NEW WESTMINSTER, BRITISH COLUMBIA, Dec 02, 2013 (Marketwired via COMTEX) — International Millennium Mining Corp. (“IMMC” or the “Company”) /quotes/zigman/219353/realtime CA:IMI -16.67% reports the Company’s results for its fiscal year 2013 third quarter ended September 30, 2013.
Summary of 3rd Quarter Results Ended September 30
3rd Quarter 3rd Quarter Year to Date
Fiscal 2013 Fiscal 2012 Fiscal 2013
General and Administrative
Expenditures(1) $ 68,804 $ 83,181 $ 243,370
(Gain) Loss on Foreign Exchange 1,187 (6,432) 844
Stock Based Compensation (1) $ 22,000 $ – $ 22,000
Gain(loss) on Disposal Mineral
Properties $ – $ – $ (15,000)
Net Income (Loss) for the
Period $ (90,804) $ (83,181) $ (344,357)
Net and Comprehensive Income
(Loss) for the Period $ (112,916) $ (2,014) $ (434,578)
Net Income (Loss) Per Share $ 0.00 $ 0.01 $ 0.00
(1) Stock based compensation is excluded from the General and administration
As at September 30, December 31,
Deferred Mineral Property Expenditures $ 5,831,414 $ 5,577,125
Total Assets $ 5,942,441 $ 5,895,236
Total Liabilities $ 850,139 $ 684,312
Share Capital $17,038,901 $ 16,299,945
Common Shares Outstanding 113,713,29
Fully Diluted Shares Outstanding 149,552,04
At September 30, 2013, the Company had a total of 113,713,296 common shares outstanding.
During the nine months ended September 30, 2013 the Company recorded a net loss of $344,357 as compared to a net income of $20,503 during the comparable period in fiscal 2012. The material variances during the periods are as follows:
i. During the first nine months of fiscal 2012 the Company recorded a
$240,000 stock based compensation when the Company granted 1,615,000
stock options and extended the expiry date of 1,930,000 stock options
all expiring December 31, 2014, as compared to a $22,000 expense during
the first nine months of fiscal 2013 as a result of the granting of a
further 1,225,000 options;
ii. The Company had recorded a gain of $640,000 during the first nine months
of fiscal 2012 compared to nil gain in the nine months of fiscal 2013
(this amount was recalculated in the fourth quarter of fiscal 2012 to
$170,825) on the sale of the remaining 20% interest in the
Hilda/Guadalupe property. IMMC received 4,000,000 shares of First
Mexican Gold Corp. (“First Mex”) and a 2% NSR payable to IMMC with 1%
re-purchasable by First Mex for US$1 million dollars. The Company had
previously reported the gain of $640,000 in the first quarter of fiscal
2012, but it was revised to reflect the present value of the 4,000,000
shares received. According to an agreement signed with First Mex, IMMC
can only sell 50,000 shares per month, unless otherwise agreed between
iii.The Company incurred an accretion expense of $42,947 during the first
nine months of fiscal 2013 as a result of a $286,000 loan, as compared
to $31,206 during the first nine months of fiscal 2012; and,
iv. The Company wrote down resource properties by $15,000 in the first nine
months of fiscal 2013.
In the first nine months of fiscal 2013, the Company issued 715,000 common shares, as a bonus for a loan of $286,000 received in January 2013, and a further 450,000 shares were issued for property payments. On May 23, 2013, the Company announced a second tranche private placement of 8,250,000 units at $0.08 per unit, for gross proceeds of $660,000. Each unit is comprised of one (1) common share and one (1) non-transferable share purchase warrant entitling the holder to purchase an additional share at $0.10 per share if exercised on or before November 23, 2014.
The Company’s working capital deficit increased to $796,112 at September 30, 2013, as compared to a deficit of $513,422 at December 31, 2012.
Comparison of the quarterly results
Overall, there was a 17% decrease in expenses, to $68,804 (does not include the $22,000 stock based compensation expense) in the third quarter of fiscal 2013, compared to $83,181 in the third quarter of fiscal 2012 and a decrease from the $90,093 recorded in the second quarter of fiscal 2013.
i. In the third quarter of fiscal 2013, the Company recorded a foreign
exchange loss of $1,187, compared to a foreign exchange gain of $6,432
in the comparable fiscal 2012 period, as a result of the translation of
the foreign subsidiaries;
ii. The Company recorded $22,000 stock based compensation during the third
quarter of fiscal 2013 as compared to nil during the comparable period
in fiscal 2012;
iii.Promotion and trade show costs decreased to $20,970 in the third quarter
fiscal 2013, from $31,269 in the third quarter of fiscal 2012. The
primary difference is the reduced trade show activity;
iv. Transfer agent and filing fees decreased during the third quarter of
fiscal 2013 to $2,703 compared to $8,327 in the comparable fiscal 2012
The Company recorded a net loss of $112,916 during the third quarter fiscal 2013, as compared to a net loss of $109,014 in the third quarter of fiscal 2012 and net loss of $112,457 during the second quarter of fiscal 2013.
