Aug 07, 2002
Baseline Report for Wells Complete - Scoping Study for Cow Mountain Underway - Resource Calculation for Bonanza Ledge on Barkerville Mountain in Progress
The Board of Directors of International Wayside Gold Mines Ltd., (the Company) wish to report on the progress at the Cariboo Gold Project near Wells, in central British Columbia.
Knight Piesold Ltd., of Vancouver B.C., has completed the report on the baseline studies (fishery, wildlife, water quality, hydrology, meteorology) undertaken for Cariboo Gold Project during 2000 and 2001. The Company has spent in excess of 1 million dollars on environmental studies in conjunction with a Development Permit Application submitted in April 2000 (see News Release 00-10) with the Environmental Assessment Branch, which was put on hold after the Bonanza Ledge Discovery was made. The Company plans to submit an "Amended Application".
A scoping study based on the resource from Cow Mountain (see News Release 01-01) has been contracted to David Pow, P.Eng., of DJP Consulting. Mr. Pow from 1992 to present was the B.C. Ministry of Energy and Mines, District Mines Manager/Engineer in Prince George, B.C. Mr. Pow is a former member of the Regional Mine Development Review Committee and Provincial Environmental Assessment Project Committee, which has been overseeing the Cariboo Gold Project since 1996. Mr. Pow's 29 years of mining experience (19) in private and (10) public service includes design, construction and operation of mines, mine manager and operations manager for such companies as Brenda Mines Ltd., Lornex Mining Corporation, Esso Resources Canada Limited, and Mascot Gold Mines Limited.
Gary Giroux P.Eng., of Giroux Consultants Ltd., who visited the Cariboo Gold Project in July and completed a resource calculation for Cow Mountain in December, 2000 (see News Release 01-01) has started compiling the drill log information from 119 diamond drill holes drilled in 1998, 1999, 2000, 2001 and 2002 on the BC Vein and Bonanza Ledge area covering a strike length of 4,100 feet on Barkerville Mountain. Mr. Giroux has been providing service to the exploration and mining industry since 1970. For the past 26 years, Mr. Giroux has been involved in over 100 geostatistical resource/reserves studies for major and junior mining companies such as American Barrick, Teck Exploration, Westmin Resources, Meridian Gold, Coeur d'Alene Mines, Imperial Metals and Continental Gold, for example, on a wide range of deposit types.
The Cariboo Gold Project now encompasses the former producing Cariboo Gold Quartz mine, and the Hardscrabble Tungsten mine on International Wayside Gold Mines Ltd. property, jointly held with Island Mountain Gold Mines Ltd., the Aurum, Island Mountain, and the Mosquito Creek Gold Mine (now on care and maintenance), the Cariboo Hudson gold & silver mine and Cariboo Thompson gold & silver mine on Golden Cariboo Resources Ltd. property. The companies' claim holdings are extensive, covering an area of 437.1 km2 (108,038 acres) over a strike length of approximately 51 km (31.7 miles). Recorded production from the companies' ground and surrounding area is 3.8 million ounces of gold, of which 1.2 million ounces was lode and 2.6 million ounces was placer gold.
Surface diamond drilling continues at the BC Vein and Bonanza Ledge on the flank of Barkerville Mountain. Preparations for an underground diamond drilling program on Cow Mountain are underway in an effort to increase the resource reported in News Release 01-01.
On Behalf of the Board of Directors
J. Frank Callaghan
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.
*please refer to cautionary note