International Metals Options Exploration Assets IN “Lithium Valley” Brazil
INTERNATIONAL METALS MINING CORP.
NEWS RELEASE
INTERNATIONAL METALS OPTIONS EXPLORATION ASSETS IN “LITHIUM VALLEY” BRAZIL
Vancouver, British Columbia (May 05, 2023) – International Metals Mining Corp. (formerly Gold
State Resources Inc.) (the “Company”) (TSXV: IMM | OTCQB: CYNXF | FSE: C2YD announces that
it has entered into a share exchange agreement dated May 4, 2023 (the “ Share Exchange
Agreement”) with Lithium Plus Mining Corp. (“Lithium Plus”) and the shareholders of the Lithium
Plus (the “Shareholders”) to acquire all the issued and outstanding shares of Lithium Plus from
the Shareholders (the “Acquisition”).
Lithium Plus is a party to an option agreement (the “Option Agreement”) for the acquisition of a
65% right, title and interest in and to certain mining claims in the Minas Gerais , Brazil (the
“Property”). The Property comprises 12 claims totaling 2 1,136.73 hectares of surface area in
Minas Gerais, Brazil.
The Property is strategically located approximately 25 kilometers east from both Sigma Lithium
Corporation’s (“Sigma Lithium”) (NASDAQ:SGML) Groto do Cirilo Project and Lithium Iconic Inc’s
(“Lithium Iconic ”) (TSXV:LTH) Itinga Project , and within proximity to Atlas Lithiu m Corp.
(NASDAQ:ATLX), in the State on Minas Gerais, Brazil . Sigma’s properties are located in the
municipalities of Araçuaí and Itinga, in Brazil’s mining-friendly Minas Gerais State, approximately
450 kilometres northeast of the state capital of Belo Hor izonte. Sigma holds 27 mineral rights in
four properties spread over 191 square kilometres (19,100 hectares), which include nine past -
producing lithium mines.
International Metals intends to conduct a satellite imagery-based spectral analysis to determine
areas of interest for targeted exploration. Following this, the Company intends to mobilise an
exploration team immediately to the prospective areas to conduct initial groundwork, including
grab and channel sampling, trenching, and mapping. There will be a focus on identifying
pegmatites across the claim blocks that have the potential for lithium -cesium-tantalum (LCT)
mineralization.
The Company notes that mineralization hosted on adjacent and/or nearby and/or geologically
similar properties is not necessarily indicative of mineralization hosted on the Company’s
properties.
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Pursuant to the terms of the Share Exchange Agreement, as consideration for the sale and
transfer of the Lithium Plus Shares to the Company, the Company will issue to the Shareholders
an aggregate of 12,000,000 Common Shares.
Closing of the proposed transaction is subject to the TSX Venture Exchange acceptance of a filing
required to be made in respect of the Acquisition and all other necessary regulatory approvals
and acceptances, as well as other conditions precedents. There can be no assurance that the
proposed transactions will be completed as proposed, or, at all. Upon closing of the Acquisition,
the Option Agreement dated April 23, 2023, between the Lithium Plus and Spark Energy Metals
Inc. (“Spark Energy”) will transfer to the Company as the Company will have acquired all the
outstanding shares of Lithium Plus.
None of the securities issued in connection with the Acquisition will be registered under the
United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be
offered or sold in the United States absent registration or an applicable exemption from the
registration requirements of the 1933 Act. This news release shall not constitute an offer to sell
or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where
such offer, solicitation, or sale would be unlawful.
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Option Terms
Pursuant to an Option Agreement dated April 23 , 2023 between the Lithium Plus and Spark
Energy, the Company has been granted an option to acquire the Property upon: (i) payment of
$100,000 on execution of the Option Agreement (paid), and $500,000 within twelve (12) months
of execution of the Option Agreement ; and (ii) commit to and cond uct an exploration work
program incurring at least $500,000 in eligible expenditures during the first year of the Option
Agreement, and commit to and conduct an exploration work program incurring at least
$1,000,000 in eligible expenditures during the seco nd year of the Option Agreement . Upon the
Company earning in under the Option Agreement, Spark Energy will retain a 1% net smelter
royalty (NSR) over the Property.
Jumping Jack Property
Pursuant to a press release from August 5, 2021, the directors of the Company have decided not
to pursue the Jumping Jack Option any further in order to focus on the Company’s strategic
battery metal assets.
Option Cancellation Correction
On April 28, 2023, t he Company announced the expiration and cancellation of 485,000 Options
to current and past Directors, Management and Contractors of the Company. The correct number
of option cancellations is 125,000 options previously issued to past Directors and Officers of the
Company
About International Metals Mining Corp.
International Metals Mining Corp. is a Canadian company engaged in the acquisition, exploration,
and development of mineral properties focusing on battery metals and mineral assets. The
Company has acquired assets in some of the world’s most prolific mining jurisdictions with a
copper-gold porphyry property in Peru and now with a very prospective lithium property in
Brazil’s growing lithium provinces.
International Metals Mining Corp.
Per: “Brian Thurston”
Brian Thurston
President and CEO
Tel: +1 778 928-6565
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This release includes certain statements that may be deemed "forward -looking statements". All
statements in this release, other than statements of historical facts, that address events or
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developments that the Company expects to occur, are forward -looking statements. Forward -
looking statements are statements that are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of fu ture performance and actual results may differ materially from those in the
forward-looking statements. Factors that could cause the actual results to differ materially from
those in forward -looking statements include market prices, exploitation and explor ation
successes on the Company’s properties , and continued availability of capital and financing, and
general economic, market or business conditions , laws in the jurisdictions where the Company
operates. Investors are cautioned that any such statements ar e not guarantees of future
performance and actual results or developments may differ materially from those projected in the
forward-looking statements. Forward-looking statements are based on the beliefs, estimates and
opinions of the Company's management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation to update these forward -
looking statements in the event that management's beliefs, estimates or opinions, or other
factors, should change.