July 2, 2015, Vancouver, BC – IDM Mining Ltd. (TSX:IDM) (“IDM” or the “Company”) is
pleased to announce the results of the Company’s annual general meeting (“Meeting”) of
shareholders held on June 30, 2015 and that it has closed the first tranche of its non-brokered
private placement announced on May 19, 2015 and June 16, 2015 (the “Offering”) for gross
proceeds of $716,775.
Private Placement
The closing of the first tranche of the Offering consisted of 6,943,750 common shares units
(“Common Share Units’’) at a price of $0.10 per Common Share Units and 160,000 flow-through
share units (“Flow-Through Units”) issued at a price of $0.14 per Flow-Through Unit, for
aggregate gross proceeds of $716,775. Further tranches of the Offering to raise additional
aggregate gross proceeds of up to $1,783,225, including the committed investment from Lake
Shore Gold Corp, (2,500,000 Common Share Units) and Delbrook Capital Advisors Inc.
(7,142,857 Flow-Through Units), are expected to close later in the month and prior to and
subsequent to the second meeting of shareholders on July 28, 2015 (refer to IDM’s new release
dated June 16, 2015)…
Each Common Share Unit consists of one common share of the Company (a “Common Share”)
and one-half of one non-transferable share purchase warrant, with each such whole warrant
entitling the holder thereof to acquire one Common Share at a price of $0.15 for a period of
twenty-four (24) months.
Each Flow-Through Unit consists of one flow-through common share and one-half of nontransferable
share purchase warrant, with each whole warrant entitling the holder thereof to
acquire one non flow-through Common Share at a price of $0.18 for a period of twenty-four (24)
months.
Finders’ fees payable in connection with the first tranche of the Offering consisted of a total
$13,300 and 130,200 finder’s warrants.
Net proceeds from the Offering will be used for continued permitting, engineering and
development activities on its Red Mountain Property, located near Stewart BC and for working
capital purposes.
Annual General Meeting
The Company reports that, at the Meeting, all resolutions presented in the management
information circular and proxy were approved, which included (i) setting the number of directors
at five; (ii) the election of Michael McPhie, Robert McLeod, David Parker and Andrew Farncomb
to the Board of Directors; (iii) the reappointment of Davidson & Company as auditors of the
Company; (iv) the Company’s Advance Notice Policy; and (v) the issuance of shares pursuant
to an Offering.
Detailed results of the election of the directors are set out below:
Additional details will be provided in a Report of Voting Results to be filed on Sedar.
ABOUT RED MOUNTAIN
IDM Mining is currently earning an option to acquire a 100% interest in the 17,125 hectare Red
Mountain property, located 15 kilometers northeast of Stewart, BC. Numerous precious and
base metal targets have been identified by IDM and previous operators over a 15 km by 4 km
trend of strong alteration and mineralized prospects. Since discovery in 1989, in excess of $40
million has been spent on the Project including a production sized underground ramp.
IDM announced positive results from a NI 43-101 PEA and revised Resource Estimate
completed by JDS Energy & Mining Ltd. for Red Mountain (refer to IDM’s news release dated
July 23, 2014 and the technical report entitled “Red Mountain Gold Project” dated September 3,
2014 which is available on SEDAR and the Company’s website).
At a 3.0 g/t Au cutoff, Measured and Indicated Resources from the Marc and AV Zones at Red
Mountain are 1,454,300 tonnes averaging 8.15 g/t Au and 29.57 g/t Ag totaling 380,900 oz Au
and 1,382,800 oz Ag. Inferred Resources from the Marc, AV and JW Zones are 332,900 tonnes
averaging 7.69 g/t Au and 12.72 g/t Ag totaling 82,300 oz Au and 136,200 oz Ag.
The PEA is preliminary in nature, it includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable
them to be categorized as mineral reserves, and there is no certainty that the preliminary
economic assessment will be realized. Robert McLeod, P.Geo, President and CEO if IDM
Mining Ltd. and a Qualified Person as defined by NI 43-101, has reviewed and approved the
technical information contained within this release.
ABOUT IDM MINING LTD.
IDM Mining Ltd. is a mineral exploration company (TSX: IDM) based in Vancouver, BC,
Canada. The Company’s current exploration activities are focused on precious metals in British
Columbia. Further information can be found on the Company’s website at
www.IDMmining.com.
ON BEHALF OF THE BOARD
of IDM Mining Ltd.
“Robert McLeod”
President, CEO and Director
For more information, contact:
Robert McLeod
604-681-5672 direct
604-617-0616 cell
rm@idmmining.com
Forward-Looking Statements: Some statements in this news release contain forward-looking
information or forward-looking statements for the purposes of applicable securities laws. These
statements include, among others, statements with respect to proposed exploration and development
activities and their timing, resource estimates and potential mineralization, the PEA, including estimates
of capital and sustaining costs, anticipated internal rates of return, mine production, estimated recoveries,
mine life, estimated payback period and net present values, opportunities to enhance the value of the
Red Mountain Project and other plans and objectives of IDM. These statements address future events
and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which
may cause the actual results, performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the statements. Such factors include,
among others and in addition to those described elsewhere in this release, delays in obtaining or inability
to obtain required government or other regulatory approvals, permits or financing, the risk of unexpected
variations in mineral resources, grade or recovery rates, of failure of plant, equipment or processes to
operate as anticipated, of accidents, labor disputes, and unanticipated delays in completing other
development activities, the risk that estimated costs will be higher than anticipated and the risk that the
proposed mine plan and recoveries will not be achieved, equipment breakdowns and bad weather, the
timing and success of future exploration and development activities, exploration and development risks,
mineral resources are not as estimated, title matters, third party consents, operating hazards, metal
prices, political and economic factors, competitive factors and general economic conditions. In making
the forward-looking statements, the Company has applied several material assumptions including, but not
limited to, the assumptions that: required approvals, permits and financing will be obtained; the proposed
exploration and development will proceed as planned; with respect to mineral resource estimates, the key
assumptions and parameters on which such estimates are based; that the proposed mine plan and
recoveries will be achieved, that capital costs and sustaining costs will be as estimated, and that no
unforeseen accident, fire, ground instability, flooding, labor disruption, equipment failure, metallurgical,
environmental or other events that could delay or increase the cost of development will occur, and market
fundamentals will result in sustained metals and minerals prices. The Company expressly disclaims any
intention or obligation to update or revise any forward-looking statements whether as a result of new
information, future events or otherwise except as otherwise required by applicable securities legislation.