North Vancouver, B.C. - International Millennium Mining Corp. (“IMMC” or the “Company”) (TSX-V: IMI) and Diamond Exploration Inc. (“DIX”) (TSX-V: DIX) announce, as a follow-up to their respective January 26 and 27, 2009 news releases, that they have signed a formal Option and Joint Venture Agreement whereby DIX is granted the sole and exclusive right and option to earn fifty-one percent (51%) interest, subject to a one percent (1%) net smelter return royalty, in thirty-six (36) mining claims (250 claim units) comprising IMMC’s Cobalt Area Property in Ontario. Under terms of the agreement, which is subject to TSX Venture Exchange acceptance, DIX may earn a 51% interest in the property by expending $1,000,000 over a period of up to ten (10) years at an average rate of not less than $100,000 per year and by issuing five hundred thousand (500,000) shares to IMMC. Following DIX’s acquisition of an interest in the property, further exploration and development of the project will be the subject of a joint venture between the parties.
Exploration by IMMC of the property, located just south of the town of North Cobalt, has focused to date on only two of the more than 20 known lamprophyre zones. Airborne magnetic surveys have defined several prospective targets with kimberlitic signatures that warrant evaluation. Additionally, none of the kimberlite indicator mineral anomalies has been followed up.
The DIX technical team believes that diamond stability field conditions exist within the mantle root beneath the Cobalt area. The presence of diamond-bearing lamprophyres confirms that the mantle is fertile for diamonds in this region. Follow up work will focus on assessment of priority kimberlite targets and additional evaluation of the most prospective of the lamprophyre breccias.
About International Millennium Mining Corp.
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 Frankfurt Exchange under the symbol: L9J and on the TSX Venture Exchange under the symbol: IMI.
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:
Lindsay Malcolm Wayne Meredith
604-569-2508 604-569-2509
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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.
