Click here to close now.

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
In the midst of the widespread popularity and adoption of cloud computing, it seems like everything is being offered “as a Service” these days: Infrastructure? Check. Platform? You bet. Software? Absolutely. Toaster? It’s only a matter of time. With service providers positioning vastly differing offerings under a generic “cloud” umbrella, it’s all too easy to get confused about what’s actually being offered. In his session at 16th Cloud Expo, Kevin Hazard, Director of Digital Content for SoftL...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
Live Webinar with 451 Research Analyst Peter Christy. Join us on Wednesday July 22, 2015, at 10 am PT / 1 pm ET In a world where users are on the Internet and the applications are in the cloud, how do you maintain your historic SLA with your users? Peter Christy, Research Director, Networks at 451 Research, will discuss this new network paradigm, one in which there is no LAN and no WAN, and discuss what users and network administrators gain and give up when migrating to the agile world of clo...
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
"We help to transform an organization and their operations and make them more efficient, more agile, and more nimble to move into the cloud or to move between cloud providers and create an agnostic tool set," noted Jeremy Steinert, DevOps Services Practice Lead at WSM International, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
"AgilData is the next generation of dbShards. It just adds a whole bunch more functionality to improve the developer experience," noted Dan Lynn, CEO of AgilData, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
"We have a tagline - "Power in the API Economy." What that means is everything that is built in applications and connected applications is done through APIs," explained Roberto Medrano, Executive Vice President at Akana, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
"What Dyn is able to do with our Internet performance and our Internet intelligence is give companies visibility into what is actually going on in that cloud," noted Corey Hamilton, Product Marketing Manager at Dyn, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are ra...
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...