International Bethlehem Completes Sale of its Goldstream Mill Facility


November 16, 2010

West Vancouver, British Columbia " November 16, 2010 " International Bethlehem Mining Corp. (the “Company”) reports that it has completed the sale of its subsidiary, Bethlehem Resources (1996) Corporation (“BRC”), including its Goldstream Mill facility, tailings pond and related mineral leases and claims, to Barkerville Gold Mines Ltd. (TSX-V:BGM) (“BGM”).

In connection with the sale of BRC and the Goldstream Mill facility and related assets, BGM will pay the Company an aggregate purchase price of $3,300,000 by cash payments of $250,000, as a deposit and due diligence fee (paid) and $250,000 on each of the 6 month and the 12 month anniversary of the Closing Date and $550,000 on the 18 month anniversary of the Closing Date. Additionally, BGM will also issue $2,000,000 worth of its shares to the Company by issuing $500,000 worth of shares on each of the Closing Date (issued), the 6 month anniversary, the 12 month anniversary and the 18 month anniversary of the Closing Date. The number of shares to be issued to the Company will be calculated based on the volume-weighted average price of BGM’s shares on the TSX Venture Exchange for the 10 trading days ending on the day prior to the Closing Date, the 6 month anniversary, the 12 month anniversary and the 18 month anniversary of the Closing Date, subject to a floor price of not less than $0.92 per share. On November 16, 2010, the Closing Date, BGM issued 371,471 shares to the Company, which shares are subject to a hold period expiring March 17, 2011.

The TSX Venture Exchange accepted the transaction between BGM and the Company by letter dated November 5, 2010.

For further information, contact Mr. Clive Shallow, investor relations 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

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.