North Vancouver, B.C. - Following an evaluation of its Cobalt Area property, International Millennium Mining Corp’s (“IMMC” or the “Company”) (TSX-V: IMI), has terminated the property agreement with Outcrop Explorations Limited with respect to 67 mining claims and 28 patented claims forming part of its Cobalt Area property in Ontario. The Company will maintain its interest in approximately 35 Cobalt Area property claims. IMMC’s evaluation followed completion of a summer drill program to test anomalies identified in a 2007 Mobile Metal Ion (MMI) survey and an earlier U-TEM geophysical survey (see IMMC’s News Release of October 16, 2008). With less than encouraging drill results and weaker financial markets, terminating significant monthly property payments provided additional incentive for ending the nine year old agreement.
Stock Options Cancelled
The Company also announces that it has cancelled 1,825,000 incentive stock options granted prior to June 30, 2007, under terms of its Stock Option Plan, to directors, officers, employees and consultants. The Options, which provided the right to purchase common shares of the Company at $0.40 per share were to expire on various dates to June 15, 2010.
International Millennium Mining Corp. is a mineral exploration and development company engaged in the acquisition and exploration of polymetallic mineral properties in Canada and the Americas. To date, 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 TSX Venture Exchange under the symbol: IMI and on the Frankfurt Exchange under the symbol: L9J.
ON BEHALF OF THE BOARD,
“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.
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The TSX Venture Exchange does not accept 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.
