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Share Name | Share Symbol | Market | Type |
---|---|---|---|
International Millennium Mining Corp | TSXV:IMI | 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% | 0.015 | 0.015 | 0.02 | 0 | 01:00:00 |
NEW WESTMINSTER, BRITISH COLUMBIA--(Marketwired - May 30, 2014) - International Millennium Mining Corp. ("IMMC" or the "Company") (TSX-VENTURE:IMI) reports the Company's results for its fiscal year 2014 first quarter ended March 31, 2014.
Summary of 1st Quarter Results Ended March 31
1st Quarter Fiscal 2014 | 1st Quarter Fiscal 2013 | Year to Date Fiscal 2014 | |||||||
General and Administrative Expenditures | $ | 37,978 | $ | 84,473 | $ | 37,978 | |||
(Gain) Loss on Foreign Exchange | 223 | (438 | ) | 223 | |||||
Stock Based Compensation | $ | - | $ | - | $ | - | |||
Gain on Disposal Mineral Properties | $ | - | $ | - | $ | - | |||
Net Income (Loss) for the Period | $ | (46,595 | ) | $ | (118,984 | ) | $ | (46,595 | ) |
Net and Comprehensive Income (Loss) for the Period | $ | (46,595 | ) | $ | (118,984 | ) | $ | (46,595 | ) |
Net Income (Loss) Per Share | $ | 0.00 | $ | 0.00 | $ | 0.00 |
As at | March 31, 2014 | December 31, 2013 | ||
Deferred Mineral Property Expenditures | $ | 5,849,183 | $ | 5,839,441 |
Total Assets | $ | 5,912,058 | $ | 5,898,107 |
Total Liabilities | $ | 968,370 | $ | 911,824 |
Share Capital | $ | 16,588,645 | $ | 16,584,645 |
Common Shares Outstanding | 108,188,296 | 108,088,296 | ||
Fully Diluted Shares Outstanding | 143,267,046 | 143,627,046 |
First Quarter Summary
During the quarter ended March 31, 2014 the Company recorded a net loss of $46,595 as compared to a net loss of $118,984 during the comparable period in fiscal 2013. The material variances during the periods are as follows:
Overall general and administration expenditures decreased by $46,495, or 55%, from $84,473 in the first quarter of fiscal 2013 to $37,978 in the first quarter of fiscal 2014.
In the first quarter of fiscal 2014, IMMC 100,000 common shares were issued for a property payment. At March 31, 2014, the Company had a total of 108,188,296 common shares outstanding.
The Company's working capital deficit increased to $911,185 at March 31, 2014, as compared to a deficit of $858,848 at December 31, 2013.
Exploration Programs
The Company has acquired and is exploring mineral properties in British Columbia and Ontario, Canada and Nevada, USA. It has also announced, at December 24, 2013, a transaction to merge with Elephant Copper Ltd., whose primary asset is the Mkushi copper mine in Zambia.
Nivloc Mine, Nevada Property
Subject to securing further financings, the Company will continue its exploration programs on the Nivloc property, as set out in the Company's NI 43-101 Technical Report dated July 31, 2012, which can be found on at www.sedar.com or the Company's website www.immc.ca. The report concludes that the area tested by the 2011 drilling program on the Nivloc Property contains an Inferred Mineral Resource, at 40 g/t Ag cut-off, of 1,640,000 tonnes at a grade of 106.47 g/t Ag and 0.78 g/t Au.
Management is focused on polymetallic projects and is working towards building a strong, stable and well financed mineral exploration and small mines mining company. Emerging mineral targets include silver, gold, copper, molybdenum, zinc, lead and platinum group metals.
Elephant Copper Transaction
The Elephant Copper ("Elephant") transaction announced December 24, 2013, whereby the Company agreed to complete a business combination transaction, is proceeding to the filing stage. The Shareholders Exchange Agreement is distributed for signature to the Elephant shareholders; a NI 43-101 report has been delivered; and the Company is awaiting receipt of the audited 2013 and 2014 consolidated Elephant financial statements. The primary asset of Elephant is the Mkushi copper mine located in Zambia.
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, with the goal of advancing the properties to the mining stage. Emerging targets include silver, gold, copper, molybdenum, zinc, lead and platinum group metals. The Company's common shares trade on the TSX Venture Exchange under the symbol: IMI and on the Frankfurt Exchange under the symbol: L9J. Additional information about International Millennium Mining Corp. and its mineral property interests, including technical reports, is available on the internet at the SEDAR website www.sedar.com, or on the Company's website www.immc.ca.
Concurrently with this news release, the Company is filing its quarterly financial statements and Management Discussion and Analysis (BC Form 51-102F1) 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.
ON BEHALF OF THE BOARD
John A. Versfelt, President and CEO
Further information about the Company can be found on SEDAR (www.sedar.com).
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.
International Millennium Mining Corp.Mr. John VersfeltPresident & CEO604-527-8135604-527-9126info@immc.cawww.immc.ca
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