Feeder Dike Discovered at the Eva Kitto PGE Property Near Thunder Bay, Ontario
January 26, 2009
West Vancouver, British Columbia â€" January 26, 2009 â€" International Bethlehem Mining Corp. (the â€śCompanyâ€ť or â€śInternational Bethlehemâ€ť) recently acquired (see news release dated November 27, 2008) an option to earn an initial 30% interest from East West Resources Corporation (â€śEast Westâ€ť) in East Westâ€™s â€śEvo Kittoâ€ť platinum group element (â€śPGEâ€ť) property. Under the option agreement, International Bethlehem is required to spend $500,000 in exploration expenditures on the property by November 2009 in order to acquire its initial 30% interest ($150,000 of which has been spent so far) and the right to earn up to a 51%, 60% and 75% interest, respectively, by incurring additional exploration expenditures. The Eva Kitto property is located near the town of Beardmore, Ontario (next to Hwy 11, the Trans Canada gas pipeline and a rail line) and approximately 180km north-northeast of Thunder Bay, Ontario.
In December 2008, one drill hole was completed to a depth of 245.36 metres. The drill hole intersected 173 metres of ultramafic rock before entering into basement rock consisting of sulphide rich volcanics. The drill hole was continued for 30 metres into the basement rock and entered a second vertical ultramafic intercept. This second ultramafic intercept is currently being identified as a dike. Dikes are important geological features for locating sulphide bodies containing copper, nickel and PGE. Further extension of this drill hole is being planned for in February 2009, in conjunction with additional new drilling of several high priority drill targets on the property.
As well, a detailed airborne EM and magnetic survey was completed over the 210 claim unit Eva Kitto property. The survey outlined a number of conductor trends in the basement rocks that likely represent key sulphur sources for the generation of nickel-copper-PGE deposits within Proterozoic ultramafic rocks that form the Eva Kitto cone-ring intrusion. This intrusion is 10km in diameter and is similar in size and setting to the Talnak intrusion in Siberia that hosts some of the world class copper-nickel-PGE deposits. The mid continental rift system located in Lake Superior, to the south of the Eva Kitto property, has a number of branch faults that are â€śfailed armsâ€ť of the main Rift Fault and several intrusions in the Lake Nipigon region are related to such structures, including the Seagull PGE bearing intrusion and new PGE discoveries by Magma Metals in that area.
The drill program on the Eva Kitto property is being supervised by Mr. Robert Middleton, P.Eng., Geophysicist, and is the Qualified Person for this project in accordance with regulations under NI 43-101.
For further information, contact Mr. Clive Shallow, investor communications, at 604-922-2030 or visit the Companyâ€™s new 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. This news release includes certain statements that may be deemed â€śforward-looking statementsâ€ť. All statements, other than statements of historical facts, that address such matters as future exploration, drilling, exploration activities, potential mineralization and resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.