VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 2, 2016) - International Millennium Mining Corp. ("IMMC" or the "Company") (TSX VENTURE:IMI) is pleased to announce that its wholly-owned subsidiary, International Millennium Mining Inc. ("IMMI"), has executed a Sale and Purchase Agreement including an Option to Purchase Royalty Interest (the "Agreement") to acquire Silver Reserve Corp.'s ("SRC") remaining interests in the Nivloc, Nevada Property (the "Transaction"). These interests include the following:
- All rights, titles and interests owned by SRC in and to the remaining undivided fifteen percent (15%) interest in and to eighteen (18) unpatented lode mineral claims (the "NL Claims"), and any and all licenses and permits pertaining thereto; and,
- The sole and exclusive right and option to acquire a fifteen percent (15%) interest in the 104 claims held by IMMI (the "IMMC Claims").
Pursuant to the Agreement, IMMI will pay SRC US$110,000 (the "Cash Consideration") for the Nivloc Property interests detailed above (the "Nivloc Property Interests"), and SRC will retain a royalty interest of two percent (2%) of Net Smelter Returns from the NL Claims and the IMMC Claims (the "Royalty Interest"). SRC will transfer 100% of its interest, right and title in the Nivloc Property Interests to IMMI. Final closing of the Agreement is expected to take place on or before February 22, 2016 (the "Closing"). In the event that the Closing does not occur on February 22, 2016, at the discretion of SRC, the date of the Closing may be extended to March 22, 2016, upon the payment by IMMI of an additional US$10,000 as a component of the Cash Consideration, for total consideration of US$120,000.
As a condition of the Transaction, IMMC retains a time-limited option to purchase SRC's Royalty Interest for a sum of US$120,000, on or before December 24, 2016.
IMMI is focusing its attention on developing the Nivloc silver and gold mine property, which is situated in the Silver Peak Mining District of Esmeralda County, Nevada, USA, where IMMI has estimated a National Instrument 43-101 ("NI 43-101") compliant Inferred Mineral Resource, at 40 g/t Ag cut-off, of 1,640,000 tonnes grading 106.47 g/t Ag and 0.78 g/t Au. See the Company's news releases of August 16, 2012, December 4, 2012 and January 8, 2013, either on the Company's website www.immc.ca or on SEDAR at www.sedar.com.
"We believe the potential for the Nivloc silver and gold mine property is considerable, so we are very pleased to have the opportunity to acquire SRC's remaining interests in the Nivloc property, thereby increasing IMMI's interest in the property to 100%," stated Mr. John Versfelt President and CEO of IMMC. "IMMC has made significant progress on the Nivloc property to date and we look forward to advancing our programs over the next couple of years, with the intent of putting the mine back into production."
The Company's NI43-101 report, dated July 31, 2012, recommends a drill program designed to reduce drill hole spacing and to confirm the continuity of the mineralization included in the Inferred Mineral Resource estimate, as well as carrying out a step out drilling program to confirm the extension of the mineralized zone to the Northeast and to the Southwest, as well as at depth.
International Millennium Mining Corp. (TSX VENTURE:IMI) is a mineral exploration and development company engaged in acquiring known smaller mine deposits, such as its Nivloc, Nevada silver-gold mine project, in the Americas, with the goal of advancing the properties to the mining stage. Emerging targets include silver, gold, copper, zinc and lead. 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).
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.