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FMG First Mexican Gold Corp

0.395
0.00 (0.00%)
24 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
First Mexican Gold Corp TSXV:FMG TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.395 0.375 0.40 0 01:00:00

International Millennium Sells Remaining Interest in Sonora Mexico Property to First Mexican Gold Corp for Shares and Royalty

25/01/2012 1:01pm

Marketwired Canada


International Millennium Mining Corp. (TSX VENTURE:IMI) (the "Company" or
"IMMC") is pleased to announce that First Mexican Gold Corp ("FMG") has
completed its 80% option earn-in on the Hilda/Guadalupe property in Sonora
State, Mexico, from the Company's wholly owned subsidiary, Minera Internacional
Milenio S.A. de C.V., (MIMSA). The option agreement was subject to FMG spending
a total of US$4 million dollars on the project.


Immediately subsequent to the completion of the Option Agreement both companies
agreed, subject to TSX Venture Exchange acceptance, to enter into a Purchase and
Sale Agreement with respect to the remaining 20% interest in the Hilda/Guadalupe
property. The conditions of sale are the issuance of 4 million FMG shares and a
2% NSR to IMMC with 1% re-purchasable by FMG for US$1 million dollars. These 4
million shares will have a 9 month hold period and be subject to reasonable
future trade restrictions as outlined in the Purchase and Sale Agreement.


The Hilda/Guadalupe property package has been the focus of much of FMG's
exploration to date in this area and comprises approximately 9,473 hectares
including an optioned land package from Kootenay Gold Inc.


"The Company is pleased to have completed this sale to FMG and we wish the FMG
team every success as they follow-up encouraging results to date in Mexico.
IMMC, continues to focus on its Nivloc Mine project in west central Nevada, USA
where the Company has drilled very encouraging intersections, including 200.8
feet @ 120 g/t Ag and 1.01 g/t Au and 196.0 feet @ 98.6 g/t Ag and 0.31 g/t Au"
said John Versfelt, President and Chief Executive Officer of IMMC who went on to
say "IMMC is now awaiting receipt of a NI 43-101 Resource Report on the Nivloc
2011 drill results." See the Company's news releases of December 21, November
28, November 8, and September 7, 2011 either on the Company's website
www.immc.ca or on SEDAR at www.sedar.com. 


International Millennium Mining Corp. (TSX VENTURE:IMI) is a mineral exploration
and development company engaged in acquiring known smaller mine deposits, such
as its Nivloc, Nevada silver-gold mine project, in the Americas, with the goal
of advancing the properties to the mining stage. Emerging targets include
silver, gold, copper, zinc and lead. 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, President and CEO

Further information about the Company can be found on SEDAR (www.sedar.com).

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.


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