International Wayside Gold Mines Ltd.
TSX VENTURE : WYG
FRANKFURT : IWUB

International Wayside Gold Mines Ltd.

June 17, 2009 09:20 ET

International Wayside Gold Mines Ltd.: Completion Schedule on Proposed QR Mine & Mill Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2009) - International Wayside Gold Mines Ltd. (the "Company") (TSX VENTURE:WYG)(FRANKFURT:IWUB) is pleased to announce that the Company has established a tentative schedule for the completion of the proposed acquisition of the QR Mine and Mill from 0847243 BC Ltd., a subsidiary of the former Cross Lake Minerals Ltd. ("Cross Lake") which holds all the QR assets ("QR Subco"). See News Release 09-03, dated February 4, 2009.

The acquisition of the QR Subco will be structured as a Plan of Arrangement (the "Plan") involving the Company, 0373489 BC Ltd (formerly Cross Lake), 0847423 BC Ltd. ("QR Subco") and Barkerville Gold Mines Ltd. (a wholly owned subsidiary of Wayside). The completion of the Plan is subject to due diligence, shareholder, Court, and regulatory approval.

The Company intends to complete its due diligence on the QR Subco on or around June 30, 2009, finalize its transaction agreements and mining contracts on or around July 17, 2009 and obtain shareholder approval on August 10, 2009 and Court and regulatory approvals on or around August 20, 2009.

History of QR and Wayside

The QR Mill is a 900 tonne per day CIP mill located 110 km by road from the Company's Cariboo Gold Project and proposed Bonanza Ledge Mine. Following a positive feasibility study in 1994, Kinross Gold Corp. constructed the QR mill with capital costs estimated at over $40 million. Cross Lake began operations at the QR Mine in 2007 after spending in excess of $10 million refurbishing the mill facilities. It is the Company's objective to process material from its proposed Bonanza Ledge Mine at the QR Mill, in addition to recommencing operations at the QR Mine.

The Company commenced operations in the Cariboo District in 1994 and since that time has focused on the exploration and development of its gold properties. Mineral tenures in the Historic Cariboo Goldfields encompass approximately 1,065 square km (106,484 hectares) over a 60 km long by 20 km wide belt. In the Barkerville Gold Camp, 101 creeks have reported placer gold production. Recorded gold production from the area totals more than 3.8 million ounces, including an estimated 2.64 million ounces from placer mining and 1.23 million ounces from lode mining.

ON BEHALF OF THE BOARD OF DIRECTORS

J. Frank Callaghan, President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • International Wayside Gold Mines Ltd.
    Andrew H. Rees
    Director
    604-669-6463 or Toll Free: 1-800-663-9688
    604-669-3041 (FAX)
    www.wayside-gold.com