North Vancouver, B.C. - International Millennium Mining Corp’s (“IMMC” or the “Company”) (TSX-V: IMI) announces that it has signed a letter of intent with Diamond Exploration Inc. (“DEI”) whereby DEI is entitled to earn fifty-one percent (51%) interest, subject to a partially re-purchasable three percent (3%) net smelter return royalty, in thirty-six (36) mining claims comprising IMMC’s Cobalt Area Property. Under terms of the agreement, DEI 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 then delivering to IMMC, five hundred thousand (500,000) shares of DEI. Following DEI’s acquisition of an interest in the property, further exploration and development of the claims will be the subject of a joint venture between the parties.
The Cobalt Area Property is located within Lorrain and Gillies Limit North Townships in the Larder Lake Mining Division, Ontario. The Property comprises two hundred and fifty (250) claim units in thirty-six (36) contiguous mining claims enclosing approximately four thousand (4,000) hectares.
Exploration by IMMC to date has focused on only two of the more than 20 known lamprophyre zones. The diamond-bearing lamprophyre breccia is coincident with a crudely circular magnetic low as defined by an airborne magnetic survey. Other magnetic low targets form a very distinct northeasterly trend that has not been explored. Additionally, none of the kimberlite indicator mineral anomalies has been followed up. Airborne magnetic surveys have defined several prospective targets with kimberlitic signatures that warrant evaluation.
As stated in the DEI press release January 26, 2009 the DEI 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 Diamond Exploration Inc.
Diamond Exploration Inc. is a diamond exploration company that has been focused, since 2001, on exploration in the far northern regions of Canada’s Territories including Yukon, Northwest Territories and Nunavut. The Company’s common shares trade on the TSX Venture Exchange under the symbol: DIX.
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 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.