Comparison of year to date results to September 30, 2013 and September 30, 2012
Overall, there was an 18% decrease in expenses to $243,370 in the first nine months of fiscal 2013, compared to $297,416 (does not include the $240,000 stock based compensation expense) in the first nine months of fiscal 2012.
i. In the first nine months of fiscal 2013, the Company recorded a foreign
exchange loss of $844, compared to a foreign exchange loss of $31,523 in
the comparable fiscal 2012 period, as a result of the translation of the
ii. Promotion and trade show costs increased to $87,567 in the first nine
months of fiscal 2013, from $82,168 in the first nine months of fiscal
2012. The primary difference is the additional costs incurred attending
trade shows in the first half of fiscal 2013;
iii.The Company recorded a $22,000 stock based compensation during the first
nine months of fiscal 2013 as compared to $240,000 during the comparable
period in fiscal 2012;
iv. Salaries and benefits decreased during the first nine months of fiscal
2013 to $27,917 from $37,220 recorded in the comparable period in fiscal
2012, due to less administration required for its property record
keeping, regulatory filings and other legal document filings; and,
v. The Company wrote down resource properties by $15,000 in the first nine
months of fiscal 2013 as compared to nil in the comparable period in
The Company recorded a net loss of $344,357 during the first nine months of fiscal 2013, as compared to a net income of $20,503 in the comparable period. The Company had recorded a gain of $640,000 during the first nine months of fiscal 2012 compared to nil gain in the nine months of fiscal 2013 (this amount was recalculated in the fourth quarter of fiscal 2012 to $170,825).
On November 20, 2013, the Company returned 5,625,000 common shares to its treasury, which common shares were held by the Company, pending delivery of $450,000 as proceeds of a private placement announced and approved on May 23, 2013, but subsequently not received.
Nivloc Mine, Nevada Property
In August 2012, the Company filed its initial National Instrument 43-101 (“NI 43-101”) compliant, independent Mineral Resource Estimate (the “Estimate”) on its Nivloc silver and gold project (the “Nivloc Mine Property”). The independent technical report, entitled “NI 43-101 Technical Report on the Nivloc Mine Property, Esmeralda County, Nevada, USA” (the “Technical Report”), was prepared for the Company by Seymour M. Sears, a consulting Geologist based in Sudbury, Ontario; P. J. Hollenbeck, an independent resource modeling Geologist based in Colorado Springs, Colorado; and, A. David Heyl, an independent Geologist based in Denver, Colorado. The Technical Report is available under the IMMC profile on SEDAR at www.sedar.com and on the Company’s website at www.immc.ca.
The Technical Report concludes that the area tested by the 2011 drilling program on the Nivloc Mine Property contains an Inferred Mineral Resource, at 40 g/t Ag cut-off, of 1,640,000 tonnes at a grade of 106.47 g/t Ag and 0.78 g/t Au.
Further infill drilling at the Nivloc Mine Property, reported in December 2012, verified the thickness and grades that were reported in the Technical Report. Hole 12NL-35, collared from pad 6, tested an area between the 700 and 800 foot levels within the old mine workings and below resource blocks outlined by the 2011 drilling program. Drill highlights from the hole included 115 ft @ 89.1 g/t Ag and 0.33 g/t Au, including 13.5 feet @ 210.0 g/t Ag and 1.03 g/t Au, including 3.0 feet @ 436.0 g/t Ag and 2.57 g/t Au.
The Company also reported results from two more drill holes completed on its Nivloc Mine Property. Holes 12NL-36 and 12NL-37 tested an area between the 600 and 800 ft levels of the historic mine workings, within and near the eastern end of the 2011 43-101 resource area. Drill hole 12NL-36 tested an area between three previously drilled holes, while 12NL-37 was a short step- out hole towards the northeast, although proximal to two other holes completed in 2011. Drill highlights from Hole 12NL-36 included: 70.0 feet @ 103.0 g/t Ag and 0.43 g/t Au, including 1.0 foot @ 335.6 g/t Ag and 1.12 g/t Au. Drill highlights from Hole 12NL-37 included 92.0 feet @ 163.8 g/t Ag and 0.80 g/t Au, including 3.5 feet @ 599.0 g/t Ag and 4.27 g/t Au.
On March 11, 2013 the Company announced that its wholly-owned subsidiary, International Millennium Mining Inc. (“IMMI”), executed a Sale and Purchase Agreement (the “Agreement”) to acquire the balance of Silver Reserve Corp.’s (“SRC”) underlying interests in the Nivloc Mine Property. The Company made a non- refundable 10% deposit of US$42,500 during the first nine months of fiscal 2013. However, this Agreement was terminated October 3, 2013.
Wild Goose Property
The Wild Goose property, encompassing 2,918.62 hectares, is located approximately 23 km northwest of Revelstoke, BC and 5 km north of Mount Copeland (approximately 10 minutes by helicopter from the Revelstoke airport). The property is underlain by the Shuswap Metamorphic Complex. Historical reports identify four (4) distinct lead/silver/zinc showings, several of which have anomalous gold values. Geologically, the showings all occur in the footwall of the easterly striking Bews Creek Fault, which may be a detachment structure.
MMI (mobile metal ion) soil sampling was carried out on the Wild Goose Property in October 2012. The MMI survey was conducted on two grids, each with a line spacing of 100 meters and a sample interval of 25 meters, as part of a program designed to extend the known mineralization on the property and locate previously unknown mineralization. The MMI results revealed that both the north and south MMI grids are almost entirely covered by highly anomalous lead results. In addition, a silver anomaly covers almost the entire north grid.
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.
Concurrently with this news release, the Company is filing its quarterly financial statements and Management Discussion and Analysis (BC Form 51-102F1) 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. Additional information about International Millennium Mining Corp. and its mineral property interests, including technical reports, is available on the internet at the SEDAR website www.sedar.com, or on the Company’s website www.immc.ca.
International Millennium Mining Corp. /quotes/zigman/219353/realtime CA:IMI -16.67% 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.
International Millennium Mining Corp.
Ms. Sheri Barton
International Millennium Mining Corp.
Mr. John Versfelt
President & CEO
SOURCE: International Millennium Mining Corp.