3rd QUARTER 2008 REPORT
North Vancouver, B.C. - International Millennium Mining
Corp. (the "Company") (TSX-V:IMI) announces the release of its
3rd Quarter financial statements and MD&A (the "Quarterly
Report") for the nine months ended September 30, 2008 (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.
Summary Discussion
General and administrative costs for the quarter ended September 30, 2008
were $72,144 compared to $102,765 in the second quarter of fiscal 2008
ended June 30, 2008 and $92,015 recorded in the third quarter of fiscal
2007. The primary reasons for the difference are a reduction in printing
costs, trade show costs, salaries and transfer agent and filing fees.
At September 30, 2008, the Company had a total of 30,986,944 common
shares, 1,825,000 stock options and 13,252,343 warrants outstanding.
Deferred mineral property expenditures totalled $78,358 during the third
quarter of fiscal 2008, compared to $451,369 in second quarter of fiscal
2008 and $276,307 in the third quarter of fiscal 2007. Expenditures during
the second quarter of fiscal 2008 are mostly attributed to the drill
program on the Cobalt, Ontario property. Property payments decreased to
$85,199 in the third quarter of fiscal 2008 compared to $106,410 in the
second quarter of fiscal 2008, primarily as a result of the annual payment
that was paid in the second quarter for the High Lake property, and
decreased from $ 116,966 in the fiscal 2007 third quarter because the
Nivloc property was acquired and a one time payment was made in that 2007
quarter.
Given the significant changes in the financial and metals markets, as
well as the uncertainty in the global economies, Management has agreed to
cut backs in fees and salaries, expenses have been reduced and, other then
the Simon Property, Nevada, property programs have been put on hold. All
the assay results have been received for the Cobalt Property drilling
program and there were no significant mineralized drill intersections.
Consequently, Management is evaluating the properties to determine which
claims to return to the underlying owners. Management is speaking with
financiers, but no decision is imminent, nor is there any reason to make
any decision until sometime in the spring of 2009.
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International Millennium Mining Corp. is a mineral exploration and
development company engaged in the acquisition and exploration of 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.
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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