
07/12 16:03 -
0%
Prev close Open
0.015 0.015
Low High
0.015 0.015
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.015 -%
Volume 1 month var.
102,000 -%
24hGold TrendPower© : -37
Produces
Develops
Explores for Cobalt - Copper - Diamonds - Gold - Lead - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
20210.00%0.040.02
2020-50.00%0.030.01
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.09+0.57%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 9.16+2.81%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.60+1.18%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.10+1.94%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 13.38+5.60%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
 0.34+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.18+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.85+4.52%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.97+1.49%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.