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Gold/Mining/Energy : Int'l Wayside Gold Mines Ltd (IWA-VSE) -- Ignore unavailable to you. Want to Upgrade?

To: cash money who wrote (917)	4/19/2000 11:17:00 PM
From: Dan P	Read Replies (3) \| Respond to of 1321

Nevsun also has secured property around the Wayside discovery: Further confirmation that this is quite a discovery. Regards Dan Here is the release: Nevsun Resources Ltd - Nevsun to acquire property near Wells Nevsun Resources Ltd NSU Shares issued 24,475,410 2000-04-18 close $0.37 Wednesday Apr 19 2000 Dr. John Clarke reports Nevsun Resources has entered into an agreement to purchase an option to the rights to the properties contained in the Warspite claims Nos. 1 to 8. The Warspite property is located near Wells, B.C., approximately five kilometres southeast of International Wayside's new high-grade gold discovery. Wells is situated in the historic Barkerville gold mining district where previous recorded gold production is over three million ounces. International Wayside (Wayside) has outlined a one-million-ounce open-pittable resource on which a feasibility study is under way. During recent drilling that was targeted on a projected eastern extension of the known B.C. vein Wayside discovered a new high-grade gold zone. The results to date contain some of the highest grade intercepts in a new discovery in Canada since Hemlo or Eskay Creek. Earlier exploration (dating as far back as 1910) on the Warspite property has consisted of trenching, shafts, adits and diamond drilling. Selected grades from previous trenches are reported as being up to 24.9 grams per tonne gold across 8.5 metres, 10.0 grams per tonne gold across 4.1 metres and 31.1 grams per tonne over 3.0 metres. All previous work and results have to be verified by Nevsun's technical team. A detailed mapping, trenching and drill program is required for the Warspite property. Nevsun has an option to earn a 100-per-cent interest in the Warspite property by carrying out a: cash payment of $50,000 and the issuance of 150,000 shares/common stock of Nevsun; and work program of up to $200,000 on the properties within the first year following closing of this agreement. Nevsun may, at Nevsun's sole discretion, at any time prior to the close of the work program or on the first anniversary of the closing of this agreement exercise the option to purchase the property through two further issues of shares. The second issue will comprise 150,000 shares/common stock of Nevsun to be issued to the syndicate on the first anniversary of the closing of this agreement. The third issue will comprise 150,000 shares of Nevsun to be issued to the sellers on the second anniversary of the closing of this agreement. If the option is not exercised all rights will revert to the sellers. The sellers will retain the right to the payment of a net smelter return of 1 per cent on production from the property to be paid annually in arrears from the operating cash flow of the property should the property go into production. The net smelter return may be purchased by Nevsun, at Nevsun's sole discretion, for a one off payment of $1-million to the syndicate exercisable at any time during commercial production from the property. This agreement is subject to approval by the Toronto Stock Exchange and final due diligence regarding title. Drilling is now in progress at Nevsun's Tabakoto project in western Mali where a diamond and reverse circulation drill program is under way. This program is designed to delineate the extent of open pit resources at Tabakoto. A recent due diligence study completed by Snowden Mining Industry Consultants indicated a significant resource may be mined from the open pit at Tabakoto. The current drilling is the first part of a two step program aimed at proving up the surface resource at Tabakoto for the Tabakoto final feasibility study.