International Millennium Mining Corp. Reports 1st Quarter Results

International Millennium Mining Corp. Reports 1st Quarter Results

North Vancouver, B.C. - International Millennium Mining Corp. (the “Company”) (TSX-V:IMI) reports its financial statements and MD&A (the “Quarterly Report”) for the 1st Quarter ended March 31, 2011 (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. 

Summary of 1st Quarter Ended


Cdn ($)

1st Quarter Fiscal 2011

1st Quarter Fiscal 2010

Year to Date
Fiscal 2011

General and Administration Expenditures

$                  84,889

$                  89,493

$                84,889

Stock Based Compensation

$                  18,000

$                            -

$                 18,000

Write Down Mineral Properties

$                           -

$                  21,541

$                           -

Net Loss

$             (119,159)

$             (111,034)

$             (119,159)

Net Loss per share

$                   (0.00)

$                   (0.00)

$                   (0.00)

 

 

 

 

As at

March 31,
2011

December 31, 2010

 

Deferred Mineral Property Expenditures

$    2,978,340

$    2,308,843

 

Total Assets

    3,604,017

   3,223,937

 

Total Liabilities

     383,812

     460,320

 

Share Capital

12,822,768

 12,402,071

 

Common Shares Outstanding

75,672,359

69,874,367

 

Fully Diluted Shares Outstanding

103,751,993

103,751,993

 

Summary Discussion

At March 31, 2011, the Company had a total of 75,672,359 common shares outstanding.

During the quarter ended March 31, 2011 the Company recorded a net comprehensive loss of $(119,159) as compared to $(111,034) during the first quarter of fiscal 2010.  The variances during the periods are as follows:

 

  1. The Company wrote down the resource properties totaling nil during the first quarter of fiscal 2011 as compared to $21,541 write down in the first quarter of fiscal 2010;
  2. Stock based compensation expense increased from nil in the first quarter of fiscal 2010  to $18,000 in the comparable period in fiscal 2011;
  3. Accounting and legal expenditures decreased by $13,989 in the first quarter of fiscal 2011 due to nil legal fees. In fiscal 2010 the Company incurred over $14,000 for legal fees related to properties and settlement of property litigation.
  4. Promotion and trade show costs increased in the first quarter 2011 due to the making of a video during the first quarter of fiscal 2011 and attendance at trade shows.

 

During the first quarter a total of 5,522,992 warrants and broker warrants were exercised for proceeds of $502,747. These proceeds were used to fund the drill program on the Nivloc property.

The Company’s working capital has decreased to a surplus of $101,865 at March 31, 2011. Subsequent to the quarter end, 4,722,900 warrants and broker warrants and 350,000 stock options were exercised for gross proceeds of $475,181 that will fund the drill program on the Nivloc Property and provide additional working capital.

With the exception of a $2,000 USD monthly payment that will be required for the Simon Property the Company also transferred all property payments and contracted exploration expenditures to joint venture partners.  During fiscal 2009, the Company transferred or eliminated all significant required expenditures and property payments with the Canadian Star acquisition of the High Lake and Electrum Lake, Ontario properties; the continuing Mexico joint ventures; the termination of the Harrison Lake Property joint venture; and, the termination of the Jason Property Agreement.

Comparison of quarter ending March 31, 2011

General and Administration

Comparison of the Quarterly results

Overall there was a 32% decrease in general and administration expenses to $84,889 in the quarter ended March 31, 2011 from $125,455 in the fourth quarter of fiscal 2010 and a 5% decrease from $89,483 in the first quarter of fiscal 2010. Accounting and legal fees have decreased $5,329 in the first quarter of fiscal 2011 to $9,254 as compared to $14,583 in the fourth quarter of fiscal 2010 and a decrease of $13,989 when compared to the first quarter of fiscal 2010. The primary reason for the decrease is that in 2010 legal fees were incurred on the Simon Property estate litigation and on legal due diligence with respect to certain Company properties, whereas no such fees incurred in the first quarter of fiscal 2011 .  There was an increase in promotion and marketing costs during the first quarter of fiscal 2011 to $34,973 as compared to $19,468 during the first quarter of fiscal 2010. The increase was a result of increased trade show costs and a marketing video incurred during 2011.

The Company recorded $18,000 stock based compensation during the first quarter of fiscal 2011 as compared to nil expense during the first quarter of fiscal 2010. 

The Company recorded a net loss of $(119,159) during the quarter ended March 31, 2011 as compared to a net loss of$(111,034) during the comparable period in fiscal 2010 and a loss of $(1,173,523) incurred during the fourth quarter of fiscal 2010. The primary difference for the losses are the resource property write downs.

Cash reserves decreased from $727,880 at December 31, 2010 to $455,331 at March 31, 2011. Its working capital position has decreased to a surplus of $101,865 at March 31, 2011.

During the first quarter a total of 5,522,992 warrants and broker warrants were exercised for proceeds of $502,747. These proceeds were used to fund the drill program on the Nivloc property.

Management is focused on precious metal polymetallic projects in the Americas and is working towards building a strong, stable and well financed mineral exploration and small mines mining company.

At June 29, 2011, the Company had a total of 80,745,259 common shares issued and outstanding,  19,687,739 share purchase warrants outstanding, 608,725 broker’s warrants outstanding and 2,710,000 incentive stock options outstanding.

Concurrently with this news release, the Company is filing its 1st Quarter 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 on the SEDAR website, or will be mailed upon request.  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.

Management is focused on precious metal polymetallic projects in the Americas and is working towards building a strong, stable and well financed mineral exploration and small mines mining company.

International Millennium Mining Corp. is a mineral exploration and development company engaged in acquiring known small mine deposits and in the exploration of polymetallic mineral properties in Canada and the Americas.  To date, the Company has acquired and is exploring mineral properties in Nevada, USA; Ontario, Canada; and, Sonora State, Mexico. Emerging mineral targets include silver, gold, zinc, lead, and copper. 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 and CEO

Further information about the Company can be found on SEDAR (www.sedar.com) or by contacting Ms. Sheri Barton: 403-217-5830 This email address is being protected from spambots. You need JavaScript enabled to view it. or Mr. John Versfelt, President & CEO of the Company at 604-984-9907.

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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.