International Millennium Mining Corp. Announces Property Opt

International Millennium Mining Corp. Announces Property Option Agreements


International Millennium Mining Corp. Announces Property Option Agreements
VANCOUVER, BC / ACCESSWIRE / 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.

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