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International Wayside Gold Mines Ltd.: An Updated Resource Estimate on Cow Mountain Within the Cariboo Gold Project, Wells, B.C.

Posted on: Monday, 17 July 2006, 15:00 CDT

The Board of Directors of International Wayside Gold Mines Ltd. (the "Company") (TSX VENTURE: WGM) is pleased to announce that further to the Company News Release dated January 26, 2001 (see News Release NR01/01), a report titled "Resource Estimate on the Cariboo Gold Project, Wells, B.C." prepared by G.H. Giroux, P. Eng MASc. of Giroux Consultants Ltd. of Vancouver, B.C. dated July 6, 2000 and amended December 7, 2000 and June 30, 2006 to conform to the requirements of National Instrument 43-101, has been filed with the regulatory authorities.

The following information is taken directly from Giroux's Report:

SUMMARY

- The estimate of the gold resource contained within the Cariboo Gold Project, Wells B.C. was carried out at the request of International Wayside Gold Mines Ltd. ("Wayside") by G. H. Giroux, in Vancouver during June-July, 2000. The reporting of this report has been brought up to NI 43-101 standards in June 2006. There has been no further work completed on Cow Mountain since the 2000 estimate was completed.

- The purpose of this study was to provide an independent resource estimate for the Cariboo Gold Project (Cow Mountain). The resulting classified block model could then be supplied to a mining engineering group for economic analysis.

- The study is based on data supplied by Wayside. The writer has visited the property November 13-15, 2000 and completed a check sampling program on pulps.

- The Cariboo Gold Project surrounds the town of Wells, 53 miles (85 km) east of Quesnel in central British Columbia. This resource estimate is based on the Cow Mountain part of the Project and includes the Rainbow, Sanders and Pinkerton zones.

- The mineral holdings that make up the Cariboo Gold Project consist of three historic groups of contiguous Crown-Granted mineral claims owned by Mosquito Consolidated Gold Mines Limited ("Mosquito") namely Cariboo Group, Island Mountain Group and Mosquito Creek Group. Additional two post mineral claims have been staked by International Wayside Gold Mines Ltd. and further mineral claims in Lowhee Creek drainage have been purchased by Wayside.

- The Cariboo Gold Project covers claims that have produced in excess of 1.2 million ounces of gold during the period 1933 to 1987 by Cariboo Gold Quartz Mine, Island Mountain Mine, Aurum Mine and Mosquito Creek Gold Mine.

- The Cariboo Gold Project lies within the south central Omineca Belt of the Canadian Cordillera within the Barkerville subterrane. Host rocks consist of siliceous clastics, lesser volcanics and carbonates. Gold mineralization is associated with pyrite and coarser free gold is found in fractures within quartz veins. Of the four different styles of quartz veins found within the camp the orthogonal or transverse veins have historically been the most abundant and highest grade.

- Data used in this study was supplied by Wayside and consists of 8 diamond drill holes and 135 surface percussion drill holes completed by Wharf Resources (1980-81) and 71 surface diamond drill holes, 17 underground diamond drill holes and 135 underground percussion drill holes completed by Wayside (1995-1998). While the average grade of gold from each style of drilling differs, the facts that each type of drilling, for the most part, tests different parts of the deposit and different drill methods have been sampled at different intervals, account for a large part of the discrepancies. For the purpose of estimating a preliminary resource there is no reason not to use all the drill data. It must be noted that down hole surveys have not been completed on any of the holes used.

- A total of 413 sample pulps from Wayside Drill holes used in the study were randomly selected and submitted to Chemex for assay. The results compare well with a correlation coefficient of 0.953. While there were some outliers, no bias was indicated, with as many checks assaying higher than originals as assayed lower.

- A total of 11,469 gold assays were provided from the five different drill campaigns. Individual capping levels for gold were determined for pyrite and low pyrite samples from the three mineralized zones namely: Rainbow, Sanders and Pinkerton.

- Down hole composites, 15 ft. in length, were formed and coded as pyrite or low pyrite depending on their location relative to interpreted pyrite zones. A total of 2,824 - 2 - composites were within the pyrite zones and 824 were outside.

- Within the pyrite zone semi-variogram analysis indicated a nested anisotropic structure with longest continuity of 250 ft. along grid azimuth 045. Outside the pyrite zone an isotropic spherical model with range of 25 ft. was fit to the data.

- Blocks 25 x 25 x 15 ft. in dimension were estimated for gold by ordinary kriging. Blocks were estimated in three passes using a progressively increasing search ellipse. Of the 248,508 possible blocks in the model, a total of 60,287 were estimated. The remaining blocks had less than the minimum 4 composites within the maximum search ellipse.

- Tonnage conversion factors or specific gravity for rock within the pyrite and low pyrite zones were established from rock samples taken in February 2000 from underground workings. A tonnage conversion factor of 11.83 cu. ft./ton (SG 2.74) was used for the pyrite zone and a value of 12.42 cu. ft./ton (SG 2.61) was used outside the pyrite zone. The value used for the pyrite zone is thought to be conservative since none of the samples tested had more than 2 % pyrite. Historically within this camp, higher grades of gold have been associated with high pyrite content and by using a lower average specific gravity one would systematically underestimate the tonnage of high grade blocks and over estimate the tonnage of low grade blocks. Recommendations are made to estimate pyrite content for each block in future resource estimations and from the pyrite content calculate an appropriate tonnage conversion factor.

- Blocks within the pyrite zone, estimated during pass 1 and pass 2 with search ellipses up to three quarters of the maximum ranges were classed indicated. All other blocks in the pyrite zone and all blocks outside the pyrite zone were classed inferred. Due to the lack of down hole surveys, assay quality control and twinned drill holes there were no blocks classed as measured at this time.

- The resource at a 0.02 oz Au/ton cut-off is 6,629,000 million tons averaging 0.065 oz Au/ton (6,013,000 million tonnes averaging 2.23 g Au/tonne) classed as indicated which is 431,000 contained ounces of gold and an additional 1,684,000 million tons averaging 0.054 oz Au/ton (1,527,000 million tonnes averaging 1.85 g Au/tonne) classed as inferred which is 91,000 contained ounces of gold.

- Recommendations have been made for a two phase program with Phase 1 consisting of twinning a number of Wharf Percussion holes, updating the historic geologic data base and re-estimating the Cow Mountain Resource. Phase 1 is estimated to cost $170,000. If warranted a second Phase 2 program consisting of infill drilling above the 1200 level and between the 1200 and 1500 levels is recommended (see map enclosure or visit the Company's website at www.wayside-gold.com). Phase 2 is estimated to cost $880,000.

The Cariboo Gold Project's land holdings now cover more than 800 square kilometers (roughly 310 square miles), including 547.8 square km that are controlled by International Wayside Gold Mines Ltd. and 253.4 square km that are controlled by Golden Cariboo Resources Ltd. In the Barkerville Camp, 79 creeks have reported placer gold production. Recorded production from the area is 3.8 million ounces of gold, including 2.6 million ounces from placer and 1.2 million ounces from lode mining.

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) www.wayside-gold.com

SOURCE: International Wayside Gold Mines Ltd.

Source: MARKET WIRE

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