Interra Copper Corp (IMIMF)

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ACQUISITION NEWS: IMC International Mining Corp. Completes Acquisition of Thane Minerals Inc.

ACCESSWIRE ACCESSWIREApril 2, 2020
VANCOUVER, BC / ACCESSWIRE / April 2, 2020 / International Mining Corp (CSE:IMCX) (OTC PINK:IMIMF) (the "Company" or "IMC"), is pleased to announce, further to its news release dated March 18, 2020, that it has completed the acquisition (the "Acquisition") of 100% of the issued and outstanding share capital of Thane Minerals Inc. ("Thane"). Thane holds a 100% interest in an approximately 206 km2 (50,904 acres) land package (the "Land Package") located in north-central British Columbia, which includes six highly prospective mineralized areas identified to date including the ‘Cathedral prospect'.

Purchase Consideration

As consideration for the Acquisition, IMC has issued to the former shareholders of Thane (the "Vendors") an aggregate of $2-million CAD worth of common shares in the capital of IMC, at a deemed price of $0.38 per common share, for a total of 5,263,158 IMC shares (the "IMC Shares"). The IMC Shares will be escrowed and released over a 36-month period.

In addition to the foregoing, if, through additional exploration programs, a resource calculation of at least 800,000,000lbs of copper-equivalent, as determined based on a National Instrument 43-101 (Standards of Disclosure for Mineral Projects) ("NI 43-101") compliant resource estimate, is determined to be indicated within the Cathedral prospect area, then IMC will issue an additional aggregate of $2-million CAD worth of common shares (or cash in lieu, at IMC's option) to the Vendors.

Changes to the Board

In connection with the completion of the Acquisition, Mr. Thomas Greg Hawkins has been appointed as a Director and Chairman of the Board of IMC.

Mr. Hawkins holds a BSc in Geology from the University of Alberta and an MSc in Mineral Economics from McGill University. He has been involved in the Mining Exploration and Investment industries since 1969 and has been variously responsible for the identification and/or delineation of 10 mineral deposits in Canada, USA, Chile, Ghana, Mali and Zaire (DRC).

Mr. Hawkins is currently a Director of New Pacific Metals Corp. (NUAG) and was the Founding Project Consultant and/or Founding Director of seven public and private Exploration/Development ventures (Brohm Mining, Dayton Mining, Nevsun Resources, Banro Resource Corp., Tagish Lake Gold Corp., African Gold Group, Yellowhead Mining Inc.) and has participated in or been responsible for the definition of at least one resource/reserve in every case, with six of those cases resulting in production in the USA, Chile, Ghana, Mali and DRC. These ventures collectively have accounted for over $2.1 billion in market cap at the companies' respective peaks.

In 1990 Mr. Hawkins co-founded CME Consulting Ltd., an international full service consultancy and contracting firm that has served over 100 clients in 25 countries and has employed over 3000 people. He has authored and presented a number of papers on exploration, exploration philosophy and mineral economics since 1979. In 2004 he was awarded the Frank Woodside Past Presidents Award by the British Columbia and Yukon Chamber of Mines in recognition of his outstanding contribution to the mining industry.

ON BEHALF OF THE BOARD OF DIRECTORS

Brian Thurston
Chief Executive Officer and President

ABOUT INTERNATIONAL MINING CORP.

IMC International Mining Corp. is a junior exploration and development company. It is focused on creating shareholder value through the acquisition, exploration and development of gold assets, which include the Company's 100% owned Bullard Pass Property in Arizona.

IMC continues to evaluate additional properties to add to its portfolio of mining assets.

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https://imcxmining.com