International Wayside Gold Mines Ltd.: Cariboo Gold Camp Consolidation Completed and Update on QR Mine and Mill Proposed Acquisi
April 10 2009 - 12:22AM
Marketwired
International Wayside Gold Mines Ltd. (the "Company") (TSX VENTURE:
WYG)(FRANKFURT: IWUA) is pleased to announce that the Property
Acquisition from Golden Cariboo Resources Ltd. first announced on
September 26, 2008 has closed. The Company will pay Golden Cariboo
an aggregate of $2,300,000 in cash and shares as follows:
- On the Closing Date of the Transaction $600,000 cash and
$600,000 in shares (at a deemed price per share equal to closing on
the day preceding the issuance) which results in the issuance of
1,333,333 common shares at a price of $0.45 per share. The shares
are subject to a hold period expiring on August 10, 2009;
- On the first anniversary $600,000 in shares (at a deemed price
per share equal to closing on the day preceding the further
issuance);
- On the second anniversary $500,000 in shares (at a deemed
price per share equal to closing on the day preceding the further
issuance).
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.
Further to the news release of February 10, 2009 whereby the
Company announced that it had entered into an agreement in
principle where the Company will purchase a subsidiary of Cross
Lake Minerals Ltd. holding all of Cross Lake's interest in the QR
Mine and Mill, Cross Lake has announced that on April 7, 2009 the
British Columbia Supreme Court has issued an order (the "Order")
providing Cross Lake with an additional period of protection under
the Companies' Creditors Arrangement Act (the "CCAA") to allow
Cross Lake to complete a proposed plan of compromise and
arrangement with its creditors under the CCAA and the Business
Corporations Act (British Columbia) whereby amongst a number of
matters Cross Lake's interest in the QR Mine and Mill, and all
related equipment, terms deposits and environmental obligations and
liabilities, will be transferred to its subsidiary. The Company is
continuing to pursue the purchase of the QR Mine and Mill.
The Company also announces that as a result of the acquisition
from Golden Cariboo subsequent issuance of shares and further to
the press release of March 20, 2009, the Company will grant
incentive stock options to directors, officers, employees and
consultants of the Company to purchase up to an aggregate of
2,301,161 common shares instead of the previously announced grant
of 2,167,828. The options are exercisable at a price of $0.45 per
share (instead of $0.41 per share) for a period of five years from
the date of grant.
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
The TSX Venture Exchange has neither approved nor disapproved of
the information contained herein.
Contacts: 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
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