Infrastructure Materials Corp.'s Option Holder Announces Resource Estimate
16 August 2012 - 3:25PM
Infrastructure Materials Corp. (OTCBB:IFAM) (TSX-V:IFM)
(TSX-V:IFM.s) (the "Company") reports that International Millennium
Mining Corp. (TSX-V:IMI) ("IMMC"), the option holder for the
Company's NL Project, has announced an estimate of the
mineralization at the Nivloc Mine Property (the "Estimate"). IMMC
also announced that the Canadian National Instrument 43-101
compliant technical report from which the Estimate is derived will
be filed on SEDAR no later than August 31, 2012.
The Nivloc Mine Property is situated in Esmeralda County,
Nevada, and consists of 18 unpatented lode mineral claims (the "NL
Project") owned by the Company's wholly-owned subsidiary, Silver
Reserve Corp. ("SRC"), and 104 unpatented lode mineral claims owned
by International Millennium Mining Inc. ("IMMI"), a wholly-owned
subsidiary of IMMC (the "IMMI Property"). Pursuant to the terms of
an option agreement dated February 25, 2011, IMMI has the exclusive
right and option to acquire an 85% interest in the NL Project in
consideration of payments to SRC of $350,000 and 1,925,000 shares
of IMMC over a five-year period, with IMMI's interest in the NL
Project vesting at the end of the period. If the Nivloc Mine
Property is determined to be economically feasible based upon
criteria described in the option agreement, SRC will be required to
fund its portion of the operating budget in order to retain its 15%
joint venture interest in the NL Project and to acquire a 15%
interest in the IMMI Property. In the event that SRC decides not to
fund its portion of the budget, its 15% interest in both the IMMI
Property and the NL Project would be forfeited, but SRC would be
entitled to a 2% net smelter royalty.
Infrastructure Materials Corp. is a Reno, Nevada based
exploration stage mining company that is directing its efforts to
the exploration and development, if warranted, of cement grade
limestone deposits in strategic locations in the United States and
Canada and precious metal properties located in Nevada.
For further information please see our public filings at
www.sedar.com and www.sec.gov/edgar.shtml or contact:
Steve McGuire (Teatyn Enterprises Inc.) |
Investor Relations |
Phone: 604-574-7555 |
Email: steve@teatyn.com or |
info@infrastructurematerialscorp.com |
or visit our website at |
www.cementforthefuture.com or |
www.infrastructurematerialscorp.com |
The reader is cautioned that the term "resource" is not a term
recognized by the United States Securities and Exchange
Commission's (the "SEC") guidelines for disclosure of mineral
properties, however, it is a recognized defined term under Canadian
disclosure guidelines.
FORWARD-LOOKING STATEMENTS: This news release contains certain
"forward-looking statements" within the meaning of U.S. securities
laws Forward-looking statements are frequently characterized by
words such as "plan," "expect," "project," "intend," "believe,"
"anticipate," "estimate" and other similar words or statements to
the effect that certain events or conditions "may," "have" or
"will" occur. This release also contains statements based upon
historical records pertaining to our mineral claims that have not
been verified by the Company. The term, "resource" is not a term
that is recognized by SEC guidelines and does not rise to the level
of certainty required by SEC guidelines. Forward-looking statements
or references to historical records are based on the material in
our possession, opinions and estimates of management at the date
the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those stated or projected in this
press release. The Company undertakes no obligation to update
forward-looking statements or historical information unless
specifically required by law. The reader is cautioned not to place
undue reliance on forward-looking statements.
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