INTERNATIONAL MILLENNIUM
AND DIAMONDS EXPLORATION INC SIGN FORMAL AGREEMENT ON COBALT ONTARIO
DIAMOND PROSPECT
North Vancouver, B.C. - International Millennium Mining Corp.
("IMMC" or the "Company") (TSX-V: IMI) and Diamond
Exploration Inc. ("DIX") (TSX-V: DIX) announce, as a follow-up to
their respective January 26 and 27, 2009 news releases, that they have
signed a formal Option and Joint Venture Agreement whereby DIX is granted
the sole and exclusive right and option to earn fifty-one percent (51%)
interest, subject to a one percent (1%) net smelter return royalty, in
thirty-six (36) mining claims (250 claim units) comprising IMMC's Cobalt
Area Property in Ontario. Under terms of the agreement, which is subject to
TSX Venture Exchange acceptance, DIX 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 issuing five
hundred thousand (500,000) shares to IMMC. Following DIX's acquisition of
an interest in the property, further exploration and development of the
project will be the subject of a joint venture between the parties.
Exploration by IMMC of the property, located just south of the town of
North Cobalt, has focused to date on only two of the more than 20 known
lamprophyre zones. Airborne magnetic surveys have defined several
prospective targets with kimberlitic signatures that warrant evaluation.
Additionally, none of the kimberlite indicator mineral anomalies has been
followed up.
The DIX 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 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 & CEO
Further information about the Company can be found on SEDAR
(www.sedar.com) or by contacting:
Lindsay Malcolm Wayne Meredith
604-569-2508 604-569-2509
lindsaym@immc.ca 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.
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
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