West Vancouver, British Columbia â€" March 17, 2008 â€" Further to its news releases of January 29 and February 7, 2008, International Bethlehem Mining Corp. (the â€śCompanyâ€ť or â€śInternational Bethlehemâ€ť) is pleased to announce that the TSX Ventures Exchange has accepted for filing the Companyâ€™s Option Agreement with Gold Summit Corporation of Reno, Nevada (â€śGold Summitâ€ť). Under the Agreement, International Bethlehem has the right to acquire up to a 50% interest in Gold Summitâ€™s â€śMonte Cristoâ€ť Property in Nevada, USA.
The Monte Cristo gold-silver Property is located in the historic Gilbert Mining District, 50 kilometres (30 miles) northwest of the town of Tonopah, Nevada. The Property consists of 337 unpatented lode mining claims, covering an area of approximately 2,677 hectares (7,500 acres). The Monte Cristo Property and the surrounding area have been the focus of precious metal explorations and small scale mining since the discovery of high-grade gold mineralization near the Gilbert townsite in 1924.
In accordance with the terms of the Option Agreement, Gold Summit will be the operator for the exploration program, however, such programs and related budgets will be subject to International Bethlehemâ€™s review and approval. Based on discussions between International Bethlehem and Gold Summit, the exploration program for 2008, which has now commenced, will consist of: drill testing targets defined by geologic mapping, geochemical sampling and geophysical surveys; extending soil and biogeochemical grids; and geological mapping and geochemical sampling of rocks and soils in newly defined target zones.
The first phase of drilling will consist of 5 to 10 core drill holes in an area of alluvial cover north-northwest of the McLean Lode resource where a biogeochemical anomaly and geophysical anomaly overlap. The second phase of drilling will be at least two core drill holes placed to test areas within the McLean defined resource, which were previously drilled with reverse circulation rigs. This additional drilling will add confidence to the widths and grades of the mineralization. Both geochemical and biogeochemical sampling will be on-going through the rest of 2008. Geologic mapping of the southern end of the property will begin in April. Compilation of all data, drilling, geochemical sampling and geologic mapping will be concurrent with the field work.
John Kowalchuk, P. Geo., has reviewed this news release and is the Qualified Person for the Companyâ€™s Monte Cristo Property Project.
The Company is in the business of the exploration and development of natural resource properties. For further information, contact Mr. Clive Shallow, investor communications at 604-922-2030 or visit the Companyâ€™s website at www.bethlehemmining.com.
International Bethlehem Mining Corp.
â€śRonald A. Coombesâ€ť
Ronald A. Coombes, President & CEO
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release.