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Int'l Millennium acquires 85% of Nivloc in Q3

2015-11-27 21:52 ET - News Release

Mr. John Versfelt reports

INTERNATIONAL MILLENNIUM MINING CORP. REPORTS THIRD QUARTER RESULTS

International Millennium Mining Corp. has released results for its third quarter ended Sept. 30, 2015.

                        SUMMARY OF THIRD QUARTER RESULTS 
      
                                                  Third        Third 
                                                quarter      quarter Year-to-date 
                                            fiscal 2015  fiscal 2014  fiscal 2015

Expenditures                                   $ 28,365     $ 32,858     $ 83,048 
(Gain) loss on foreign exchange                 $ 2,016        $ 321      $ 3,581 
Stock-based compensation                           $ --         $ --         $ -- 
(Gain) on disposal marketable securities       $ (7,364)        $ 95    $ (16,303) 
Net income (loss) for the period              $ (33,191)   $ (41,171)  $ (100,036) 
Net and comprehensive income (loss) 
for the period                                $ (33,191)   $ (36,594)  $ (100,036) 
Net income (loss) per share                      $ 0.00       $ 0.00       $ 0.00 

Summary discussion

At Sept. 30, 2015, the company had a total of 109,653,296 common shares outstanding.

During the quarter ended Sept. 30, 2015, the company recorded a net loss of $33,191 as compared with a net loss of $41,171 during the comparable period in fiscal 2014.

Overall general and administration expenditures decreased by $4,493, or 14 per cent, from $32,858 in the third quarter of fiscal 2014 to $28,902 in the third quarter of fiscal 2015. The material variances during the periods are as follows:

  • Promotion and trade show costs decreased to $4,123 in the third quarter of fiscal 2015, from $12,465 in the third quarter of fiscal 2014, due to cost reduction measures.
  • Transfer agent and filing fees increased to $4,125 in the third quarter of fiscal 2015, from $2,642 in the comparable period of fiscal 2014.
  • The company issued 600,000 shares as property payments during the first nine months in fiscal 2015 as compared with 450,000 shares during the first nine months of fiscal 2014.
  • The company's working capital deficiency increased to $1,300,617 at Sept. 30, 2015, as compared with a deficiency of $1,150,184 at Dec. 31, 2014.

Transaction with Elephant Copper Ltd.

At Dec. 24, 2013, the company announced a transaction to merge with Elephant Copper Ltd. The transaction with Elephant was terminated by written notice from Elephant on Sept. 13, 2015.

Nivloc mine property update

Upon finalization of the Nivloc property option and joint venture agreement with Silver Reserve Corp. (SRC), the company initiated a drilling program on the Nivloc mine property. Thirty-seven drill holes, totalling approximately 10,500 metres, have been completed to April 5, 2012. Subject to securing further financings, the company will continue its exploration programs on the Nivloc mine property, as set out in the company's NI 43-101 technical report dated July 31, 2012, which can be found at SEDAR or the company's website.

Pursuant to the option agreement, in September and October, 2015, the company made its final 350,000-common-share option payment and final $100,000 (U.S.) cash payment to SRC, thereby acquiring an 85-per-cent undivided interest in the Nivloc mine property. The company has registered this 85-per-cent undivided interest in the Nivloc mine property with the U.S. Bureau of Land Management and the Esmeralda county, and received confirmation of title from these parties on Nov. 4, 2015, and Nov. 9, 2015, respectively.

We seek Safe Harbor.

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