International Millennium Mining Corp.: 2nd Quarter 2008 Report
Fri Aug 29, 8:22 PMNORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 29, 2008) - International Millennium Mining Corp. (the "Company") (TSX VENTURE: IMI.V) (FRANKFURT:L9J) announces the release of its 2nd Quarter financial statements and MD&A (the "Quarterly Report") for the six months ended June 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 of 2nd Quarter ended
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Cdn ($) June 30, June 30, Year to date
2008 2007 Fiscal 2008
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General and
Administration
expenditures $ 102,765 $ 76,390 $ 190,794
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Interest income $ 5,190 $ 23,381 $ 15,313
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Net Loss $ (101,575) $ (167,009) $ (270,470)
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Net Loss per share $ (0.01) $ (0.01) $ (0.01)
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As at June 30, 2008 December 31, 2007
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Deferred Mineral
Property expenditures $ 6,746,007 $ 5,976,641
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Total Assets $ 7,839,666 $ 7,956,982
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Total Liabilities $ 487,089 $ 479,124
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Share Capital $ 10,254,537 $ 10,204,337
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Common shares outstanding 30,986,944 30,726,944
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Summary Discussion General and administrative costs for the quarter ended June 30, 2008 were $102,765 compared to $88,029 in the first quarter of fiscal 2008 ended March 31, 2008 and $76,390 recorded in the second quarter of fiscal 2007. The primary reasons for the difference are higher printing costs for the annual report and higher transfer agent fees for the corporate year-end filings. Additionally, the Company experienced higher audit fees and director fees during the second quarter of fiscal 2008 compared to the previously recorded quarters. At June 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 totaled $451,369 during the second quarter of fiscal 2008, compared to $115,638 in first quarter of fiscal 2008 and $308,281 in the second 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 increased to $106,410 in the second quarter of fiscal 2008 compared to $95,949 in the first quarter of fiscal 2008, the increase is primarily due to the payment for the High Lake property, but decreased compared to $124,371 in the second quarter of fiscal 2007 due to lower payments in fiscal 2008 when compared to payments in fiscal 2007, on the Mexico and Jason properties. Management believes that with low metal inventories, relatively low increases in metal supplies and increasing demand for virtually all precious metals, and most base and strategic metals in the long run early stages of a metals bull market, that its strategy of acquiring and developing precious metal polymetallic projects in historic areas in the Americas is prudent and will enhance the Company's financing ability and long term value. Future Exploration Programs - First half of 2008 The Simon Mine is a former producing polymetallic mine, located in the Walker-Lane Trend south of Reno. Shut down in the late 1960s, this project now presents itself as an exploration and development play offering both size and grade potential for long-term mining. Historical records of ore shipped from the 905 drift (89 rail cars) indicate average grades of 12 oz Ag, 0.04 oz Au, 9% Pb, 5.7% Zn and 3% Cu. (These historic figures are considered relevant and demonstrate the potential of the property, but need to be verified by the Company). Planning for the drilling program is taking place and a drill permit application was filed with the mining authorities in December 2007 and approved April 2008. Drilling is planned for later in 2008 or in early Spring 2009. The High Lake Property has been explored in a piecemeal fashion since the early 1950s. During that time, parts of the claim group were controlled by different parties. The IMMC option agreement marks the first time that this property, covered by the 20 claims, has been held by one company. Additionally, the High Lake Property is contiguous on the south border of Electrum Lake Property. The High Lake/Electrum Lake Properties contain several known gold and gold-copper-molybdenum prospects. Several resource estimates have been produced by previous explorers on the mineralized zones identified in the eastern and western part of the High Lake Property. MMI geochemistry work has been completed on this project and the results are now being analyzed for follow-up geophysical and drilling if warranted. The Cobalt Properties have numerous classical Cobalt Type silver targets outlined within the claim group. Sufficient preliminary work has been completed on three silver targets to warrant further testing. The next phase of exploration on the Cobalt Properties began in the first quarter of fiscal 2007 and consisted of line cutting, and geophysics work over certain areas of the properties. The purpose of the geophysics work was to identify the location of volcanogenic massive sulfide and Cobalt Type targets. In