IMMC, through its wholly-owned subsidiary, International Millennium Mining Inc., holds a 100% undivided interest in the 122 contiguous mining claims that make up the Nivloc Mine Property.
In September 2007, IMMC purchased, from private individuals, a 100% interest in two mining properties near Silver Peak, Nevada for US$ 75,000 cash and 110,000 IMMC shares. The properties include three lode claims covering most of the historic Nivloc Mine workings and six additional lode staked claims lying to the northeast of the Nivloc Mine workings. Together these 9 claims total approximately 76 hectares (188 acres).
Subsequent to the IMMC acquisition of the original 9 claims, an additional 95 claims were acquired by staking. The 95 claims total approximately 747 hectares (1,845 acres).
Pursuant to an Option Agreement with Silver Reservce Corp. (SRC), in September and October 2015, IMMC made its final 350,000 common share option payment and final US$100,000 cash payment to SRC, thereby acquiring 85% undivided interest in the Nivloc Mine Property.
Pursuant to a Sale and Purchase Agreement, which included an Option to Purchase Royalty Interest (the “Agreement”), announced on February 2, 2016, IMMI paid SRC a total of US$120,000 for SRC's remaining 15% Nivloc Property interests. Subject to the terms of the Agreement, SRC retains a 2% Net Smelter Returns royalty interest in the claims (the “Royalty Interest”). As a condition of the Agreement, IMMI has a time-limited option to purchase SRC’s Royalty Interest for a sum of US$120,000, payable on or before December 24, 2016.
The 18 Claims purchased from SRC total approximately 150 hectares (372 acres).