VANCOUVER, May 10, 2021 - International Millennium Mining Corp.
(TSXV:IMI) ("IMMC"), with its wholly owned Nevada subsidiary, International Millennium Mining Inc. ("IMMI") (together the "Company"), is pleased to announce that it has finalized a non-binding letter of intent (the "LOI") with Altair Resources Inc. ("Altair"), in which Altair may acquire up to 65% ownership interest in the Company's Simon Property, located in Nevada, USA (the "Transaction").
Under the terms of the LOI, Altair may acquire a 65% ownership interest in the Simon Property by issuing to the Company an aggregate of five hundred thousand (500,000) common shares in the capital of Altair upon execution of an earn-in option agreement between the Altair and the Company (the "Agreement") and receiving TSX Venture Exchange approval ("TSXV") of the Transaction; making cash payments of US$2,000 per month, beginning August 15, 2021; completing US$85,000 in exploration expenditures on the Simon Property by the first anniversary of the Agreement; and, incurring an aggregate of US$2,115,000 in additional exploration expenditures and issuing an aggregate of two million (2,000,000) additional common shares in the capital of Altair to the Company, over a period of six years from the date of the Agreement. Subject to dilution of interest terms and conditions, the Company would retain a two percent (2%) net smelter return royalty on all future metal production from the Simon Property.
IMMC also announces it has entered an option agreement (the "Option Agreement") to acquire certain mineral claims covering two thousand four hundred (2,400) hectares in three claim groups situated northeast of King's Point on the western side of Notre Dame Bay, in the province of Newfoundland and Labrador. Of particular interest to the Company, are the potential silver/lead/zinc and gold/copper showings within the Green Bay Fault system. Under the terms of the Option Agreement, IMMC has agreed to pay C$6,240 (the "Cash Consideration") and issue three hundred thousand (300,000) common shares in the capital stock of IMMC to the Optionor, subject to receiving TSXV approval. Pursuant to the Option Agreement, the Optionor shall also be entitled to receive a royalty on production equal to one quarter of one percent (0.25%) NSR, of which 100% interest of the NSR can be purchased by IMMC for C$50,000.
The transactions are subject to the necessary approvals from the TSXV. Any securities issued in connection with the transactions will be subject to applicable statutory hold periods for a period of four months from the date of issuance.
John A. Versfelt, Company President, states, "As a result of these transactions, the Company has secured the exploration of its polymetallic Simon Property, Nevada, USA, project, and acquired a position in the Newfoundland Green Bay Fault, gold/copper/silver/zinc belt, adjacent to Vulcan Mineral's Colchester/Springdale gold and copper property." Mr. Versfelt concludes, "These are exciting times for the exploration and mining community, with renewed interest in base and precious metal investment driving exploration in both Canada and the United States. We are pleased to acquire a position in Newfoundland, which is becoming one of North America's more desirable, safe, mining friendly districts, with significant potential for mineral deposits."
International Millennium Mining Corp. (TSXV:IMI) is focused on the exploration and development of its Silver Peak silver-gold project in southwest Nevada. The Company's common shares trade on the 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), the Company's website (www.immc.ca) or by contacting Mr. John Versfelt, President & CEO of the Company at 604-527-8135.
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 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.
SOURCE: International Millennium Mining Corp.