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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 1, 2014) - International Millennium Mining Corp. (the "Company" or "IMMC") (TSX-VENTURE:IMI) reports its financial statements and MD&A (the "Quarter and Annual Report") for the 4th Quarter and Year Ended December 31, 2013 (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 2013 Audited Consolidated Financial Statements for the year ended December 31, 2013.
Selected Annual Information
Years Ended December 31 | 2013 | 2012 | 2011 | ||||||
Expenditures | $ | 291,880 | $ | 369,453 | $ | 407,080 | |||
Stock Based Compensation | $ | 36,950 | $ | 176,593 | $ | 20,000 | |||
Gain on sale of mineral properties | $ | - | $ | 170,825 | $ | - | |||
Gain on sale of subsidiary | $ | 30,000 | $ | - | $ | - | |||
Premium on issue of flow through shares | $ | - | $ | - | $ | (10,000 | ) | ||
Write Down or (Gain) on Resource Properties | $ | 15,000 | $ | 165,856 | $ | (13,495 | ) | ||
Net Loss | $ | (399,760 | ) | $ | (652,115 | ) | $ | (439,749 | ) |
Net Loss Per Share | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) |
Deferred Mineral Property Expenditures | $ | 5,839,441 | $ | 5,577,125 | $ | 5,044,945 |
Total Assets | $ | 5,898,107 | $ | 5,895,236 | $ | 5,405,488 |
Total Liabilities | $ | 911,824 | $ | 684,312 | $ | 801,444 |
Share Capital | $ | 16,584,645 | $ | 16,299,945 | $ | 15,082,923 |
Common Shares Outstanding | 108,088,296 | 104,245,096 | 89,613,497 | |||
Fully Diluted Shares Outstanding | 143,627,046 | 136,628,761 | 103,426,723 |
Summary Discussion
At December 31, 2013, the Company had a total of 108,088,296 common shares outstanding.
During the year ended December 31, 2013 the Company recorded a net loss of $399,760 as compared to a net loss of $652,115 during fiscal 2012. Overall expenditures decreased by $77,573, or 21%, from $369,453 in fiscal 2012 to $291,880 in fiscal 2013. The material variances during the periods are as follows:
During fiscal 2013, the Company issued 715,000 common shares, as a bonus for a loan of $286,000 received in January 2013, and a further 450,000 shares were issued for property payments. On May 23, 2013, the Company announced a second tranche private placement of 2,625,000 units at $0.08 per unit, for gross proceeds of $210,000. Each unit is comprised of one (1) common share and one (1) non-transferable share purchase warrant entitling the holder to purchase an additional share at $0.10 per share if exercised on or before November 23, 2014.
The Company's working capital deficit increased to $858,848 at December 31, 2013, as compared to a deficit of $513,422 at December 31, 2012.
Selected Financial Data by Quarter
( $ ) | Q4-13 | Q3-13 | Q2-13 | Q1-13 | Q4-12 | Q3-12 | Q2-12 | Q1-12 | ||||||||
Revenue | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | ||||||||
Expenses | 48,510 | 68,804 | 90,093 | 84,473 | 72,045 | 83,181 | 108,062 | 106,165 | ||||||||
Net income (loss) for the period | (55,403 | ) | (112,916 | ) | (112,457 | ) | (118,984 | ) | (676,628 | ) | (109,014 | ) | (384,365 | ) | 513,890 | |
Stock based compensation | 14,950 | 22,000 | - | - | (63,407 | ) | - | 240,000 | - | |||||||
Basic income (loss) per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.01 | ) | 0.01 | |||||||
Cash & cash equivalents | 335 | 2,020 | 22,028 | 29,205 | 102,038 | 111,870 | 45,106 | 191,575 | ||||||||
Current assets | 2,976 | 4,027 | 24,824 | 56,685 | 120,890 | 120,706 | 53,933 | 207,887 | ||||||||
Working capital (deficiency) | (858,848 | ) | (796,112 | ) | (585,327 | ) | (554,348 | ) | (513,422 | ) | (902,098 | ) | (881,975 | ) | (692,583 | ) |
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.
Resignation of Director
The Company also announces that Norm Brewster resigned as a director of the Company effective January 8, 2014. Mr. Brewster decided to step down from the board of the Company due to other work commitments. Mr. Versfelt, International Millennium Mining's President & CEO stated, "We appreciate the contributions Mr. Brewster has made to the Company over the past nine years and I personally wish Mr. Brewster the greatest amount of success and enjoyment with his future endeavours."
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.
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.John A. VersfeltPresident & CEO(604) 527-8135(604) 527-9126info@immc.cawww.immc.ca
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