International Bethlehem Accelerates Acquisition Of Rare Earth Metals Property
March 10, 2011
West Vancouver, British Columbia â€" International Bethlehem Mining Corp. (â€śInternational Bethlehemâ€ť or the â€śCompanyâ€ť) is pleased to announce that it has entered into an amending agreement (the â€śAmending Agreementâ€ť) dated March 3, 2011 with 0847427 BC Ltd. (the â€śVendorâ€ť), which enables the Company to accelerate the acquisition of its previously optioned â€śMyoff Creekâ€ť Rare Earth Elements (â€śREEâ€ť) Property located about 55 kilometres northwest of Revelstoke, B.C. Under the initial option agreement, the Company was required to spend an aggregate of $250,000 on exploration expenditures on the Property over three years and to issue 1,000,000 shares to the Vendor (250,000 shares on TSX Venture Exchange approval and 250,000 shares in each of the following three years). Under the Amending Agreement, the Company is no longer required to spend $250,000 on the Property over three years, provided that the Company issues to the Vendor the remaining 750,000 shares that were previously scheduled for release over the next two years. Once the remaining shares have been issued to the Vendor, the Vendor has agreed to transfer its 100% interest in the Myoff Creek Property to the Company.
The Myoff Creek REE 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. (see the Companyâ€™s news release of January 25, 2010 for further information regarding the Myoff Creek REE Property).
For further information, contact Mr. Clive Shallow, investor relations at 604-922-2030 or visit the Companyâ€™s website at www.bethlehemmining.com .
International Bethlehem Mining Corp.
â€śDouglas L. Masonâ€ť
Douglas L. Mason, Director
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 within the meaning of applicable securities legislation. 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. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. 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 and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.