RENO, NV, Oct. 18 /PRNewswire/ - Infrastructure Materials Corp. (NASDAQ OTC-BB: Symbol IFAM) (the "Company") is pleased to announce that its wholly-owned subsidiary, Silver Reserve Corp. ("SRC"), has signed a letter of intent with International Millennium Mining Corp. ("IMMC") to sell an 85% interest in SRC's NL Extension Projects Claim Group (the "NL Project"). Pursuant to the letter of intent, SRC will receive $350,000 and 1,925,000 shares of IMMC for the NL Project. SRC will retain a 15% joint venture interest in the property as well as a 2% net smelter royalty. The terms of the sale provide for payments to SRC and vesting of IMMC's interest to occur over a five-year period. If the NL Project reaches feasibility, based upon criteria described in the letter of intent, SRC will be required to fund its portion of the operating budget in order to retain its 15% joint venture interest.
The NL Project consists of 18 mineral claims located in Esmeralda County, Nevada, approximately 6 miles southwest of Silver Peak, Nevada on Highway 47. The Nivloc Mine, located adjacent to the NL Project claims, operated from 1937 to 1943 with ore grading 1.4175 grams of gold and 311.85 grams of silver per ton, according to public records. The NL Project represents one of the Company's 13 silver projects in Nevada that, along with a milling facility, are available for sale as a result of the Company's decision to focus on limestone properties.
Management is pleased with the sale of the NL Project to IMMC and believes that IMMC will be a great working partner on the NL Project.
IMMC is as a publically traded (TSX-V: IMMC) Canadian mineral exploration company with an experienced management team and an aggressive silver exploration strategy in Nevada.
Infrastructure Materials Corp. is an 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.
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. The reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE Infrastructure Materials Corp.