Welcome!

News Feed Item

International Millennium Mining Corp. Reports 4th Quarter and 2013 Annual Results

NEW WESTMINSTER, BRITISH COLUMBIA -- (Marketwired) -- 05/01/14 -- 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:

i.  The Company granted 1,725,000 stock options. As a result the Company
    recorded $36,950 in stock based compensation during fiscal 2013 as
    compared to $176,593 during fiscal 2012; 

ii. The Company recorded a gain on foreign exchange of $4,099 during fiscal
    2013, as compared to a foreign exchange loss of $5,617 in fiscal 2012,
    on the translation of a transaction through our USA subsidiary; 

iii.Transfer agent and filing fees decreased from $41,240 in fiscal 2012 to
    $22,127 in fiscal 2013; 

iv. Administration, accounting and legal costs decreased $16,549 in 2013
    compared to fiscal 2012; 

v.  The Company incurred an accretion and finance cost expense of $85,930 in
    fiscal 2013 as compared to a finance expense of $77,629 in fiscal 2012; 

vi. The Company wrote down resource properties by $15,000 in fiscal 2013 as
    compared to $165,856 in fiscal 2012; and 

vii.The Company recorded a gain of $30,000 on the disposal of Minera
    Internacional Milenio SA in fiscal 2013. 

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 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue                             Nil         Nil         Nil         Nil 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Expenses                         48,510      68,804      90,093      84,473 
----------------------------------------------------------------------------
Net income (loss) for the                                                   
 period                         (55,403)   (112,916)   (112,457)   (118,984)
----------------------------------------------------------------------------
Stock based compensation         14,950      22,000           -           - 
----------------------------------------------------------------------------
Basic income (loss) per                                                     
 share                             0.00        0.00        0.00        0.00 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Cash & cash equivalents             335       2,020      22,028      29,205 
----------------------------------------------------------------------------
Current assets                    2,976       4,027      24,824      56,685 
----------------------------------------------------------------------------
Working capital (deficiency)   (858,848)   (796,112)   (585,327)   (554,348)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
( $ )                             Q4-12       Q3-12       Q2-12       Q1-12 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue                             Nil         Nil         Nil         Nil 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Expenses                         72,045      83,181     108,062     106,165 
----------------------------------------------------------------------------
Net income (loss) for the                                                   
 period                        (676,628)   (109,014)   (384,365)    513,890 
----------------------------------------------------------------------------
Stock based compensation        (63,407)          -     240,000           - 
----------------------------------------------------------------------------
Basic income (loss) per                                                     
 share                             0.00        0.00       (0.01)       0.01 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Cash & cash equivalents         102,038     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)
----------------------------------------------------------------------------

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.

Contacts:
International Millennium Mining Corp.
John A. Versfelt
President & CEO
(604) 527-8135
(604) 527-9126 (FAX)
[email protected]
www.immc.ca

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
"We're developing a software that is based on the cloud environment and we are providing those services to corporations and the general public," explained Seungmin Kim, CEO/CTO of SM Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.