International Wayside Gold Mines Ltd.

International Wayside Gold Mines Ltd.

October 31, 2007 13:36 ET

International Wayside Gold Mines Ltd.: Drilling Commences and Permitting Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2007) - The Board of Directors of International Wayside Gold Mines Ltd. ("the Company") (TSX VENTURE:WGM)(FRANKFURT:IWUA) wish to report that further to the recent News Release announcing a Private Placement Financing with Karver Capital Canada Inc. and the closing of private placements amended October 17, 2007 and amended September 12, 2007 (all reported in News Release 07-18 dated October 24, 2007), the Company has resumed the 2007 drilling campaign as well as the permitting process pursuant to the British Columbia Mines Act for the proposed 70,000 tonne per year open pit operation at Bonanza Ledge.

Drilling resumed October 21, 2007 on Cow Mountain / Historic Mine Trend and will begin shortly on the Bonanza Ledge Trend. In 2007 eight holes have been completed for a total of 2,528 feet (approximately 770m) on the targets described in News Release 07-06 dated March 21, 2007.

The Company will soon commission a Preliminary Feasibility Study for the Bonanza Ledge Project to improve the categorization of current resources to proven and probable reserves in accordance with National Instrument 43-101. In addition, some further environmental and engineering work will be initiated to advance and refine the Project's design and assessment of potential environmental effects.

International Wayside Gold Mines Ltd. mineral tenures in the historic Cariboo Goldfields encompass more than 65,000 hectares. In the Barkerville Camp, 79 creeks have reported placer gold production. Recorded gold production from the area totals more than 3.8 million ounces, including 2.6 million ounces from placer mining and 1.2 million from lode mining.

The technical information in this News Release has been reviewed and approved by chief geologist Jim Yin, PhD, P.Geo, a qualified person as defined in National Instrument 43-101.

On Behalf of the Board of Directors

J. Frank Callaghan, President

This news release contains forward-looking statements regarding the timing and content of upcoming programs. Actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • International Wayside Gold Mines Ltd.
    J. Frank Callaghan
    (604) 669-6463 or Toll Free: 1-800 663-9688
    (604) 669-3041 (FAX)