International Millennium Mining Corp. announces the release of its 2nd Quarter financial statements and MD&A for the three months to June 30, 2006.
North Vancouver, B.C. - International Millennium Mining Corp. (the “Company”) announces the release of its 2nd Quarter financial statements and MD&A (the “Quarterly Report”) for the three months to June 30, 2006. (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. 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 immediately on the SEDAR website, or will be mailed upon request.
2nd Quarter Highlights
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2nd Quarter
June 30, 2006
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2nd Quarter
June 30, 2005
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Year ended December 31, 2005
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|
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Cdn $
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Cdn $
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Cdn $
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|
Net Revenues
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Nil
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Nil
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Nil
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|
General and Administration expenditures
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85,133
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40,565
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139,853
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Deferred Mineral Property expenditures
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131,152
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85,080
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193,256
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Loss before extraordinary item
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(86,324)
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(38,842)
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(137,033)
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Loss per share before extraordinary item
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$ (0.01)
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$ (0.01)
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$ (0.02)
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Net Loss
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(86,324)
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(38,842)
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(137,033)
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Net Loss per share
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$ (0.01)
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$ (0.01)
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$ (0.02)
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Total assets
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966,039
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703,161
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675,790
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Total liabilities
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64,760
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286,306
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291,546
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Share capital
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3,411,779
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2,450,404
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2,470,404
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Convertible debenture
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-
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269,517
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275,517
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Weighted average number of shares outstanding
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9,201,755
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5,482,148
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5,510,507
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Common shares outstanding
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9,386,370
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5,488,370
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5,568,370
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On June 19, 2006, the Company entered into a Letter of Engagement Agreement with Integral Wealth Securities Limited (“Integral”) of Toronto, whereby Integral would undertake to place subscription receipts, convertible into units of up to $3,000,000 of flow through (“FT”) units at $0.40 per unit and up to $2,000,000 of units (non-flow through) at $0.35 per unit upon the Company attaining a listing on the TSX Venture Exchange (the “Exchange”). Each FT unit is comprised of one FT share of the Company and one-half of one (½) FT Warrant, each whole FT Warrant entitling the holder to acquire one FT Warrant share for $0.45 for a period of two years from the date of issuance of the subscription receipt. Each non-flow through unit is comprised of one share of the Company and one full Warrant, each Warrant entitling the holder to acquire one Share for $0.40 for a period of two years from the date of issuance the subscription receipt. Under the terms of the Letter of Engagement Agreement, Integral will be entitled to an 8% cash commission plus agent warrants equal to 10% of the units distributed pursuant to the offering. Gross subscription proceeds will be held in escrow pending the Company’s attainment of an Exchange listing.
The Exchange listing application has been filed after the Company expended considerable time and effort acquiring property technical reports, title opinions and other required regulatory documents. The Company also received shareholder approval to expand its mineral properties portfolio with the acquisition of four Ontario properties from Cabo, prior to submitting its listing application and filing for Exchange approval of the Cabo properties acquisition.
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.
Second quarter ended June 30, 2006
General and administrative costs for the quarter ended June 30, 2006 were $85,113, up from $40,565 in the 2nd quarter fiscal 2005. Regulatory costs, administration, travel and office costs increased 137% compared to the first quarter of fiscal 2006, and by 209% compared to the second quarter fiscal 2005. The primary reasons for the difference are increased administration, regulatory costs, printing, travel and office costs in preparation for the Company’s application to list its shares on the Exchange and from property negotiations, due diligence, property acquisitions and preparation of property agreements concerning the acquisition of the High Lake property. Total property payment and deferred mineral property expenditures increased to $165,155 during the 2nd quarter compared to $85,080 in the 2nd quarter fiscal 2005 and $54,677 incurred in the 1st quarter fiscal 2006. The increase is a result of property payments and other acquisition costs related to the Company’s Mexico, Nevada, and Jason properties, as well as the 2nd quarter acquisition of the High Lake property.
Acquisition of High Lake Property, Ontario
On June 15, 2006, the Company entered into an option agreement to acquire a 100% interest in the High Lake Property located in the Ewart Township, Kenora Mining Division, Ontario. Under the High Lake Property Option Agreement, the Company shall make staged cash payments totaling $200,000 and staged share payments totaling 300,000 shares. Payments of $20,000(paid) and issuance of 100,000 shares (issued) were due upon execution. The High Lake Property is subject to an annual advance royalty of $10,000 per year if commercial production does not commence by June 14, 2010 and is subject to a 2% Net Smelter Royalty, of which fifty percent can be acquired upon payment of $1,250,000 to the High Lake Property vendor. The Company completed a technical report on the High Lake property in June, 2006, which is available at www.sedar.com .
Nevada Properties Expanded
During the 2nd quarter of fiscal 2006, 33 additional contiguous claims were staked at a cost of $9,130. Combined with the six additional contiguous claims that were staked in mid-2005, the Company holds a total of 20 patented mineral claims and 42 unpatented mineral claims within the Simon property boundaries.
The Company received and SEDAR filed the NI 43-101 technical report for the Simon Property in May, 2006. See the Company’s profile at www.sedar.com for a copy of the report.
The Company also staked the 44 contiguous claims Warrior Property in Mineral and Nye Counties, near Mina, Nevada, and 18 contiguous claims constituting the Mable Property in Mineral County, near Mina, Nevada.
Mineral Property Information
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. is a mineral exploration and development company engaged in the acquisition and exploration of mineral properties in Canada and 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”
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.
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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.
