🕐03.11.09 - 00:29 Uhr
International Millennium Mining Signs LOI
International Millennium Mining & First Mexican Resources Sign
Letter Of Intent To Change Their Interests In Sonora Mexico
Properties
North Vancouver, B.C.
- International Millennium Mining Corp.
(“IMMC” or the “Company”) (TSX-V: IMI) announces that it has
signed a new letter of intent (“LOI”) with First Mexican
Resources Inc.
(“First Mex”) of Vancouver, B.C., whereby the two
companies will replace their existing agreement with respect to the
Company’s three mineral properties in Sonora State, Mexico.
Under
the present option, announced, July 16, 2007, First Mex has been
earning the right to elect acquisition of either a 60% or 40%
interest in the three Hilda 30, Hilda 37/38 and La Esperanza
properties.
The LOI sets out terms of a new agreement that entitles
First Mex to acquire up to 80% interest in the Hilda properties.
IMMC
retains 100% interest in the La Esperanza property.
For its interests
in the Hilda properties, First Mex will pay a total of US$100,000 in
staged cash payments, issue IMMC 1.4 million First Mex shares and
incur US$3.24 million in exploration or development expenditures on
the properties over five years.
The LOI sets out terms of two options.
Under the first option, IMMC
grants First Mex the right to acquire 60% interest in one Hilda
property and 40% in the other by maintaining the option and by
expending US$239,808 by August 31, 2010.
This would bring total
expenditures by First Mex under the existing and replacement
agreements to US$1 million.
The second option allows First Mex to
acquire 80% interest in both Hilda properties.
Following acquisition
by First Mex of its interest in the Hilda properties, First Mex and
IMMC will form joint ventures.
If either party’s interest in a
Joint Venture is reduced to 10%, that interest will convert to a
partially re-purchasable two percent (2%) NSR royalty interest.
James G.
Burns, BSc., PEng., a qualified person, pursuant to NI
43-101, describes the Hilda properties as situated about 190 km ESE
of Hermosillo, the capital of Sonora state, and approximately 50 km
west from the town of Yecora.
The properties are underlain by
Cretaceous to Tertiary age andesite and rhyolite volcanic rocks that
are part of the Sierra Madre Occidental province which is host to
numerous epithermal gold/silver mines and mineral occurrences.
Near
the properties the volcanic rocks have been intruded by a monzonite
porphyry pluton.
At least 14 gold-silver mineral occurrences are
spatially related to this pluton which suggests that the pluton may
have been the heat source for the mineralizing fluids.
In the past both properties have been extensively prospected.
In
1910, a 27 m shaft was sunk on the Hilda 30 concession to access a 30
- 50 cm thick tetrahedrite (Cu,Sb,Ag) vein.
More recently, a short
incline shaft was excavated to access the same vein and two declines
were commenced also targeting similar vein structures.
In the same
area, samples from a 46 m long breccia zone healed with drusy quartz
veins exposed in a road cut averaged 3.07 g/t Au and 155 g/t Ag..
This zone lies above the shaft area and appears to strike towards it.
This suggests that a zone of bulk mineable material may exist on the
property.
About International Millennium Mining Corp.
International Millennium Mining Corp.
is a mineral exploration and
development company engaged in the acquisition and exploration of
polymetallic mineral properties in Canada and the Americas.
To date,
the Company has acquired and is exploring mineral properties in
British Columbia and Ontario, Canada; Nevada, USA; and Sonora State,
Mexico.
Emerging mineral targets include silver, gold, cobalt,
molybdenum, zinc, lead, nickel, copper and platinum group metals.
The
Company’s common shares trade on the Frankfurt Exchange under the
symbol: L9J and on the TSX Venture Exchange under the symbol: IMI.
ON BEHALF OF THE BOARD
John A.
Versfelt
John A.
Versfelt
President and CEO
Further information about the Company can be found on SEDAR
(www.sedar.com) or by contacting:
Lindsay Malcolm
604-569-2508
Wayne Meredith
604-569-2509
* * * * * * *
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.
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