Purchase Of Nivloc, Nevada Silver Mine Property
VANCOUVER, BC - International Millennium Mining Corp. reported that its wholly-owned subsidiary, International Millennium Mining Inc. (IMMI) has completed the purchase of Silver Reserve Corp.'s (SRC) fifteen percent interest in the Nivloc, Nevada Silver Mine Property, 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, 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 of Net Smelter Returns royalty interest in the claims. 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 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.