International Bethlehem Acquires Rare Earth Metals Property
January 25, 2010
West Vancouver, British Columbia â€" January 25, 2009 â€" International Bethlehem Mining Corp. (â€śInternational Bethlehemâ€ť or the â€śCompanyâ€ť) is pleased to announce that, subject to regulatory approval, it has entered into an option agreement (the â€śAgreementâ€ť) dated January 13, 2010 with 0847427 BC Ltd. (owned by 0373849 BC Ltd, formerly known as Cross Lake Minerals Ltd.) to acquire the Myoff Creek â€śREEâ€ť (Rare Earth Elements) Property located about 55 kilometres northwest of Revelstoke, B.C. and lying within the Monashee Complex. Under the Agreement, the Company is required to spend an aggregate of $250,000 on exploration expenditures on the Property over three years and to issue 1,000,000 shares (250,000 shares on TSX Venture Exchange approval and 250,000 shares in each of the following three years).
The Myoff Creek Property is underlain by a varied succession of metasedimentary rocks of Meso to Paleoproterozoic age locally intruded by a suite of alkalic gneiss with associated intrusive and extrusive carbonatite. The carbonatite hosts tantalum, niobium and the Rare Earth Elements of lanthanum, cerium and neodymium.
The zone of principal economic interest is a discrete sheet-like body of intrusive carbonatite (formerly known as the â€śRENâ€ť carbonatite). As reported in a historical assessment report filed with the Geological Survey Branch of British Columbia on December 10, 2001, the carbonatite has been trenched, channel sampled and mapped over a strike length of approximately 1,000 metres at thicknesses varying from less than 10 metres to at least 80 metres in true thickness. The previous exploration work on the Myoff Creek Property was carried out in 2000 by Cross Lake Minerals Ltd.
The weighted assay averages for the historical surface trenches are as follows:
Weighted Average (ppm)
|| 299.2 |
The four trenches referred to in the above table covered 410 metres of strike length with the widest carbonatite (120 metres) and highest grade interval exposed in the most southern trench (MT-01-4). The carbonatite, which has a consistent 330 degree strike and 35 degree dip to the west, is open along strike and to depth. The Company believes that the consistency in width and dip lends itself to possible open pit exploitation.
The historical data and information contained in this new release does not meet current NI 43-101 standards, and therefore, can not be relied upon. Robert Middleton, P.Eng., who is acting as the Qualified Person for the Companyâ€™s Myoff Creek Property project in accordance with regulations under NI 43-101, has reviewed this news release and believes that the historical data and information is relevant and was calculated by competent geologists to the standards of the period in which it was calculated.
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 the 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. 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.
Myoff Creek Trenching Map