International Bethlehem Acquires Additional Property Near Its Myoff Creek Rare Earth Elements Property
August 2, 2011
West Vancouver, British Columbia â€" International Bethlehem Mining Corp. (the â€śCompanyâ€ť or â€śInternational Bethlehemâ€ť) is pleased to announce that it has, subject to regulatory approval, acquired an additional property which is contiguous to the Companyâ€™s â€śMyoff Creekâ€ť rare earth elements property located near Revelstoke, British Columbia.
The additional property is being acquired from John Rivette of Seymour Arm, BC (â€śRivetteâ€ť). Under the agreement with Rivette, the Company has agreed to pay $5,000 and issue up to 150,000 shares (100,000 shares on TSX Venture Exchange acceptance and an additional 50,000 shares on the one year anniversary thereof). If International Bethlehem elects not to issue the additional 50,000 shares, the Company is required to reconvey the property to Rivette. The property being acquired is subject to a 2% net smelter return royalty (the â€śRoyaltyâ€ť) and the Company has the right to purchase the Royalty, in whole or in part, for $1,000,000 ($500,000 for each 1% NSR).
For further information, contact Mr. Clive Shallow, Shareholder Communications, at 604-922-2030, Robert A. Young, Investor Relations, at 604-682-5123 or visit the Companyâ€™s 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.