International Bethlehem Enters into Agreement to Acquire Interest in “Monte Cristo” Gold Property Located in Nevada


January 29, 2008

West Vancouver, British Columbia " January 29, 2008 - International Bethlehem Mining Corp. (“International Bethlehem” or the “Company”) is pleased to announce that, subject to regulatory approval and completion of a definitive agreement, the Company has entered into a Letter of Intent (the “Agreement”) with Gold Summit Corporation of Reno, Nevada (“Gold Summit”) to acquire up to a 50% interest in Gold Summit’s Monte Cristo property (the “Monte Cristo Property”). Under the terms of the Agreement, the Company has the right to earn up to a 50% interest in the Monte Cristo Property by incurring $3 million in exploration expenditures over four years and issuing 600,000 common share (200,000 shares on approval of the Agreement by the TSX Venture Exchange; 200,000 shares once International Bethlehem has spent $1.5 million and has earned its initial 25% interest in the Monte Cristo Property; and 200,000 shares once International Bethlehem has spent an additional $1.5 million and has earned its 50% interest of the Monte Cristo Property). The Company will have the right to accelerate its work payments and share issuances if initial exploration results are favourable.

The Monte Cristo gold-silver Property is located in the historic Gilbert mining district, 50 km (30 miles) northwest of the town of Tonopah, Nevada. The Monte Cristo 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 exploration and small-scale mining since the discovery of high-grade gold mineralization near the Gilbert townsite in 1924.

The Monte Cristo Property lies within the 400 km long “Walker Lane” structural zone, a region dominated by Tertiary volcanic rocks and right-lateral strike-slip faulting that holds several significant gold (and silver) deposits. Collectively, they produced approximately 18 million ounces of gold. The largest was the historic Comstock Mine (200 km to the north of the Monte Cristo Property) with 8 million ounces of gold and 200 million ounces of silver production from several “high grade” bonanza style ore deposits.

Geologically, the Monte Cristo Property covers an 11 km long north-northeast trending fault zone in Tertiary volcanic rocks. Gold Summit has identified numerous geological and geochemical drill targets along this zone. Currently, the most significant target within the Monte Cristo Property is the “McLean Lode”, which has an NI 43-101 inferred resource of 331,000 tonnes averaging 6.5 g/T gold and 20 g/T silver. Gold Summit believes that the McLean Lode may lie within a much larger gold bearing zone, potentially similar to the multiple gold bearing systems found in the Comstock Mine.  Gold Summit previously reported an intersection from the McLean Lode zone (core drill hole: MCC 12) from 197.6 metres to 200.9 metres (3.3 metres) averaging  47.2 g/T gold, including an interval of 116.8 g/T gold over 1.2 metres.

Gold Summit anticipates receipts of a Plan of Operations Permit in early February and drilling is currently planned to both expand the size of the McLean Lode and to test several of the better drill targets along the Monte Cristo mineralized trend.

In accordance with the terms of the Agreement, Gold Summit will be the operator for the exploration programs, however, such programs and related budgets will be subject to International Bethlehem’s review and approval.

John Kowalchuk, P.Geo., has reviewed this news release and is the Qualified Person for the Company’s Monte Cristo Property project.

The Company is in the business of the exploration and development of natural resource properties. For further information, please contact Mr. Clive Shallow, investor communications, at 604-922-2030 or visit the Company’s website at www.bethlehemmining.com.

International Bethlehem Mining Corp.

“Ronald A. Coombes”
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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.