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

International Wayside Gold Mines Ltd.

February 28, 2008 14:56 ET

International Wayside Gold Mines Ltd.-Drill Program Results: Replacement Style Mineralization Intersected

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2008) - The Board of Directors of International Wayside Gold Mines Ltd. ("the Company") (TSX VENTURE:WGM)(FRANKFURT:IWUA) is pleased to report the diamond drill assay results from the Cow Mountain drill program that was completed in December 2007. The drilling program consisted of 1,464 metres (4,802 feet) of NQ diamond drill core in 15 surface drill holes. These drill holes were intended to confirm the results from reverse circulation drilling undertaken by Wharf Resources Ltd. in 1980-81 used in the Cow Mountain Mineral Resource Estimate prepared by Giroux Consultants Ltd. (see News Release 02-26), and to identify the extension of the mineralization to depth, through and below the currently proposed open pit mine.

Drill holes CM07-01 through 09, 11-12 and 14-15, intercepted significant gold values (greater than 1g/t) in both quartz vein and replacement style mineralization. Drill holes CM07-10 & 13 returned anomalous gold values (refer to the tables below or visit the company's web page at www.wayside-gold.com).

In response to this news, the Company's President, J. Frank Callaghan, comments that "Intersecting this replacement style mineralization is exciting for the Company and shareholders due to its high-grade nature coupled with today's gold prices". Replacement style mineralization averaging 0.67 oz/t Au was mined extensively at the past producing Island Mountain Mine, situated approximately 3 km northwest of Cow Mountain along strike, but has never been actively pursued at Cow Mountain, where the majority of recovered ore (97% of the total ore tons) was from quartz vein style mineralization.



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From To Width Au
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DDH feet Feet M g/t oz/t
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CM 07-01 65.0 75.0 10.0 3.0 7.15 0.209
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142.0 146.4 4.4 1.3 8.13 0.237
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196.4 204.0 7.6 2.3 24.3 0.709
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CM 07-02 80.5 81.5 1.0 0.3 68.4 1.995
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84.0 87.5 3.5 1.1 10.86 0.317
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CM 07-03 35.0 40.2 5.2 1.6 13.68 0.399
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47.0 54.4 7.4 2.3 18.31 0.534
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58.6 64.7 6.1 1.9 7.7 0.225
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118.2 123.7 5.5 1.7 2.11 0.062
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135.0 143.1 8.1 2.5 6.30 0.184
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167.0 175.0 8.0 2.4 13.7 0.400
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CM 07-04 34.4 36.9 2.5 0.8 1.32 0.038
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CM 07-05 199.5 201.3 1.8 0.5 3.40 0.099
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249.0 259.0 10.0 3.0 4.80 0.140
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279.0 299.7 20.7 6.3 9.37 0.273
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CM 07-06 56.0 76.5 20.5 6.2 1.69 0.049
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116.0 126.0 10.0 3.0 1.17 0.034
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136.0 146.0 10.0 3.0 1.24 0.036
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182.2 186.0 3.8 1.2 2.59 0.076
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206.0 216.0 10.0 3.0 1.90 0.055
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CM 07-07 196.0 206.0 10.0 3.0 1.95 0.057
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CM 07-08 62.9 65.7 2.8 0.9 7.30 0.213
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261.0 265.0 4.0 1.2 2.15 0.063
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CM 07-09 36.0 37.3 1.3 0.4 16.7 0.487
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58.0 60.0 2.0 0.6 1.34 0.039
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87.0 90.0 3.0 0.9 8.50 0.248
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230.0 234.5 4.5 1.4 1.76 0.051
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257.0 258.0 1.0 0.3 3.60 0.105
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269.0 279.0 10.0 3.0 1.22 0.036
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289.0 294.0 5.0 1.5 8.70 0.254
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308.0 314.0 6.0 1.8 1.27 0.037
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334.0 339.0 5.0 1.5 1.85 0.054
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CM 07-11 49.0 59.0 10.0 3.0 1.35 0.039
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316.0 319.0 3.0 0.9 8.07 0.235
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380.0 385.0 5.0 1.5 1.15 0.034
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CM 07-12 112.0 116.0 4.0 1.2 9.30 0.271
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126.0 134.4 8.4 2.6 1.37 0.040
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186.0 192.0 6.0 1.8 1.86 0.054
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243.0 246.0 3.0 0.9 12.1 0.353
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CM 07-14 26.0 29.2 3.2 1.0 3.25 0.095
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36.0 40.6 4.6 1.4 18.8 0.548
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CM 07-15 48.0 51.0 3.0 0.9 2.86 0.083
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Results of the 2007 drill program along with the results from previous underground and surface drill programs will be used to the update the Company's resource estimate for the Rainbow, Sanders and Pinkerton Zones.

The resource estimate prepared by Giroux Consultants Ltd. rendered under NI 43-101 guidelines for Cow Mountain at a cutoff of 0.02 oz Au/ton is 6.6 million tons averaging 0.065 oz Au/ton (6.01 million tonnes averaging 2.23 g Au/tonne), giving a total of 431,000 ounces of gold classed as indicated, and an additional 1.68 million tons averaging 0.054 oz Au/ton (1.53 million tonnes averaging 1.85 g Au/tonne) giving a total of 91,000 ounces of gold classed as inferred.

The Company's proposed exploration in 2008 will include an extensive follow-up surface and underground diamond drilling program on large gaps on the Mucho Oro, Bonanza Ledge, Goldfinch, Butts, Sanders, Rainbow and No.1 Zones, Wilf's Showing and Wells Trend on Barkerville and Cow Mountains to explore mainly for the Bonanza Ledge style of gold mineralization, as well as a subsequent follow-up program to further develop the mineral resource within and above the historic workings in Cow Mountain.

International Wayside Gold Mines Ltd. mineral tenures in the Historic Cariboo Goldfields encompass more than 65,000 hectares. 101 creeks have reported placer gold production 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.

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 NI 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
    President and CEO
    (604) 669-6463 or Toll Free: 1-800-663-9688
    (604) 669-3041 (FAX)
    Website: www.wayside-gold.com