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Int'l Wayside clarifies Cariboo property feasibility
International Wayside Gold Mines Ltd IWA
Shares issued 37,963,497 May 10 close $2.04
Wed 28 Jun 2000 News Release
Mr. J. Frank Callaghan reports
The board of directors of International Wayside Gold Mines announced in
Stockwatch April 4, 2000, that a project application for the Cariboo gold
project had been submitted to the British Columbia Environmental Assessment
Office (the EAO). The application, which relates to what is referred to as
the Cow Mountain area of the property, was accepted for review by the EAO
on April 7, 2000.
The company wishes to emphasize that neither a comprehensive prefeasibility
study nor an independent feasibility study on the Cow Mountain area has
been commissioned, and therefore the economic viability of this project has
not been demonstrated. The Cow Mountain area contains no known ore
reserves. A substantial amount of work has yet to be carried out, including
drilling programs designed to determine whether the present inferred
mineral resource can be upgraded to measured and indicated categories.
All prior statements made by the company stating or inferring that the Cow
Mountain area is economically viable at present gold prices are hereby
unconditionally retracted. Such statements include projections of capital
costs, annual gold production, minability by open pit methods, reserves,
and proposed construction and production time frames. The Cariboo gold
project is in the exploration stage and no production decision can be made
in the foreseeable future.
The application accepted by the EAO is, and is intended to be, conceptual
in nature, and any references to projected mining and milling rates,
capital and operating costs, and the projected number of employees cannot
at this stage be supported by quantitative data.
The application was made under the British Columbia Environmental
Assessment Act and is intended to provide conceptual level information on
proposed mine developments. The purpose for submitting an application is
for government agencies, the public and first nations to identify any
insuperable obstacles that may exist which might prevent the project being
developed.
The new Bonanza Ledge discovery has resulted in requests from several major
mining companies for property visits and evaluations. The company has been
happy to accommodate these requests, which it regards to be in the normal
course of business for a junior resource company. In the past several
weeks, the company has received written proposals for participation in the
project but none has been accepted. Whilst the company will be keeping an
open mind with respect to third party participation, the present position
of the company is to advance work on the new discovery independently.
The company is aware that comparisons have been made between the initial
drill intersections at the Bonanza Ledge zone with the grades and
thicknesses reported from initial drill results from Eskay Creek and Hemlo.
The company cautions that while such comparisons are factually correct, the
drilling at the Bonanza Ledge zone is at a very early stage, and there is
no present estimate of the size or grade of the mineralized body at Bonanza
Ledge.
The company has instituted a new internal protocol relating to the
dissemination of information to the public. One purpose of the new protocol
is to ensure that information is disseminated simultaneously through the
various media used by the company. The implementation of the new protocol
will avoid the dissemination of information through one medium in advance
of dissemination through other media. |
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