International Millennium Mining Corp.
International Millennium Mining Corp. Reports Third Quarter Results
Marketwire
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 27, 2015) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
International Millennium Mining Corp. ("IMMC" or the "Company") (TSX VENTURE:IMI) reports results for its third quarter ended September 30, 2015.
Summary of 3rd Quarter Results
| |
|
3rd Quarter
Fiscal 2015 |
|
3rd Quarter
Fiscal 2014 |
|
Year to Date
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 |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| As at |
|
September 30, 2015 |
|
December 31, 2014 |
| Exploration and Evaluation Assets |
|
$ |
3,981,708 |
|
$ |
3,888,404 |
| Total Assets |
|
$ |
4,033,997 |
|
$ |
3,956,013 |
| Total Liabilities |
|
$ |
1,358,868 |
|
$ |
1,204,848 |
| Share Capital |
|
$ |
16,678,145 |
|
$ |
16,654,145 |
| Common Shares Outstanding |
|
|
109,653,296 |
|
|
109,053,296 |
| Fully Diluted Shares Outstanding |
|
|
114,103,296 |
|
|
115,563,296 |
Summary Discussion
At September 30, 2015, the Company had a total of 109,653,296 common shares outstanding.
During the quarter ended September 30, 2015, the Company recorded a net loss of $33,191 as compared to a net loss of $41,171 during the comparable period in fiscal 2014. Overall general and administration expenditures decreased by $4,493, or 14%, 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 to 450,000 shares during the first nine months of fiscal 2014.
The Company's working capital deficiency increased to $1,300,617 at September 30, 2015, as compared to a deficiency of $1,150,184 at December 31, 2014.
Selected Financial Data by Quarter
| ( $ ) |
|
Q3-15 |
|
Q2-15 |
|
Q1-15 |
|
Q4-14 |
|
Q3-14 |
|
Q2-14 |
|
Q1-14 |
|
Q4-13 |
| Revenue |
|
Nil |
|
Nil |
|
Nil |
|
Nil |
|
Nil |
|
Nil |
|
Nil |
|
Nil |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses |
|
30,381 |
|
29,222 |
|
27,026 |
|
90,165 |
|
33,179 |
|
35,566 |
|
37,978 |
|
48,510 |
| Net income (loss) for the period |
|
(33,191) |
|
(36,352) |
|
(30,493) |
|
(2,546,252) |
|
(41,171) |
|
(43,184) |
|
(46,595) |
|
(55,403) |
| Stock based compensation |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
14,950 |
| Basic income (loss) per share |
|
0.00 |
|
0.00 |
|
0.00 |
|
(0.02) |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash & cash equivalents |
|
7,654 |
|
6,352 |
|
6,534 |
|
2,924 |
|
576 |
|
886 |
|
1,642 |
|
335 |
| Current assets |
|
8,251 |
|
6,837 |
|
7,507 |
|
4,664 |
|
2,480 |
|
2,044 |
|
7,185 |
|
2,976 |
| Working capital (deficiency) |
|
(1,300,617) |
|
(1,220,026) |
|
(1,180,496) |
|
(1,150,184) |
|
(1,116,813) |
|
(960,665) |
|
(911,185) |
|
(858,848) |
Transaction with Elephant Copper
At December 24, 2013, the Company announced a transaction to merge with Elephant Copper Ltd. ("Elephant"). The transaction with Elephant was terminated by written notice from Elephant on September 13, 2015.
Nivloc Mine Property Update
Upon finalization of the Nivloc Property Option & Joint Venture Agreement with Silver Reserve Corp. ("SRC"), (the "Option Agreement"), the Company initiated a drilling program on the Nivloc Mine Property. Thirty-seven (37) drill holes, totaling 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 NI43-101 Technical Report dated July 31, 2012, which can be found at www.sedar.com or the Company's website www.immc.ca.
Pursuant to the Option Agreement, in September and October 2015, the Company 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. The Company has registered this 85% undivided interest in the Nivloc Mine Property with the U.S. Bureau of Land Management and Esmeralda County, and received confirmation of title from these parties on November 4, 2015 and November 9, 2015, respectively.
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).
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.
|