Further infill drilling at the Nivloc Mine Property, reported in December 2012, verified the thickness and grades that were reported in the Technical Report. Hole 12NL-35, collared from pad 6, tested an area between the 700 and 800 foot levels within the old mine workings and below resource blocks outlined by the 2011 drilling program. Drill highlights from the hole included 115 ft @ 89.1 g/t Ag and 0.33 g/t Au, including 13.5 feet @ 210.0 g/t Ag and 1.03 g/t Au, including 3.0 feet @ 436.0 g/t Ag and 2.57 g/t Au.
The Company also reported results from two more drill holes completed on its Nivloc Mine Property. Holes 12NL-36 and 12NL-37 tested an area between the 600 and 800 ft levels of the historic mine workings, within and near the eastern end of the 2011 43-101 resource area. Drill hole 12NL-36 tested an area between three previously drilled holes, while 12NL-37 was a short step- out hole towards the northeast, although proximal to two other holes completed in 2011. Drill highlights from Hole 12NL-36 included: 70.0 feet @ 103.0 g/t Ag and 0.43 g/t Au, including 1.0 foot @ 335.6 g/t Ag and 1.12 g/t Au. Drill highlights from Hole 12NL-37 included 92.0 feet @ 163.8 g/t Ag and 0.80 g/t Au, including 3.5 feet @ 599.0 g/t Ag and 4.27 g/t Au.
On March 11, 2013 the Company announced that its wholly-owned subsidiary, International Millennium Mining Inc. ("IMMI"), executed a Sale and Purchase Agreement (the "Agreement") to acquire the balance of Silver Reserve Corp.'s ("SRC") underlying interests in the Nivloc Mine Property. Pursuant to the Agreement, IMMI has agreed to pay SRC US$425,000 for the Nivloc Mine Property interests detailed above and SRC has agreed to transfer 100% of its interest, right and title in those interests to IMMI.
Wild Goose Property
The Wild Goose property, encompassing 2,918.62 hectares, is located approximately 23 km northwest of Revelstoke, BC and 5 km north of Mount Copeland (approximately 10 minutes by helicopter from the Revelstoke airport). The property is underlain by the Shuswap Metamorphic Complex. Historical reports identify four (4) distinct lead/silver/zinc showings, several of which have anomalous gold values. Geologically, the showings all occur in the footwall of the easterly striking Bews Creek Fault, which may be a detachment structure.
MMI (mobile metal ion) soil sampling was carried out on the Wild Goose Property in October 2012. The MMI survey was conducted on two grids, each with a line spacing of 100 meters and a sample interval of 25 meters, as part of a program designed to extend the known mineralization on the property and locate previously unknown mineralization. The MMI results revealed that both the north and south MMI grids are almost entirely covered by highly anomalous lead results. In addition, a silver anomaly covers almost the entire north grid.
Further to IMMC's announcement on September 14, 2012, on May 23, 2013, the Company announced a second tranche private placement, which raised gross proceeds of $660,000. Under the terms of the offering, the Company will issue 8,250,000 units at $0.08 per unit. 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. Shares issued under the placement are subject to a four month hold period ending September 24, 2013. The placement documents have been accepted for filing by the TSX Venture Exchange.
The Company will pay paid finders' fees to certain finders in an aggregate amount of 53,200 common shares in connection with the second tranche of the private placement.
The Company will use the proceeds to acquire the balance of SRC's underlying interest in the Nivloc Mine Property (see March 11, 2013 news release), and for working capital.
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 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. 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.
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.
International Millennium Mining Corp.
Ms. Sheri Barton
International Millennium Mining Corp.
Mr. John Versfelt
President & CEO
(604) 527-9126 (FAX)
Most Popular Stories
- Twitter Names Woman to Board
- Obamacare Doing Just Fine, Ky. Governor Says
- Rand Paul Signs up for Obamacare
- Hispanic Employment Improves in November
- How to Arm Yourself Against CryptoLocker Virus
- Thalia Gets Star on Hollywood Walk of Fame
- Trapped Florida Whales Head for Deeper Waters
- Aspen Contracting Adding 300 Jobs
- Dow Jumps 200 Points on Jobs Data
- U.S. Chamber to Run Ads in Idaho, W.Va.