INTERNATIONAL MILLENNIUM
TERMINATES A COBALT PROPERTY AGREEMENT AND CANCELS STOCK OPTIONS
North Vancouver, B.C. - Following an evaluation of its
Cobalt Area property, International Millennium Mining Corp's
("IMMC" or the "Company") (TSX-V: IMI), has terminated
the property agreement with Outcrop Explorations Limited with respect to 67
mining claims and 28 patented claims forming part of its Cobalt Area
property in Ontario. The Company will maintain its interest in
approximately 35 Cobalt Area property claims. IMMC's evaluation followed
completion of a summer drill program to test anomalies identified in a 2007
Mobile Metal Ion (MMI) survey and an earlier U-TEM geophysical survey. (see
IMMC's News Release of October 16, 2008) With less than encouraging drill
results and weaker financial markets, terminating significant monthly
property payments provided additional incentive for ending the nine year
old agreement.
Stock Options Cancelled
The Company also announces that it has cancelled 1,825,000 incentive stock
options granted prior to June 30, 2007, under terms of its Stock Option
Plan, to directors, officers, employees and consultants. The Options, which
provided the right to purchase common shares of the Company at $0.40 per
share were to expire on various dates to June 15, 2010.
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 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 Mr. John A. Versfelt,
President & CEO of the Company or Mr. D. Alex Caldwell, Corporate
Secretary at 604-984-9907.
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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