the second quarter, this work was followed up with mobile metal ion geochemistry work, the results of which encouraged the Company to proceed to a drilling program. A drilling contract with Cabo Drilling Corp. was executed February 20, 2008 and drilling commenced April 18, 2008. At this time nine drill holes totalling approximately 2,550 meters have been drilled and the drill core is being logged and processed for assaying. Early results are disappointing but full results are not available. At the Harrison Lake Projects in British Columbia, ground chemistry and detailed geology of priority targets was completed on the Jason property and drill targets have been defined. The Company hopes to begin a drill program at a later date. The Company and Zoloto Resources Ltd. (formerly Sutcliffe Resources Ltd.) have settled their dispute and the Company is committed to a $165,000 exploration program to be completed by the Summer of 2009. For the Quarter ending June 30, 2008 General and administration costs increased $26,376 or 35% to $102,765 in second quarter of fiscal 2008 compared to $76,390 in the second quarter of fiscal 2007 and increased 17% from the $88,029 recorded in the first quarter of fiscal 2008. Accounting and legal fees increased during the second quarter in fiscal 2008 to $19,529 from $8,408 in the second quarter of fiscal 2007 due to higher audit fees for fiscal 2008. Accounting and legal fees also increased from the $12,104 recorded in the first quarter of fiscal 2008 due to higher legal fees incurred on the Harrison Lake Property. The Company incurred $10,250 in director fees for the quarter compared to nil for the second quarter of fiscal 2007. Effective April 1, 2007 the Company began paying director fees to each independent director at $500 per month plus $250 for each meeting but were not recorded until the fourth quarter of fiscal 2007. The director fees were higher for the additional Annual General Meeting for the Company. Office costs decreased 70% to $773 in the second quarter of fiscal 2008 from $2,985 in the first quarter of fiscal 2008 as a result of a reduction in one-time expenses incurred in fiscal 2007. Printing and shareholders information increased by 24% to $16,314 in the second quarter of fiscal 2008 compared to $13,187 in the second quarter of fiscal 2007 and from nil in the first quarter of fiscal 2008 due to the printing of the annual report. The Company recorded a net loss of ($101,575) for the second quarter of fiscal 2008 as compared to a net loss of ($167,009) in second quarter of fiscal 2007. The smaller loss is primarily the result of lower general and administration expenses incurred during the first quarter of fiscal 2008. Interest income decreased to $5,190 in the second quarter of fiscal 2008 compared to $23,381 in the second quarter of fiscal 2007. For the six months ending June 30, 2008 Accounting and legal fees decreased, during the six months ending June 30, 2008, to $31,633 from $38,068 in the six months ending June 30, 2007 due to lower total legal fees in fiscal 2008 compared to the fees incurred in the finalization of the listing application in 2007. The Company recorded $16,250 in director fees during the six-month period ending June 30, 2008 compared to nil in the comparable period in fiscal 2007. The difference in the director fees for fiscal 2007 were first recorded and paid in the fourth quarter of fiscal 2007. Transfer agent and filing fees were reduced significantly to $22,011 for the six months ending June 30 in fiscal 2008 compared to $52,004 recorded in six months ending fiscal 2007, because of the reduction in costs related to the preparation of the listing application in 2007. The Company recorded a net loss of ($179,481) for the six months ending June 30, 2008 as compared to a net loss of ($270,470) in six months ending June 30, 2007. The difference is primarily from the $114,000 stock based compensation expense recorded in fiscal 2007. Interest income has also decreased, due to the smaller investment base, to $15,313 in the six months ending June 30 2008, compared to $44,960 in the six months ending June 2007. 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 development property entity. Financial and Mineral Property Information Concurrently with this news release, the Company is filing the Quarterly Report 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. A copy of the Quarterly Report is available on the SEDAR website, or will be mailed upon request. Additional information about International Millennium Mining Corp. and its mineral property interests, including technical reports, is available on the internet at the SEDAR website, namely www.sedar.com. International Millennium Mining Corp. (the "Company") is a mineral exploration and development company engaged in the acquisition and exploration of mineral properties in the Americas. 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, President and CEO 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. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.ContactsMr. John A. Versfelt International Millennium Mining Corp.
President & CEO
(604) 984-9907
(604) 983-8056 (FAX)
Email: info@immc.ca
Mr. D. Alex Caldwell
International Millennium Mining Corp.
Corporate Secretary
(604) 984-9907
(604) 983-8056 (FAX)
Email: info@immc.ca
136.40 (1.48%)
