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, 2012 (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 2012 Audited
Consolidated Financial Statements for the year ended December 31, 2012.
Summary for the Year Ended December 31
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2012 2011 2010
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Expenditures $ 369,453 $ 407,080 $ 398,663
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Stock Based Compensation $ 176,953 $ 20,000 $ -
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Gain on sale of mineral properties $ 170,825 $ - $ -
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Premium on issue of flow through
shares $ - $ (10,000) $ (18,750)
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Write Down or (Gain) on Resource
Properties $ 165,856 $ (13,495) $ 1,513,543
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Net Loss $ (652,115) $ (439,749) $(1,893,456)
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Net Loss Per Share $ (0.00) $ (0.01) $ (0.03)
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December December
As at 31, 2012 31,2011
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Deferred Mineral Property Expenditures $ 5,577,125 $ 5,044,945
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Total Assets $ 5,895,236 $ 5,405,488
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Total Liabilities $ 684,312 $ 801,444
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Share Capital $ 16,299,945 $ 15,082,923
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Common Shares Outstanding 104,245,096 89,636,497
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Fully Diluted Shares Outstanding 136,628,761 103,426,723
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Summary Discussion
At December 31, 2012, the Company had a total of 104,245,096 common shares
outstanding.
During the year ended December 31, 2012 the Company recorded a net loss of
$652,115 as compared to a net loss of $439,749 during fiscal 2011. Overall
expenditures decreased by $37,627, or 9%, from $407,080 in fiscal 2011 to
$369,453 in fiscal 2012. The material variances during the periods are as
follows:
i. The Company realized a gain of $170,825 on the sale of the remaining 20%
interest in the Hilda/Guadalupe property. IMMC received four million
shares of First Mexican Gold Corp. ("First Mex") and a 2% NSR payable to
IMMC with 1% re-purchasable by First Mex for US$1 million dollars. The
Company had previously reported the gain of $640,000 in the first
quarter of fiscal 2012 but it was revised to reflect the present value
of the 4,000,000 shares received. According to the agreement IMMC can
only sell 50,000 shares per month;
ii. The Company granted 1,715,000 stock options and extended the expiry date
of 1,930,000 stock options, and issued 435,000 broker warrants
exercisable at $0.08/$0.10. As a result the Company recorded $176,593 in
stock based compensation during fiscal 2012 as compared to $20,000
during fiscal 2011;
iii.The Company recorded a loss on foreign exchange of $5,617 during fiscal
2012, as compared to a foreign exchange gain of $15,278 in fiscal 2011,
on the translation of our international subsidiary;
iv. The Company incurred an accretion and finance cost expense of $77,629 as
a result of a $400,000 loan, as compared to a finance expense of $36,164
in fiscal 2011;
v. The Company wrote down resource properties by $165,856 in fiscal 2012;
vi. The Company accrued an asset retirement obligation for the Simon and
Nivloc properties for $50,000; and
vii.The Company accrued an income tax expense of $30,000 on the receipt of
the 4,000,000 shares in First Mex.
During fiscal 2012, the Company issued 14,608,599 common shares. These common
shares were issued pursuant to the exercise of 50,000 stock options for proceeds
of $5,000; the exercise of 3,569,265 warrants for proceeds of $359,927; the
exercise of 355,584 broker warrants for proceeds of $28,447; 350,000 shares
issued for property payments; and 10,283,750 shares issued pursuant to a private
placement for net proceeds of $786,580.
The Company's working capital deficit decreased to $513,422 at December 31,
2012, as compared to a deficit of $594,901 at December 31, 2011.
Selected Financial Data by Quarter
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International Financial Reporting
Standards
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( $ ) Q4-12 Q3-12 Q2-12 Q1-12
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Revenue Nil Nil Nil Nil
Expenses 72,049 83,181 108,060 106,163
Net income (loss) for the period (676,628) (109,014) (384,365) 513,892
Stock based compensation (63,407) - 240,000 -
Basic income (loss) per share 0.00 0.00 (0.01) 0.01
Cash & cash equivalents 102,938 111,870 45,106 191,575
Current assets 120,890 120,706 53,933 207,887
Working capital(deficiency) (513,422) (902,098) (881,975) (692,583)
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International Financial Reporting
Standards
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( $ ) Q4-11 Q3-11 Q2-11 Q1-11
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Revenue Nil Nil Nil Nil
Expenses 201,696 (12,957) 83,816 154,165
Net income (loss) for the period (249,731) 12,957 (83,816) (154,165)
Stock based compensation 2,000 - - 18,000
Basic income (loss) per share 0.00 0.00 0.00 0.00
Cash & cash equivalents 165,476 232,753 173,376 455,331
Current assets 206,543 369,100 199,252 485,677
Working capital(deficiency) (594,901) (10,791) (186,094) 101,865
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Exploration Programs
Nivloc Mine, Nevada Property
Upon finalization of the Nivloc Property Option & Joint Venture Agreement with
Silver Reserve Corp.'s ("SRC"), the Company initiated a drilling program on the
Nivloc Property. Thirty-seven (37) drill holes, totalling approximately 10,500
metres have been completed to April 5, 2012.
The Company is beginning to outline a silver and gold un-mined mineralized zone
measuring 1,200 feet along strike and 600 feet down dip, measured vertically.
Drill hole results from drill holes 1 through 37 have been announced previously
by the Company. These results have been filed on SEDAR, and can be reviewed on
the Company's web site at www.immc.ca.
On August 16, 2012 the Company announced the results of its initial inferred
mineral resource estimate at the Nivloc Silver and Gold Project. 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. The 43-101 Initial
Inferred Mineral Resource Estimate can be viewed on the Company's website at
www.immc.ca.
Subsequent to the year end, and pursuant to a Sale and Purchase Agreement,
International Millennium Mining Inc. ("IMMI") a subsidiary of IMMC, has agreed
to pay SRC US$425,000 for SRC's Nivloc Property interests and SRC will transfer
100% of its interest, right and title in those interests to IMMI. This
transaction is scheduled to close May 31, 2013 or such other date that the
parties agree upon.
Management is focused on precious metal polymetallic projects in the Americas
and is working towards building a strong, stable and well financed mineral
exploration and small mines mining company.
Concurrently with this news release, the Company is filing its Audited
Consolidated Financial Statements 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. 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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Millennium Mining Corp.
Ms. Sheri Barton
403-217-5830
sheribarton@telus.net
International Millennium Mining Corp.
Mr. John Versfelt
President & CEO
604-527-8135
www.immc.ca
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