International Wayside Gold Mines Ltd.

International Wayside Gold Mines Ltd.

October 14, 2009 08:01 ET

Wayside Completes 17 Hole Diamond Drill Program, Additional Hole in Progress

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 14, 2009) - International Wayside Gold Mines Ltd. (TSX VENTURE:WYG)(FRANKFURT:IWUB) ("Wayside", the "Company") announced today that the Company's 17 hole infill diamond drill program at the Bonanza Ledge Zone is complete. An additional hole, "14-b" is in progress. Examination of the results received from holes drilled to date (e.g. BC09-12, 84.4m (277.0 feet) of 16.5 g/T (0.481 oz/t) Au Including 37.5m (123.1 feet) of 36.1 g/T (1.052 oz/t) Au, see News Release October 7, 2009), identify that deeper diamond drilling at the Bonanza Ledge Zone is necessary in order to have a better understanding of the resource at depth.

President and CEO J. Frank Callaghan stated, "Management is very pleased with the results received thus far from the first phase of drilling at the Bonanza Ledge Zone. Company consultants Mintec Inc. along with Company geologists will interpret phase one data and plan a phase two Bonanza Ledge drill program designed to expand the resource beneath the known mineralization as it is currently defined."

The infill diamond drill program in the Bonanza Ledge Zone is expected to upgrade its existing NI 43-101 resources from inferred to indicated and measured categories. The drill program (including drill hole locations) was designed by Mintec Inc. ("Mintec"), which produced the Company's initial resources and reserve estimates as reported in the Company's positive Pre-Feasibility Study at the Bonanza Ledge Gold Project (see News Release September 10, 2009). Mintec will use this new data gathered in this drill program together with pervious drilling, for geologic modeling, exploration, mine planning and ultimately mine development.

To date, 17drill holes have been completed with BC09-01 to BC09-05, BC09-07 to BC09-09, BC09-11 and BC09-12 returning promising intercepts containing gold mineralization (see News Releases September 17, October 5 and October 7, 2009). Results from the remaining drill holes in the infill program are forthcoming. The program as last reported (see News Release October 07, 2009) was scheduled for 17 holes and has increased by one hole due to the loss of hole 14 in a fault zone. The 18th hole in the program is identified as "14-b".

Additionally, the Company has completed diamond drilling an 8 hole, underground water monitoring well program for the proposed Bonanza Ledge open pit gold mine. Two of the water well holes unexpectedly cut into both quartz vein and weak pyrite replacement mineralization zones. Core samples have been sent to Eco Tech Laboratory Ltd. in Kamloops, B.C., for analysis.

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.

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.

On Behalf of the Board of Directors

J. Frank Callaghan, President

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.

Contact Information

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