International Millennium Mining Corp. announces that it has finalized an option agreement with a private party in Ontario for the purchase of 100% interest in twenty (20) mining leases known as the High Lake Property, located in the Indian Lake Map Area, Kenora Mining Division, Ontario.
North Vancouver, B.C. - International Millennium Mining Corp. (“IMMC” or the “Company”) announces that it has finalized an option agreement with a private party in Ontario for the purchase of 100% interest in twenty (20) mining leases known as the High Lake Property, located in the Indian Lake Map Area, Kenora Mining Division, Ontario. The High Lake Property (approximately 342 hectares) is centred some 45 km west of the Town of Kenora, and 2 km east of the Manitoba-Ontario boarder. The claims are contiguous to the Electrum Lake Property which IMMC has agreed to acquire from Cabo Drilling Corp. (“Cabo”) as part of a four Ontario, property purchase and sale transaction announced December 15, 2005.
Under the agreement, IMMC holds the right to acquire the ground over a period of three (3) years by making payments of $200,000 cash and 300,000 shares. The acquisition is subject to a 2% NSR royalty, half of which is re-purchasable by the Company for $1,250,000.
Geologist Seymour M. Sears P.Geo., a Qualified Person under National Instrument 43-101, provides the following summary of the High Lake property in his June 16, 2006, NI 43-101 Technical report:
“The property is host to six (6) known gold-copper prospects, as well as numerous gold-copper-molybdenum occurrences and covers a large area of similar host rocks that have excellent exploration potential for other similar deposits.
Previous explorers on the property have completed surface stripping and drilling programs on six mineralized zones and have reported resource estimates having a total of 297,000 tons grading between 0.26 oz/ton and 0.30 oz/ton Au (269,000 tonnes grading between 9.05 g/t and 10.49 g/t Au). These estimates were made prior to the implementation of Canadian Securities Administrators' National Instrument 43-101 (NI 43-101), and the qualified person (QP) has not completed sufficient work to classify the historical estimates as current mineral resources or reserves. The historical estimates are not NI 43-101 compliant and should not be relied upon.
The mineralization on the High Lake property occurs in alteration zones (silica-sericite-sulphide) associated with structural features (shear zones and wall rock xenoliths) within an Archean-aged volcanic and quartz porphyry intrusive environment. The four prospects have only been explored to shallow depths and the remainder of the property has excellent geological potential for hosting other similar deposits. A two-phased work program is proposed. It includes an initial phase consisting of mapping and surface sampling of the known prospects and occurrences and a small drill program designed to confirm the presence of mineralization and assess the size potential of the four better explored targets. This program should include a 1,000 metre drill program, and have an estimated cost of $320,000.”
Mr. Sears, advises the High Lake Property has been explored in a piecemeal fashion since the early 1950’s with parts of the claim group controlled by different parties. He states, “The IMMC option agreement marks the first time that the property covered by the 20 claims has been held by one company.”
“The High Lake Property” he says “contains several known gold and gold-copper-moybdenum prospects that warrant an aggressive exploration program. The best known targets consist of Au mineralization hosted within quartz veining and silicified shear zones that have developed proximal to contacts between quartz-feldspar porphyry sills and mafic to intermediate metavolcanic rocks.” Sears concludes, “None of the known mineralized zones on the property have been completely explored and delineated by drilling. There is excellent potential for expanding the known mineralization. There is also potential for locating other similar zones within the property.”
A full copy of Mr. Sears’ NI 43-101 Technical Report is posted on SEDAR.
Property Transaction Conditionally Accepted by TSX Venture Exchange
Cabo Drilling Corp. (“Cabo”) announced June 5, 2006, receipt of conditional acceptance by the TSX Venture Exchange for the sale of its Ontario mineral exploration properties (“Properties”) to IMMC. The Company and Cabo will complete the purchase and sale transaction for the Properties upon IMMC successfully obtaining a TSX Venture Exchange listing, IMMC completing a financing of no less than $2,500,000 of which no less than $1,000,000 would be expended on the Cabo Properties and final TSX Venture Exchange acceptance of the Company’s purchase of the Properties.
Financing and Listing Application
IMMC has engaged Integral Wealth Securities Limited of Toronto, Ontario to complete a units financing (see IMMC news release of June 19, 2006) of up to $5,000,000 (60% flow through at $0.40 per unit and 40% non-flow through at $0.35 per unit) subject to IMMC attaining a listing on the TSX Venture Exchange. IMMC is presently completing its listing application for submission to the TSX Venture Exchange.
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. To date the Company has acquired and is exploring mineral properties in British Columbia, Canada; Nevada, USA; and Sonora State, Mexico. On December 15, 2005, the Company also executed a letter of intent with Cabo Drilling Corp. (“Cabo”) to acquire 100% of Cabo’s interest in four Ontario mineral properties. Emerging mineral targets include silver, gold, cobalt, molybdenum, zinc, lead, nickel, copper and platinum group metals.
ON BEHALF OF THE BOARD,
(signed “ John A. Versfelt”)
_____________________
John A. Versfelt
President & 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.
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.
