International Wayside Gold Mines Ltd.
TSX VENTURE : WGM
FRANKFURT : IWUA

International Wayside Gold Mines Ltd.

December 21, 2007 13:23 ET

International Wayside Gold Mines Ltd.: Drilling Intercepts Replacement Mineralization in Rainbow Zone on Cow Mountain

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 21, 2007) - The Board of Directors of International Wayside Gold Mines Ltd. (the "Company") (TSX VENTURE:WGM)(FRANKFURT:IWUA) is pleased to report that 14 diamond drill holes have been completed for a total of 1,979 metres. The drill holes are situated in the Rainbow and Sanders Zones on Cow Mountain on the Company's mineral tenure in the Historic Barkerville Camp near Wells, in central British Columbia. The drill core has been sent for fire assay to Eco-Tech Laboratories Ltd. A 15th drill hole is in progress and will be the final hole of the 2007 program in this area. These holes were designed to supplement the Cow Mountain resource model. The current resource is noted below.

The most recently completed drill hole, CM 07-14, intersected a mineralized interval containing replacement-type pyrite mineralization. Historic reports indicate that this replacement-type pyrite mineralization was never specifically targeted in the Cariboo Gold Quartz Mine and ultimately accounted for only 55,000 tons (3%) of the total production from the mine (Hall, 1999). The small amount of replacement-type pyrite mineralization recovered from the mine had an average grade of 0.6 oz per ton. Stockwork quartz veins were also encountered in the 2007 drilling which appear typical of the auriferous pyritic veins that accounted for the balance (1.62 million tons or 97%) of production from the mine, with an average grade of 0.39 oz per ton. In contrast, replacement-type pyrite ore was the principal target at the adjacent Island Mountain and Aurum Mines, and ultimately accounted for an estimated 57% of the total of 569,528 ounces of gold produced from them. Replacement-type pyrite ore from those mines graded 0.67 oz/ton and quartz vein ore graded 0.35 oz/ton (Hall, 1999).

Management is encouraged that this intercept of replacement-type pyrite mineralization in the Rainbow Zone can be expanded and provides further indication that this type of mineralization could occur in other zones on Cow Mountain and elsewhere along the "Mine Trend".

Plans for 2008 include further delineation of the resource within the Rainbow, Sanders and Pinkerton Zones on Cow Mountain, as well as four diamond drill holes in the Butts Zone and nine diamond drill holes in the Goldfinch Zone on Barkerville Mountain. These two drill programs are between the underground workings of the former Cariboo Gold Quartz Mine and the proposed Bonanza Ledge Mine. A drill program is also being developed that will target the Wells Trend a parallel trend to the Mine Trend on Cow Mountain which is a geophysical anomaly situated directly south of the former Cariboo Gold Quartz Mine.

Management has discussed requirements for a pre-feasibility study, additional engineering design and environmental assessment for the proposed Bonanza Ledge Mine on Barkerville Mountain with its consultants, and intends to complete this work expeditiously.

Resource estimates prepared by Giroux Consultants Ltd. for Cow Mountain, the BC Vein and Bonanza Ledge were originally reported in News Release 02-26 dated December 3, 2002. The resources by category for each target at a cutoff of 0.02 oz per ton are outlined in the following tables (for definitions of the measured, indicated and inferred resource categories see National Instrument 43-101: Standards of Disclosure for Mineral Projects).



Table 1: Cow Mountain Resource
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Total resource Average Grade above cutoff
Category (tons) (oz per ton) Contained Ounces
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Indicated 6,629,000 0.065 431,000
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Inferred 1,648,000 0.054 91,000
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Table 2: BC Vein Resource
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Total resource Average Grade above cutoff
Category (tons) (oz per ton) Contained Ounces
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Indicated 326,000 0.155 50,600
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Inferred 321,000 0.070 22,400
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Table 3: Bonanza Ledge Resource
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Total resource Average Grade above cutoff
Category (tons) (oz per ton) Contained Ounces
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Indicated 372,000 0.239 89,000
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Inferred 44,000 0.179 8,000
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The Company reported mineable measured and indicated resource containing 67,300 ounces at Bonanza Ledge, with an additional inferred resource containing 15,200 ounces, at a conservative cutoff grade of 0.1 ounces per ton, based on a Preliminary Assessment Report (scoping study) led by Chlumsky, Armbrust & Meyer LLC of Denver, Colorado (see News Release 06-13 dated May 2, 2006).

The Company's land holdings in the Cariboo Goldfields now cover more than 650 square kilometers. Historical recorded production from the area is 3.87 million ounces of gold, including 2.64 million ounces of placer gold and 1.23 million ounces from lode mining.

The technical information in this News Release has been reviewed and approved by Geologist, Peter Daigneault, P.Geo, a qualified person as defined in National Instrument 43-101.

On Behalf of the Board of Directors

J. Frank Callaghan, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this Release.

Contact Information

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