International Wayside Gold Mines Announces Upcoming Resource Development and Drill Programs
16 September 2009 - 12:42AM
Marketwired
International Wayside Gold Mines Ltd. ("Wayside", the "Company"),
(TSX VENTURE: WYG)(FRANKFURT: IWUB), announced today its near term
development and drill programs designed to advance its NI 43-101
compliant resources at the Cariboo Gold Project.
Wayside's current NI 43-101 resources are as follows:
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Grade Contained
Area Category(1) Tonnes (g/t) Gold Ounces(2) Prepared by
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Cariboo
Gold Indicated 6,013,000 2.23 430,885 Giroux 2006
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Quartz Inferred 1,527,000 1.85 90,936
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Bonanza Measured 234,677 6.69 50,392
Ledge --------------------------------------------------
Indicated 334,433 5.31 57,140 Mintec 2009
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Inferred 373,123 6.10 73,087
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BC Vein Indicated 296,000 5.31 50,600 Giroux 2002
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Inferred 291,000 2.40 22,400
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QR Pre-feasibility study to be completed September 2009
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(1)Conforms to NI 43-101, 43101CP and current CIM definitions for resources.
All numbers are rounded. (2)Cutoff grade is 0.69 gpt Au.
Upcoming Drill Programs and Resource Development
Bonanza Ledge -
Management received a positive Pre-Feasibility Study ("PFS") on
the proposed Bonanza Ledge open pit gold mine (see News Release
09-22, Sept. 10, 2009) and is taking the necessary steps to advance
the project to production. In addition, drilling to improve the
resources is in progress.
With a $950 per ounce gold price, project economics in the PFS
outline pre-tax cash flow during the 4 year mine life at $20.5
million, a pre-tax internal rate of return of 111.8% and a net
present value (5% discount) of $16.3 million. The net present value
figure applies only to the proposed Bonanza Ledge open pit gold
mine and does not represent value relating to the Company's other
NI 43-101 compliant resources.
Cariboo Gold Quartz -
A Notice of Work has been submitted to begin drilling 202 holes
below the 1200' Level to develop additional ounces underneath the
current NI43-101 compliant resource. Historic mining records
suggest the grade is continuous with the area having a similar
tonnage potential as that above the 1200' Level.
Wayside President J. Frank Callaghan states, "A Notice of Work
will also be submitted to twin historic drill holes above the 1200'
Level at Cariboo Gold Quartz, with the objective to bring the
current 43-101 back to its pre-43-101 resource of 1 million ounces,
indicated by two resource estimates".
BC Vein -
In March 2000, the Bonanza Ledge Zone was discovered in the
footwall of the BC Vein on Barkerville Mountain. The BC Vein has
now been traced as much as 1600 meters beyond the Bonanza Ledge
Zone. Additional drilling on Cow Mountain to delineate the BC
Vein's strike extension offset by the Lowhee Fault is in
progress.
The current BC Vein NI 43-101 resource estimate will be updated
to include an additional 106 drill holes (15,273 meters) drilled by
the Company to date that have cut into the BC Vein and have not yet
been added to the resource model.
About International Wayside Gold Mines
The Company has been developing its 106,484 hectare Cariboo Gold
Project in Barkerville, B.C., which encompasses (from northwest to
south east) the former producing Hardscrabble Tungsten Mine,
Mosquito Creek Gold Mine (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 has also entered into a letter of intent with
0373849 B.C. Ltd. (formerly Cross Lake Minerals Ltd.) ("Cross
Lake") pursuant to which Wayside will purchase a subsidiary of
Cross Lake holding all of Cross Lake's interest in the QR Mine and
Mill (the "Sale Transaction"). Concurrently with the completion of
the Sale Transaction, Wayside will enter into a Spin-off
Transaction to transfer all of its properties, including the QR
Mine and Mill, Cariboo Gold Project, and its assets, liabilities
and obligations, to Barkerville Gold Mines Ltd. ("Barkerville"), a
wholly-owned subsidiary of Wayside, in exchange for shares of
Barkerville (the "Barkerville Shares") and will then distribute the
Barkerville Shares to the shareholders of Wayside on the basis of
one Barkerville Share for each share of Wayside. The Sale
Transaction and Spin-Off Transaction (together, the "Transactions")
will be structured as a Plan of Arrangement involving Wayside, its
security holders, Cross Lake and Barkerville pursuant to the
provisions of the B.C. Business Corporations Act. The final terms
of the Transactions will be modified to the extent necessary to
give effect to tax and legal advice to be sought by the
parties.
Barkerville will make an application to list its shares on the
TSX Venture Exchange (the "TSX.V"). This transaction is subject to
meeting the usual listing requirements of the TSX.V, which will
include having the necessary funds to meet the obligations of
operating the QR Mine and Mill, conduct recommended work programs
on its Cariboo Gold exploration projects, satisfy the necessary
general and administrative expenses and having unallocated working
capital. Completion under the Plan of Arrangement will also be
subject to obtaining the necessary shareholder, regulatory and
court approvals.
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
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.
Contacts: International Wayside Gold Mines Ltd. Andrew H. Rees
Director 604-669-6463 or Toll Free: 1-800-663-9688 604-669-3041
(FAX) www.wayside-gold.com
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