saidApril 12 that wholly owned subsidiary InternationalMillennium Mining Inc. completed the purchase of SilverReserve Corp.'s 15% interest in the Nivloc silver-gold mine propertyin Nevada, bringing its ownership to 100%.
International MillenniumMining Inc. paid Silver Reserve a total of US$120,000 for the property interest.Silver Reserve will retain a 2% net smelter royalty interest in the claims, subjectto the terms of the agreement.
International MillenniumMining Inc. can purchase the royalty for US$120,000 on or before Dec. 24.
The Nivloc silver-goldproperty has a reported inferred mineral resource of 1.64 million tonnes grading106.47 g/t of silver and 0.78 g/t of gold at a cutoff grade of 40 g/t of silver.
International MillenniumMining Inc. is looking to further develop the property.
Meanwhile, International Millennium Mining Corp.is negotiating with the TSX Venture Exchange to remove the trading halt of its securitiesand to resume trading. The company's securities halted trading in December 2013after a proposed mergerwith Elephant Copper Ltd. The two companies canceledthe transaction Nov. 27, 2015.
Concurrent withthe resumption of trading, International Millennium Mining Corp. is proposing aprivate placement at 5 cents per unit, with each unit consisting of 1 share and1 warrant. Each warrant is exercisable for two years at 5 cents per share.
The companyis also offering shares for debt at 5 cents per share.
InternationalMillennium Mining Corp. is also proposing a debenture convertible to units at 5cents per unit, with each unit consisting of 1 share and 1 warrant. Each warrantis exercisable for a period of up to four years at 5 cents per share.
The proposeddebenture is convertible for up to four years by the lender for the full term, andby the company pursuant to various terms after the second anniversary.