NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2012) - International Millennium Mining Corp. (the "Company") (IMI.V - News) (L9J.F - News) reports its financial statements and MD&A (the "Quarter and Annual Report") for the 4th Quarter and Year Ended December 31, 2011 (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 2011 Audited Consolidated Financial Statements for the year ended December 31, 2011.
Summary of Results for the Year Ended December 31
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As at December 31, 2011 2010 2009
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General and Administrative
Expenditures $ 427,080 $ 398,663 $ 326,073
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Stock Based Compensation $ 20,000 $ - $ 190,000
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Interest Income $ - $ - $ 1,151
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Premium on Issue of Flow
Through Shares $ (10,000) $ (18,750) $ (21,250)
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Write Down or (Gain) on
Resource Properties $ (13,495) $ 1,513,543 $ 409,653
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Net Loss $ (439,749) $ (1,893,456) $ (903,325)
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Net Loss Per Share $ (0.00) $ (0.03) $ (0.03)
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As at December 31, 2011 2010 2009
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Deferred Mineral Property
Expenditures $ 5,044,945 $ 2,333,517 $ 2,879,562
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Total Assets $ 5,405,488 $ 3,248,611 $ 3,101,011
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Total Liabilities $ 801,444 $ 460,320 $ 302,223
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Share Capital 15,082,923 12,550,921 10,785,012
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Common Shares Outstanding 89,636,498 69,874,367 35,336,943
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Summary Discussion
At December 31, 2011, the Company had a total of 89,636,498 common shares outstanding.
During the year ended December 31, 2011 the Company recorded a net loss of $439,749 as compared to a net loss of $1,893,456 during fiscal 2010. The material variances during the periods are as follows:
i. The Company wrote down resource properties by $1,513,543 in fiscal 2010
as compared to a recovery, in fiscal 2011, of $13,495, primarily the
result of payments from First Mexican Gold Corp. to earn their 80%
interest in the Hilda Group of properties;
ii. The Company recorded a gain on foreign exchange of $15,278 during fiscal
2011, as compared to a loss of $39,309 in fiscal 2010 on the translation
of its international subsidiaries;
iii.Salaries and benefits increased during fiscal 2011 due to additional
administration required for its property record keeping, its regulatory
filings and other legal document filings;
iv. Accounting and legal decreased during fiscal 2011 to $43,969 from$79,846
in fiscal 2010. Legal fees were high in 2010 because of the litigation
related to the Simon Property, and the legal fees incurred on
investigation of new properties during the fiscal year; and,
v. Bank and interest charges increased to $36,164 for Part XII.6 accrued
charges in fiscal 2011.
During fiscal 2011 a total of 18,707,131 shares were issued for gross proceeds of $2,285,402. These proceeds were used to fund the drill program on the Nivloc property and provide working capital.
The Company's working capital decreased to a deficit of $594,901 at December 31, 2011, as compared to a surplus of $297,274 at December 31, 2010. Subsequent to the year end, an additional 3,974,849 shares were issued as a result of exercised warrants, broker warrants and stock options for total proceeds of $393,374.
General and Administration
Comparison of the Quarterly Results
Overall, there was a 7% increase in general and administration expenses to $427,080 in fiscal 2011 from $398,663 in fiscal 2010. The primary differences between years were as follows:
1. Accounting and legal fees decreased by $35,877 to $43,969 as compared
to $79,846 during fiscal 2010. The higher legal fees in 2010 resulted
from litigation on the Simon Property and legal fees incurred on
investigation on new properties;
2. A gain on foreign exchange of $15,278 during fiscal 2011 as compared to
a loss of $39,309 in fiscal 2010 on the translation of the Company's
international subsidiaries;
3. Salaries and benefits increased by $17,397 during fiscal 2011, due to
additional administration required for its property record keeping, its
regulatory filings and other legal document filings;
4. The Company recorded $20,000 in stock based compensation during fiscal
2011 as compared to nil during fiscal 2010;
5. Promotional materials and trade show expenses increased by $29,466 due
to attendance at additional trade shows during fiscal 2011;
6. Insurance expense increased, during fiscal 2011, to $20,436 as compared
to $10,901 in fiscal 2010, because of a new general liability policy
acquired to insure the Company's work on the Nivloc, Nevada property;
and,
7. Bank and interest charges increased to $36,164 for Part XII.6 accrued
charges in fiscal 2011.
The Company recorded a net loss of $439,749 during the fiscal 2011, as compared to a net loss of $(1,893,456) during fiscal 2010. The primary difference is related to the $1,513,543 write down of mineral properties in fiscal 2010 and a foreign exchange gain of $15,278 in fiscal 2011.
Selected Financial Data by Quarter
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International Financial Reporting Standards
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( $ ) Q4-11 Q3-11 Q2-11 Q1-11
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Revenue Nil Nil Nil Nil
General & Administration 201,696 (12,957) 83,816 154,165
Net (loss) for the period
(249,731) 12,957 (83,816) (119,159)
Stock based compensation 2,000 - - 18,000
Basic (income) loss per
share (0.00) (0.00) (0.00) (0.00)
Cash & cash equivalents 165,476 232,753 173,376 455,331
Current assets 206,543 369,100 199,252 485,677
Working capital(deficiency) (594,901) (10,791) (186,094) 101,865
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International Financial Reporting Standards
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( $ ) Q4-10 Q3-10 Q2-10 Q1-10
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Revenue Nil Nil Nil Nil
General & Administration 125,445 70,894 112,841 89,493
Net (loss) for the period
(1,173,523) (426,158) (,94,741) (111,034)
Stock based compensation - - - -
Basic (income) loss per
share (0.02) (0.01) (0.00) (0.00)
Cash & cash equivalents 727,880 63,569 231,423 650,483
Current assets 757,594 76,172 237,053 772,931
Working capital(deficiency) 297,274 (174,383) 33,033 539,086
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Exploration Programs
Nivloc Mine, Nevada Property
IMMC holds a 100% interest, subject to the terms and conditions of its agreement with Silver Reserve Corp., in 122 claims covering approximately 2,280 acres, in the Silver Peak mining district in southwestern Nevada.
Having completed 34 drill holes to December 31, 2011, the Company is beginning to outline a Silver/Gold un-mined mineralized zone measuring 1,200 feet along strike and 600 feet down dip, measured vertically. Drill hole results from drill holes 1 through 34 have been announced previously by the Company. These previous results have been filed on SEDAR, and can be reviewed on the Company's web site at www.immc.ca.
Subsequent to the year end, the Company commenced the second phase of a drilling program at its Nivloc project. The holes in this program are designed to tighten the drill spacing in parts of the target area drilled in 2011, and to expand the currently defined mineralized zone by stepping out along strike towards the northeast and southwest.
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 Audited Consolidated Financial Statements 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. (IMI.V - News) 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
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.
403-217-5830
sheribarton@telus.net
Mr. John Versfelt
International Millennium Mining Corp.
President & CEO
604-984-9907
