International Millennium Mining Corp. Provides Update to Transaction With Elephant Copper Ltd. and Proposes to Extend Term of Warrants - Seite 2

Property Updates

Elephant's board decided to relinquish all the early stage exploration projects held in Namibia and Botswana and focus in Zambia.

Elephant recently acquired two additional resources in the Zambian jurisdiction. The Kanyama project, northwest of Lusaka, which has a potential resource of one million tons of copper metal in situ, with gold credits, and the Ndola project, which has a potential resource of three hundred thousand tons of copper metal in situ.

Elephant has begun the process of formally evaluating and delineating the two resources, with the objective of finalizing and costing the exploration programmes required to prove up and declare the said resources, and is also in the process of evaluating various joint venture proposals on the Ndola and Kanyama projects.

Elephant's Board of Directors

Mark Davies has been appointed as a Director of Elephant to replace Jonathan Challis. As a result, on the close of the Transaction, Mr. Davies will be nominated to join the board of IMMC.

Mr. Davies is a South African engineer, with operational experience as a mining executive for both an Exchange listed company and a number of private companies that have operated in Mozambique, the DRC and Zambia.

Transaction Update

Subject to the terms of the Transaction Letter of Intent dated December 18, 2013, IMMC and Elephant were to execute a definitive share exchange agreement ("SEA") at December 31, 2013, pursuant to which the Transaction was to be governed. However, in light of Elephant's recent corporate developments and the prevailing market conditions, the SEA was not executed and Elephant and the Company are in the process of updating a draft SEA to facilitate the planned Transaction. IMMC and Elephant have agreed to extend the deadline for concluding the Transaction to December 31, 2014.

Extension of Warrants

The Company proposes to extend (the "Warrant Extension") by one year the term of outstanding share purchase warrants (the "Warrants") exercisable at a price of $0.10 per common share for 2,060,000 common shares of the Company, which were issued pursuant to a private placement (the "Private Placement") which closed on September 14, 2012. In connection with the Warrant Extension, the Company will obtain consents from all shareholders who exercised warrants they received pursuant to the Private Placement. All of the Warrants were originally exercisable for a period of 18 months from the date of issuance. The Warrant Extension is subject to Exchange acceptance. All other terms of the Warrants will remain unchanged; however, the Warrants must be exercised prior to the completion of the Transaction or will be subject to the Exchange's seed share resale restriction matrix set out in Section 10.9 of Exchange Policy 5.4 in the event the exercise price of the Warrants is lower than the price of shares issued pursuant to the Transaction.