🕐14.10.10 - 21:27 Uhr
IMMC Signs Letter Of Intent To Acquire Ground Surrounding Its NIVLOC Mine In Nevada
INTERNATIONAL MILLENNIUM SIGNS LETTER OF INTENT TO ACQUIRE GROUND
SURROUNDING ITS NIVLOC MINE IN NEVADA
North Vancouver, BC: International Millennium Mining Corp.
(“IMMC” of the “Company”) announces that it has signed a
Letter of Intent with Silver Reserve Corp.
(“SRC”) whereby the
parties will finalize an option agreement pursuant to which IMMC will
acquire the right to purchase up to 85% interest, subject to 2% NSR
royalty, in 18 lode claims contiguous with and surrounding the
Company’s existing Nivloc Mine property in the Silver Peak mining
district, Esmeralda County, Nevada.
Subject to TSX Venture Exchange
acceptance, IMMC is to acquire its interest in the 18 claims by
making cash payments of US$350k and by issuing 1,925,000 shares over
the next five years.
Following IMMC acquisition and a positive IMMC
feasibility study, the entire 27 claim, Nivloc Mine property is to be
developed and mined on an 85:15 joint venture basis with SRC.
Tom Evans, California Professional Geologist, and a Qualified
Person, under NI 43-101 advises, the Nivloc Mine is a past producing
mine identified as a vein deposit resource documented by Anaconda
Minerals and Desert Silver sampling and partially verified by
Sunshine Mining Company drilling in 1985.
Sunshine Mining calculated
a possible (historic non NI 43-101 compliant) resource of 621,314
short tons at a grade of 4.5opt (ounces per ton) silver (Ag) and 0.03
opt gold (Au) based on an assumed 12 feet mining width.
Mr.
Evans
comments that the Sunshine calculation is believed to be conservative
in light of Montreal geologist, H.J.
Bergmann, P.Eng statements in a
1956 report, representing that the average grade mined at the Nivloc
between 1937 and 1943, when a mill was operating at the Nivloc site,
was 12.8 opt Ag and 0.05 opt Au.
Mr.
Evans advises that an August
1946, report by Nivloc Mines, Inc.
states that some of the un-mined
resource averaged 12.2 opt Ag and 0.069 opt Au and that the same
report mentions five sections of mineralization of unknown size
averaging 15-16 opt Ag and 0.10 opt Au.
These reports, advises Mr.
Evans, also suggest that gold values appeared to be increasing with
depth down dip on the limonitic quartz-calcite vein structure.
The
reader is warned that data in these old reports are unsubstantiated
and cannot be relied upon or, at this point, verified due to poor
mine access.
As these historic numbers suggest the possible conservative nature
of previous grade estimates, IMMC’s program, as proposed by Mr.
Evans, would include angle core holes to test below the 750 and 900
feet levels of the northwest dipping vein.
IMMC is planning a drill
program for the Nivloc Property to commence in mid to late November.
About Silver Reserve Corp
Silver Reserve Corp.
is a wholly owned subsidiary of Infrastructure
Materials Corp., a U.S.
junior exploration stage mining company
publicly traded on the NASDAQ OTC:BB under the symbol IFAM.
About International Millennium Mining Corp
International Millennium Mining Corp.
is a mineral exploration and
development company engaged in acquiring known small mine deposits
world-wide and in the 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 gold, silver, cobalt, molybdenum, zinc, lead, nickel, copper
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.
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 Mr.
Wayne Meredith: 604-569-2509
or Mr.
John Versfelt, President & CEO of the Company at
604-984-9907.
* * * * * * *
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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