UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
report (Date of earliest event reported): October 1, 2007
IDAHO
GENERAL MINES, INC.
(Exact
Name of Registrant as Specified in Its Charter)
Idaho
(State
or
Other Jurisdiction of Incorporation)
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000-50539
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91-0232000
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(Commission
File Number)
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(IRS
Employer Identification No.)
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80401
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(303)
928-8599
(Registrant’s
Telephone Number, Including Area Code)
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see
General
Instruction A.2. below):
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Item
1.01 Entry
Into a Material Definitive Agreement
On
October 1, 2007, Idaho General Mines, Inc. (the “Company”) entered into a
General Release and Settlement Agreement (the “Release Agreement”) with Robert
L. Russell. Pursuant to the terms of the Release Agreement, Mr. Russell resigned
as an employee of the Company. The Release Agreement also provides, among other
things, for a general release of any claims by Mr. Russell against the Company
and, subject to the terms and conditions of the Release Agreement, for the
Company to pay Mr. Russell $2,500,000, payable in installments over a one-year
period, in satisfaction of all amounts due to Mr. Russell in connection with
his
employment by the Company, including under the terms of his Employment Agreement
dated March 31, 2005.
In
connection with the Release Agreement, on October 1, 2007, the Company and
Mr.
Russell also entered into a Consulting and Advisory Agreement (the “Consulting
Agreement”). The Consulting Agreement provides, among other things, for Mr.
Russell to provide consulting and advisory services (the “Services”) to the
Company for a term of thirty-six months. In consideration for the Services,
Mr.
Russell will receive an annual payment of $250,000 and, subject to the terms
and
conditions of the Consulting Agreement, a bonus of $250,000 payable within
45
days of the start of construction of the Mount Hope Project.
Item
5.02 Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers
On
October 1, 2007, as
disclosed under Item 1.01 above, the Company entered into the Release Agreement
and Consulting Agreement with Robert L. Russell. Pursuant
to the terms of the Release Agreement, Mr. Russell resigned as an employee
of
the Company.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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IDAHO
GENERAL MINES, INC.
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| Date:
October 5, 2007 |
By: |
/s/ David
A. Chaput |
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David
A. Chaput
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Chief
Financial Officer
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