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
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Now that the world has connected “things,” we need to build these devices as truly intelligent in order to create instantaneous and precise results. This means you have to do as much of the processing at the point of entry as you can: at the edge. The killer use cases for IoT are becoming manifest through AI engines on edge devices. An autonomous car has this dual edge/cloud analytics model, producing precise, real-time results. In his session at @ThingsExpo, John Crupi, Vice President and Eng...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
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., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
There are 66 million network cameras capturing terabytes of data. How did factories in Japan improve physical security at the facilities and improve employee productivity? Edge Computing reduces possible kilobytes of data collected per second to only a few kilobytes of data transmitted to the public cloud every day. Data is aggregated and analyzed close to sensors so only intelligent results need to be transmitted to the cloud. Non-essential data is recycled to optimize storage.
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, provided the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” used open source attack tools that are free and available for download by anybody. Attendees learned where to find and how to operate these tools for the purpose of testing their own IT infrastructure. The...
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...