• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

International Wayside Gold Mines Ltd.: Bonanza Ledge Update &Amp; New Drill Program

Posted on: Tuesday, 11 March 2008, 09:00 CDT

The Board of Directors of International Wayside Gold Mines Ltd. ("the Company") (TSX VENTURE: WGM)(FRANKFURT: IWUA) is pleased to report that the Company has engaged EBA Engineering Consultants Ltd. ("EBA") of Vancouver, B.C., to complete the permitting process for the proposed Bonanza Ledge open pit mine. EBA will be assisted by Lorax Environmental Services Ltd., which has been working on the Bonanza Ledge Project since 2005. The Company has also engaged TerraCAD Drafting and GIS Services Ltd. and Tenorex Geoservices Ltd. to help upgrade the Company's exploration database. The improved database will facilitate more detailed computer modeling of mineralized zones, which together with completion of a pre-feasibility study is intended to support re-classification of the mineable resource at Bonanza Ledge to mineral reserves, as defined in National Instrument 43-101. The database will also be used to help identify future drill targets.

In addition, the Company has submitted a Notice of Work for a 28 hole diamond drill hole program with the objective of identifying additional Bonanza Ledge style mineralization (grading 20 g/t based on a 10,000 tonne bulk sample extracted in 2004) along strike through the Mucho Oro and Goldfinch Zones on Barkerville Mountain, and along the Wells Trend on Cow Mountain. Additional drill programs are being developed.

The Company has also recently undertaken several initiatives to strengthen core operations, including development of an extensive geographic information system (GIS) and acquisition of additional licenses for ArcGIS software. The system is now being used to manage mineral tenure and other aspects of its operations more effectively in both Vancouver and at the Cariboo Gold Project office in Wells, B.C. The Company has also acquired a license for EQWin Data Manager software to more effectively manage the large quantity of environmental data that has been collected on the property.

International Wayside Gold Mines Ltd. mineral tenures in the Historic Cariboo Goldfields encompass more than 65,000 hectares. 101 creeks have reported placer gold production 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.

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

This news release contains forward-looking statements regarding the timing and content of 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.

 Contacts: International Wayside Gold Mines Ltd. J. Frank Callaghan President (604) 669-6463 or Toll Free: 1-800-663-9688 (604) 669-3041 (FAX) Website: www.wayside-gold.com

SOURCE: International Wayside Gold Mines Ltd.

Source: MARKET WIRE

More News in this Category