International Millennium Mining Corp. Completes Purchase of 100% Undivided Interest in the Nivloc, Nevada Silver Mine Property & Provides Company Update
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/12/16 -- International Millennium Mining Corp. ("IMMC" or the "Company") (TSX VENTURE: IMI) is pleased to announce that its wholly-owned subsidiary, International Millennium Mining Inc. ("IMMI") has completed the purchase of Silver Reserve Corp.''s ("SRC") fifteen percent (15%) interest in the Nivloc, Nevada Silver Mine Property (the "Transaction"), thereby acquiring a one hundred percent (100%) undivided interest in the Nivloc Property.
Pursuant to the Sale and Purchase Agreement, which includes an Option to Purchase Royalty Interest (the "Agreement"), announced on February 2, 2016, IMMI has paid SRC a total of US$120,000 for the Nivloc Property interests. Subject to the terms of the Agreement, SRC retains two percent (2%) of Net Smelter Returns royalty interest in the claims (the "Royalty Interest"). As a condition of the Agreement, IMMI has a time-limited option to purchase SRC''s Royalty Interest for a sum of US$120,000, payable on or before December 24, 2016.
IMMI is focusing on developing the Nivloc silver and gold property, which is situated in the Silver Peak Mining District of Esmeralda County, Nevada, USA, where it has reported a National Instrument 43-101 ("NI 43-101") compliant Inferred Mineral Resource, at 40 g/t Ag cut-off, of 1,640,000 tonnes grading 106.47 g/t Ag and 0.78 g/t Au. See the Company''s news releases of August 16, 2012, December 4, 2012 and January 8, 2013, either on the Company''s website or on SEDAR at .
Trading of the Company''s securities on the TSX Venture Exchange (the "TSX-V") was halted in December 2013, pending the completion of a proposed transaction with Elephant Copper Ltd. ("Elephant"). On November 27, 2015, the Company announced that the transaction with Elephant was terminated by written notice from Elephant on September 13, 2015. Following the termination of the Elephant transaction, the Company initiated discussions with the TSX-V to remove the trading halt and resume trading of its securities.
During discussions with the TSX-V, the Company proposed to complete the following transactions (together the "Proposed Transactions"), concurrently with the resumption of trading:
It is the Company''s opinion that the Proposed Transactions are necessary, and should occur concurrently with the lifting of the trading halt of the Company''s securities. However, it is the opinion of the TSX-V that the Company''s securities must be trading for a period of time before the pricing of the Proposed Transactions are announced and approved.
Management of the Company is of the opinion that completing the Proposed Transactions concurrently with the resumption of the trading of its securities is essential; therefore, IMMC is currently exploring its options for a voluntary delisting from the TSX-V and applying for a listing with the Canadian Securities Exchange (the "CSE"). The Company has not paid its 2016 annual TSX-V sustaining fees pending the resolution of these conditions. It is the Company''s intention to continue its discussions with the CSE and seek a listing transfer from the TSX-V to the CSE, which transfer is proposed to be completed concurrently with the Proposed Transactions.
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, 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
Further information about the Company can be found on SEDAR ().
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 Millenium Mining Corp.
Mr. John Versfelt
President & CEO
604-527-8135
604-527-9126 (FAX)
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Datum: 12.04.2016 - 06:30 Uhr
Sprache: Deutsch
News-ID 1427476
Anzahl Zeichen: 3154
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