International Wayside Gold Mines Ltd.

International Wayside Gold Mines Ltd.

May 19, 2009 09:20 ET

International Wayside Gold Mines Ltd.: May 25, 2009 Court Date Set for Order to Approve Proposed QR Mine & Mill Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2009) - International Wayside Gold Mines Ltd. (the "Company") (TSX VENTURE:WYG)(FRANKFURT:IWUB) is pleased to announce further to news release NR09-08b, dated May 12, 2009, that as previously stated, the creditors of Cross Lake Minerals Ltd. approved an amended and restated plan of compromise and arrangement (the "Plan"), which amended, in a number of technical respects, the plan of compromise and arrangement filed on April 7, 2009 pursuant to the Companies' Creditors Arrangement Act and B.C. Business Corporations Act.

The completion of the arrangement provided for in the Plan is subject to a number of conditions, including the granting of a final Court order approving the Plan. A court date has been set on May 25, 2009 for the final order to approve the Plan. Approval of the Plan will allow a subsidiary of Cross Lake to hold all of Cross Lake's interest in the QR Mine and Mill.

Once that Plan is approved, the Company intends to proceed to enter into an agreement first announced on February 10, 2009 and updated April 9, 2009 whereby the Company will purchase the subsidiary of Cross Lake holding all of Cross Lake's interest in the QR Mine and Mill (collectively the "QR Mine & Mill").

The QR Mill is a 900 tonne per day CIP mill located 110 km by road from the Company's Cariboo Gold Project and proposed Bonanza Ledge Mine. Following a positive feasibility study in 1994, Kinross Gold Corp. constructed the QR mill with capital costs estimated at over $40 million. Cross Lake Minerals began operations at the QR Mine in 2007 after spending in excess of $10 million refurbishing the mill facilities. It is the Company's objective to process material from its proposed Bonanza Ledge Mine at the QR Mill, in addition to recommencing operations at the QR 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.


J. Frank Callaghan, President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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