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.

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
Any startup has to have a clear go –to-market strategy from the beginning. Similarly, any data science project has to have a go to production strategy from its first days, so it could go beyond proof-of-concept. Machine learning and artificial intelligence in production would result in hundreds of training pipelines and machine learning models that are continuously revised by teams of data scientists and seamlessly connected with web applications for tenants and users.
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, discussed how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He also discussed how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
IT organizations are moving to the cloud in hopes to approve efficiency, increase agility and save money. Migrating workloads might seem like a simple task, but what many businesses don’t realize is that application migration criteria differs across organizations, making it difficult for architects to arrive at an accurate TCO number. In his session at 21st Cloud Expo, Joe Kinsella, CTO of CloudHealth Technologies, will offer a systematic approach to understanding the TCO of a cloud application...
With Cloud Foundry you can easily deploy and use apps utilizing websocket technology, but not everybody realizes that scaling them out is not that trivial. In his session at 21st Cloud Expo, Roman Swoszowski, CTO and VP, Cloud Foundry Services, at Grape Up, will show you an example of how to deal with this issue. He will demonstrate a cloud-native Spring Boot app running in Cloud Foundry and communicating with clients over websocket protocol that can be easily scaled horizontally and coordinate...
In his session at 20th Cloud Expo, Chris Carter, CEO of Approyo, discussed the basic set up and solution for an SAP solution in the cloud and what it means to the viability of your company. Chris Carter is CEO of Approyo. He works with business around the globe, to assist them in their journey to the usage of Big Data in the forms of Hadoop (Cloudera and Hortonwork's) and SAP HANA. At Approyo, we support firms who are looking for knowledge to grow through current business process, where even 1%...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Secure Channels, a cybersecurity firm, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Secure Channels, Inc. offers several products and solutions to its many clients, helping them protect critical data from being compromised and access to computer networks from the unauthorized. The company develops comprehensive data encryption security strategie...
In his session at @ThingsExpo, Sudarshan Krishnamurthi, a Senior Manager, Business Strategy, at Cisco Systems, discussed how IT and operational technology (OT) work together, as opposed to being in separate siloes as once was traditional. Attendees learned how to fully leverage the power of IoT in their organization by bringing the two sides together and bridging the communication gap. He also looked at what good leadership must entail in order to accomplish this, and how IT managers can be the ...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, d...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, will address this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of t...
The goal of Continuous Testing is to shift testing left to find defects earlier and release software faster. This can be achieved by integrating a set of open source functional and performance testing tools in the early stages of your software delivery lifecycle. There is one process that binds all application delivery stages together into one well-orchestrated machine: Continuous Testing. Continuous Testing is the conveyer belt between the Software Factory and production stages. Artifacts are m...