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

International Wayside Gold Mines Ltd.

December 19, 2008 17:36 ET

Int'l Wayside Arranges Further $750,000 Loan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2008) - Further to a press release of November 30, 2008 where International Wayside Gold Mines Ltd. ("the Company") (TSX VENTURE:WGM)(FRANKFURT:IWUA) arranged, subject to regulatory approval, a loan with Bolder Investment Partners, Ltd. for $1,000,000, the Company has arranged a further loan financing of $750,000. The Loans have an interest rate of 10% per annum compounded monthly and the Lenders have been granted a bonus of a total of 1,500,000 shares. A finder's fee of $15,000 will be paid for the arms length financing. Blind Creek Resources Ltd. and Standard Drilling and Engineering Ltd. are considered non-arms length parties. The proceeds of the financing will be used to repay debt and to pay current liabilities of the Company.

The Loans will be repaid from either a future equity financing, after payment of any outstanding amount to Bolder Investment Partners, Ltd., or subject to receipt of necessary regulatory approvals, the profits anticipated from gold production on the Company's Cariboo Gold Project.

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