International Bethlehem Enters into Letter of Intent to Sell Goldstream Mill Facility
September 23, 2010
West Vancouver, British Columbia â€" September 23, 2010 â€" International Bethlehem Mining Corp. (the â€śCompanyâ€ť) announces that it has entered into a Letter of Intent effective September 2, 2010 (the â€śLOIâ€ť) with Barkerville Gold Mines Ltd. (TSXV:BGM) (â€śBGMâ€ť) to sell Bethlehem Resources (1996) Corporation (â€śBRCâ€ť), a wholly-owned subsidiary of the Company, and its Goldstream Mill facility, tailings pond and related mineral leases and claims (the â€śAcquisitionâ€ť).
The Goldstream Mill is a custom mineral processing plant and is located in the Revelstoke Mining Division, approximately 90 km north of Revelstoke, BC (via Hwy 23). The Goldstream Mill is currently on care and maintenance, however, has a nameplated milling capacity of 1,360 tonnes per day and residue from such operations can be accommodated in the adjacent tailings pond and surrounding properties.
Pursuant to the LOI, BGM will pay the Company an aggregate purchase price of $3,300,000 for BRC and the Goldstream Mill facility and related assets and properties. BGM will satisfy the purchase price by paying the Company a $50,000 deposit, a $200,000 due diligence fee, $250,000 on each of the 6 month and 12 month anniversary of the Closing Date and $550,000 on the 18 month anniversary of the Closing Date. BGM will also issue $2,000,000 worth of shares to the Company by issuing $500,000 worth of shares on each of the Closing Date, the 6 month anniversary, 12 month anniversary and 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 BGMâ€™s shares for the 10 trading days ending on the day prior to the Closing Date, 6 month anniversary, 12 month anniversary and 18 month anniversary of the Closing Date, as applicable.
The Acquisition will be subject to certain conditions including the execution of a definitive agreement and TSX Venture Exchange approval.
For further information, contact Mr. Clive Shallow, investor relations 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
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.