International Millennium Mining Corp. Provides Update to Transaction With Elephant Copper Ltd. and Proposes to Extend Term of Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 21, 2014) -

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Further to International Millennium Mining Corp.'s (TSX VENTURE:IMI) ("IMMC") news release of December 24, 2013 (the "December 2013 News Release"), IMMC wishes to provide an update to its business combination transaction (the "Transaction") to acquire all of the issued and outstanding ordinary shares of Elephant Copper Ltd. ("Elephant"), a corporation existing under the laws of the British Virgin Islands.

Elephant provided an internal shareholder update on September 12, 2014 with the following announcements:

Equity and Debt Financing with Nedbank Capital ("Nedbank")

Elephant has signed a mandate with Nedbank Capital, a division of Nedbank Limited ("Nedbank Capital") to act as Elephant's financial advisor, on a commercially reasonable efforts basis, to raise capital (the "Phase 1 Capital") for Phase 1 of the Mkushi Mine project development in Zambia (the "Mkushi Project") and to act as a debt advisor to raise debt for Phase 2 of the Mkushi Project.

The money raised by the Phase 1 Capital raise will be used for:

• Development of the Mkushi Project from exploration phase to trial production stage; and
• Conducting exploration, drilling and professional work required to continue moving the Mkushi Project from its current "exploration" stage to "bankable feasibility study" stage.

Development of a revised independent National Instrument 43-101 ("NI 43-101") Technical Report (the "Updated Report") by ACA Howe International Limited ("ACA Howe")

Elephant has undertaken and completed a NI 43‐101 report (the "Report") on the Mkushi Project. The details of which were ready for submission to the TSX Venture Exchange (the "Exchange") on February 28, 2014. However, having appointed Nedbank to advise Elephant on the fund raising, Elephant made the decision to engage ACA Howe Canada, a division of ACA Howe, to review and update the Report in the context of the aforementioned fund raising process for the Mkushi Project. The Updated Report, which will contain the necessary recommendations and next steps to potentially achieve the status of being considered "Economically Feasible on a Preliminary basis", is expected to be ready for submission to the Exchange by December 31, 2014.