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

International Wayside Gold Mines Ltd.

November 30, 2008 22:50 ET

Int'l Wayside Arranges $1,000,000 Loan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2008) - International Wayside Gold Mines Ltd. ("the Company") (TSX VENTURE:WGM)(FRANKFURT:IWUA) announced today that Bolder Investment Partners Ltd. ("Bolder") has arranged a loan financing of $1,000,000. The Loan is subject to an interest rate of 10% per annum incurred and calculated monthly. Bolder shall be paid a fee of 6% and be granted a bonus of 2,000,000 shares. The proceeds of the financing will be used to repay debt and to pay current liabilities of the Company.

The loan will be repaid from either a future company financing, for which Bolder has a first right of refusal, or from the profits anticipated from gold production, pending regulatory approvals, on the Company's Cariboo Gold project in 2009.

On March 11, 2008, the Company announced (see News Release 08-04) it engaged EBA Engineering Consultants Ltd., assisted by Lorax Environmental Services Ltd. to complete the permitting process for the proposed Bonanza Ledge open pit mine. Part of this process includes the completion of a pre-feasibility study to support the re-classification of the mineable resource at Bonanza Ledge to mineral reserves, as defined in National Instrument 43-101. The work necessary to fulfill the final permit application requirements is nearing completion. News detailing these activities will be forthcoming.

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 more than 65,000 hectares over an approximately 60 km long belt. 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 from lode mining.

ON BEHALF OF THE BOARD OF DIRECTORS

J. Frank Callaghan, President and CEO

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. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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