International Bethlehem Provides Update on
LH Property Option Agreement with Magnum Goldcorp Inc.
West Vancouver, British Columbia – May 27, 2014 – International Bethlehem Mining Corp. (the “Company” or “International Bethlehem”) is pleased to report that Magnum Goldcorp Inc. (“Magnum Goldcorp” – TSX-V: MGI) has announced its planned exploration program for the “LH” gold exploration property (the “LH Property”).
By option agreement dated September 6, 2012 (the “Option Agreement”), the Company granted an option to Magnum Goldcorp to acquire a 51% interest in the LH Property (the “Option”). Under the Option, Magnum Goldcorp paid the Company $100,000 (paid November 2013) and has agreed to incur expenditures on the LH Property totaling $500,000 ($250,000 by November 2014 and an additional $250,000 by November 2015). As well, Magnum Goldcorp has agreed to issue 3,000,000 shares to International Bethlehem (1,000,000 shares by November 2014; an additional 1,000,000 shares by November 2015; and an additional 1,000,000 shares upon the Property receiving a bankable feasibility report on or before 10 years after the option has been earned in). The LH Property is subject to certain net smelter return royalties (see the Company’s news release dated February 4, 2013 for additional details and information regarding the Option and the LH Property).
In connection with its planned exploration program, Magnum Goldcorp has retained Rick Walker, P.Geo. (Dynamic Exploration Ltd.) to act as its Qualified Person for the LH Property project. Magnum Goldcorp reported that Mr. Walker will be supervising its 2014 exploration program and in connection therewith will be filing for any required permits for the program. Magnum Goldcorp indicated that the first phase of the proposed exploration program (which is currently underway) will include compilation of data on, and immediately adjacent to, the LH Property. Data to be compiled includes geological mapping, surface and sub-surface geochemical analyses and a detailed review of the diamond drill hole results reported from previous programs. According to Magnum Goldcorp, the subsequent field program (to begin in June) will be designed to evaluate significant results arising from interpretation of the compilation of the data, including the 2012 drill program completed by International Bethlehem. Magnum Goldcorp’s proposed field program may include geological mapping, ground geophysics (magnetic and induced polarization) and/or trenching and then followed by a diamond drill program (to begin in September).
The LH Property consists of 19 contiguous crown granted claims and four mineral claims. The LH Property is located approximately 7 km south of Silverton, British Columbia, on the east side of Slocan Lake. Access to the LH Property is via Highway 6 for 8 km south of Silverton and then via Red Mountain Road for 2 km and a four-wheel drive road along Fingland Creek for 5 km.
For further information, contact Mr. Clive Shallow, Shareholder Communications, at 604-922 2030, or visit the Company’s website at www.bethlehemmining.com
International Bethlehem Mining Corporation
“Douglas L. Mason”
Douglas L. Mason, Chief Executive Officer
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 “forward-looking statements” 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.