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

International Wayside Gold Mines Ltd.

April 10, 2009 00:22 ET

International Wayside Gold Mines Ltd.: Cariboo Gold Camp Consolidation Completed and Update on QR Mine and Mill Proposed Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 9, 2009) - International Wayside Gold Mines Ltd. (the "Company") (TSX VENTURE:WYG)(FRANKFURT:IWUA) is pleased to announce that the Property Acquisition from Golden Cariboo Resources Ltd. first announced on September 26, 2008 has closed. The Company will pay Golden Cariboo an aggregate of $2,300,000 in cash and shares as follows:

- On the Closing Date of the Transaction $600,000 cash and $600,000 in shares (at a deemed price per share equal to closing on the day preceding the issuance) which results in the issuance of 1,333,333 common shares at a price of $0.45 per share. The shares are subject to a hold period expiring on August 10, 2009;

- On the first anniversary $600,000 in shares (at a deemed price per share equal to closing on the day preceding the further issuance);

- On the second anniversary $500,000 in shares (at a deemed price per share equal to closing on the day preceding the further issuance).

The Cariboo Gold Camp now encompasses (from northwest to south east), the former producing Hardscrabble Tungsten Mine, Mosquito Creek Gold Mine (now on care and maintenance), Aurum Mine, Island Mountain Mine, Cariboo Gold Quartz Mine, Bonanza Ledge (proposed mine), the Cariboo Thompson Gold & Silver Mine and the Cariboo Hudson 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.

Further to the news release of February 10, 2009 whereby the Company announced that it had entered into an agreement in principle where the Company will purchase a subsidiary of Cross Lake Minerals Ltd. holding all of Cross Lake's interest in the QR Mine and Mill, Cross Lake has announced that on April 7, 2009 the British Columbia Supreme Court has issued an order (the "Order") providing Cross Lake with an additional period of protection under the Companies' Creditors Arrangement Act (the "CCAA") to allow Cross Lake to complete a proposed plan of compromise and arrangement with its creditors under the CCAA and the Business Corporations Act (British Columbia) whereby amongst a number of matters Cross Lake's interest in the QR Mine and Mill, and all related equipment, terms deposits and environmental obligations and liabilities, will be transferred to its subsidiary. The Company is continuing to pursue the purchase of the QR Mine and Mill.

The Company also announces that as a result of the acquisition from Golden Cariboo subsequent issuance of shares and further to the press release of March 20, 2009, the Company will grant incentive stock options to directors, officers, employees and consultants of the Company to purchase up to an aggregate of 2,301,161 common shares instead of the previously announced grant of 2,167,828. The options are exercisable at a price of $0.45 per share (instead of $0.41 per share) for a period of five years from the date of grant.

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 and CEO

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

Contact Information

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