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

To: zoli bognar who wrote (351)	12/16/1998 3:03:00 PM
From: Little Joe	Read Replies (1) \| Respond to of 1321

Absolutely Fantastic News Folks we now have a company with prospects for a 2 million ounce reserve. The Mosquito properties have at least 700,000 ounces and the new resource calculation could very well be the big 2million ounces. Frank Callaghan has worked out an incredible deal for the Mosquito properties. Given the earlier assumption of 50 dollars net at todays price of gold the stock should be worth at least 4 dollars. Remember Argentina is trading in the 5.00 range with slightly more reserves. Little Joe NTERNATIONAL WAYSIDE GOLD MINES LTD ("IWA-V;IWYGF-L") MOSQUITO CONSOLIDATED GOLD MINES LTD ("MSQ-V;MQCMF-L") - Cariboo Gold Project Consolidated The Board of Directors of International Wayside Gold Mines Ltd. ("Wayside") and Mosquito Consolidated Gold Mines Limited ("Mosquito") announce that Mosquito and Wayside have agreed that Wayside will have an option to purchase the remaining 50% of the Cariboo Gold Quartz mine, 100% of the Island Mountain mine and 100% of the Mosquito Creek mine (the "Properties") from Mosquito. 1. Mosquito hereby grants an option to Wayside to purchase the above-noted interest in the Properties, subject only to a Net Smelter Royalty, in favor of Mosquito, of 3% of net revenues derived from the production of minerals from the Properties. 2. Mosquito grants Wayside the option to purchase the Net Smelter Royalty for $4,200,000 US, such option to be exercised within 12 months of completion of a feasibility study on the Properties. 3. In consideration of Mosquito granting the option to purchase the Properties, Wayside shall pay $100,000 per year option payments for up to five (5) years to Mosquito to the year December 31,2002. Wayside can exercise their option to purchase the Properties at any time, the purchase price is $3,500,000 CDN. In the event Wayside should maintain their option to December 31, 2002 then Wayside will have the option to pay $3,500,000 by December 31, 2003. a. $10,000.00 shall be payable upon the signing of the Letter Agreement (PAID). b. $10,000.00 shall be payable on or before December 31, 1998. c. $80,000.00 shall be payable on or before January 31, 1999. d. $100,000.00 shall be payable on or before December 31, 1999. e. $100,000.00 shall be payable on or before December 31, 2000. f. $100,000.00 shall be payable on or before December 31, 2001. g. $100,000.00 shall be payable on or before December 31, 2002. h. $3,500,000 shall be payable on or before December 31, 2003. Upon completion of the purchase payment of $3,500,000 by Wayside, Mosquito shall transfer title to the Properties to Wayside, free and clear of any liens, charges or other encumbrances. 4. Both Mosquito and Wayside will co-operate with each other and will use their best efforts to have a formal property option agreement to incorporate the terms of the letter agreement, incorporating all standard terms normally included in property option agreements of this sort drafted and executed, within 60 days of the date of the agreement. 5. All transactions contemplated herein shall be subject to the approval of the Vancouver Stock Exchange and any other regulatory body having jurisdiction over Mosquito and/or Wayside. 6. Wayside is responsible for satisfying the outstanding 10% Net Profits Interest in relation to the Property presently held by Cameron J. McFeely, et al. 7. Mosquito grants Wayside an option to purchase all the equipment on the Properties owned by Mosquito as of the date of the agreement. 8. Mosquito will retain all placer rights to the Properties. TEL: (604) 669-6463 J. Frank Callaghan, President FAX: (604) 669-3041 International Wayside Gold Mines Ltd. TEL: (604) 689-7902 Dr. William Malone, Director FAX: (604) 689-7816 Mosquito Consolidated Gold Mines Ltd.