International Wayside Gold Mines Announces Upcoming Resource Development and Drill Programs
15 Setembro 2009 - 11:43AM
Marketwired Canada
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
International Wayside Gold Mines New Com Npv (TSXV:WYG)
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