International Millennium Mining Corp.: 1st Quarter 2008 Report
Fri May 30, 6:41 PMNORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 30, 2008) - International Millennium Mining Corp. (the "Company") (TSX VENTURE: IMI.V) (FRANKFURT:L9J) announces the release of its 1st Quarter financial statements and MD&A (the "Quarterly Report") for the three months ended March 31, 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.
3rd Quarter Highlights
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1st 1st Year to
Quarter Quarter date
March 31, March 31, Fiscal
Cdn ($) 2008 2007 2008
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Net Revenues Nil Nil Nil
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General and Administration
expenditures $ 88,029 $ 125,040 $ 88,029
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Interest income $ 10,123 $ 21,579 $ 10,123
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Stock based compensation expense $ - $ - $ -
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Net Loss $ (77,906) $ (103,461) $ (77,906)
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Net Loss per share $ (0.01) $ (0.01) $ (0.01)
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Deferred Mineral Property
expenditures $ 115,638 $ 97,880 $ 115,638
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Property Payments $ 95,949 $ 141,082 $ 95,949
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Total assets $7,838,628 $7,983,161 $7,838,628
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Total liabilities $ 422,676 $ 190,129 $ 422,676
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Working capital $1,224,583 $3,074,707 $1,224,583
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Common shares - issued and
outstanding 30,806,944 30,342,944 30,806,944
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Common shares - fully diluted 45,784,287 44,410,287 45,784,287
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General and administrative costs for the quarter ended March 31, 2008 were $88,029 ($125,404 in the quarter ended March 31, 2007). The primary reason for the decrease is that the higher costs incurred during the final stages of the Company's listing application during fiscal 2007 were not experienced in the first quarter 2008. Deferred mineral property expenditures totalled $115,638 during the first quarter of fiscal 2008, compared to $97,880 in first quarter of fiscal 2007. Expenditures during the first quarter of each year are limited in Canada and Nevada due to ground conditions. Property payments decreased to $95,949 in the first quarter of fiscal 2008 from $141,082 in the first quarter of fiscal 2007 primarily because of lower share option payments for the Jason property and lower share finder's fees for the Mexico and Nevada properties. Cash reserves decreased from $1,933,222 at December 31, 2007 to $1,538,896, March 31, 2008. The Company invests excess cash in short term interest bearing investments. The Company's working capital position decreased $268,037 from $1,497,620 at December 31, 2007 to $1,224,583 at March 31, 2008. Following completion of private placements in January 2007, the Company planned exploration on most of its properties in fiscal 2007. The Company continues to have a joint-venture partner on the Harrison Lake property and the Mexico properties. In the third quarter of fiscal 2007, the Company furthered its programs on the Simon Property, High Lake Property and the Cobalt Property, as well as the Jason Property. First Mexican Resources Inc. ("First Mex") of Toronto, Ontario, the partner on the Mexico properties is earning the right to elect to acquire 60% interest in some and 40% interest in other mineral concessions in Sonora State, Mexico. Management is focused primarily 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. 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, Nevada. Shut down in the late 1960s, this project now presents itself as an exploration and development play offering both size and grade potential for longer term mining. Historical records of ore shipped from the 905 drift (89 rail cars) indicate average grades 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 are not NI 43-101 compliant and 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 in April, 2008. Drilling is planned for early summer, 2008. 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. mobile metal ion (MMI) geochemistry work is completed on this project and the results are now being analyzed for follow-up geophysical and drilling programs. 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, 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 MMI geochemistry work, the results of which encouraged the Company to proceed to a drilling program. Cabo Drilling Corp. has been contracted to carry out the drilling program which is now taking place on the Waldman Area of the properties. At its 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 later in 2008. Until the Company settles an outstanding dispute, with its Harrison Lake property joint venture partner, the Company will not contribute further funds to the Harrison Lake Joint Venture. Three Months Ending March 31, 2008 General and administration costs decreased $37,011 or 30% from $125,040 in first quarter of fiscal 2007 and decreased over 200% from $298,326 in the fourth quarter of fiscal 2007 to $88,029 in the first quarter of fiscal 2008. Accounting and legal fees decreased during the first quarter in fiscal 2008 to $12,104 from $29,660 in the first quarter of fiscal 2007 due to lower legal fees in fiscal 2008 compared to the fees incurred in the finalization of the listing application in 2007. Accounting and legal fees also decreased from the $41,622 recorded in the fourth quarter of fiscal 2007 due to higher audit fee accruals. The Company incurred $6,000 in director fees for the quarter compared to nil the first quarter of fiscal 2007. Effective on April 1, 2007 the Company began paying director fees to each independent director at $500 per month plus $250 for each meeting. Office costs decreased 36% to $6,568 in the first quarter of fiscal 2008 from $10,422 in the first quarter of fiscal 2007 as a result of a reduction in one-time expenses. Transfer agent and filing fees were reduced significantly to $12,859 in the first quarter of fiscal 2008 from $42,628 during the first quarter of fiscal 2007, because of the reduction in costs related to the preparation of the listing application in 2007. Bank fees and interest expenses are significantly lower in the first quarter of fiscal 2007 compared to the $116,272 in the fourth quarter of fiscal 2007, due to provision for interest charges that could be payable to Canada Revenue Agency related to unspent flow-through financings. The Company recorded a net loss of $(77,906) for the first quarter of fiscal 2008 as compared to a net loss of $(103,461) in 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 $10,123 in the first quarter of fiscal 2008 compared to $21,579 in the first quarter of fiscal 2007. The Company did not issue any stock options during the quarter. Management believes that with the continued low metal inventories, relatively low increases in metal supplies and high demand for virtually all precious, base and strategic metals in the early stages of a metal bull market, 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. 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. ON BEHALF OF THE BOARD John A. Versfelt, President and CEO Further information about the Company can be found on SEDAR ( www.sedar.com). 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. ContactsMr. John A. Versfelt International Millennium Mining Corp.
President & CEO
(604) 984-9907
Mr. D. Alex Caldwell
International Millennium Mining Corp.
Corporate Secretary
(604) 984-9907
Email: info@immc.ca
