The Board of Directors of Island Mountain Gold Mines Ltd. and International Wayside Gold Mines Ltd. wishes to report on the diamond drill holes completed at Wells, British Columbia to mid-January 2000 under the direction of Richard D. Hall, Ph.D., P.Eng. Island Mountain Gold Mines Ltd. is earning a fifty-percent interest in the Island Mountain, Aurum, and the Mosquito Creek Gold mine properties from International Wayside Gold Mines Ltd. which is currently drilling near the BC Shaft on Barkerville Mountain across Jack of Clubs Lake.

2,960 feet of BQ-sized, surface diamond drilling in 10 holes were completed at an elevation of 4,600 feet near the Red Gulch drainage northwest of the shaft of the Mosquito Creek Gold Mine (see map enclosure). The objective of the drilling was to locate the Main Band Limestone Unit in the footwall of the "West Fault" (Mosquito Fault ?). The surface trace of the "West Fault" is a VLF conductor. Limestone was intercepted in 7 of 10 holes drilled over a strike length of 600 feet and averaged 50 feet in thickness. This location is 1,300 feet above the Aurum mine ( see News Release 99-11 ) where 110,000 tons of high grade replacement mineralisation grading 0.66 ounces gold per ton were mined and where at mine closure 40,000 tons of replacement mineralisation grading 0.7 ounces gold per ton were reported in limestone. Additional drilling will focus on finding "replacement ore" within the Main Band Limestone Unit. Drilling will resume March 20, 2000.

The best intercept was a vein structure from 280.0 to 307.0 feet (27 feet) in IMG99-09 that returned a weighted average grade of 0.41 ounces gold per short ton over a recovered core length of 22.2 feet. This is probably a diagonal vein structure. The true width of this diagonal vein structure is unknown but thought to be about 15 feet. The intercept is located close to the elevation of the 4400 Level (the upper most level of the Mosquito Creek Gold Mine) and about 50 feet southwest of the end of the drift. This intercept and the one in IMG99-08 (0.07 ounces gold per short ton over a recovered core length of 15.2 feet from 204.0 to 225.0 feet are probably on the same vein structure. Channel sampling at the end of the drift on the 4400 Level assayed 0.75 ounces gold per ton across 5.0 feet.

The Island Mountain, Aurum and Mosquito Creek Gold mines together with the Cariboo Gold Quartz mine form the Cariboo Gold Project, which covers 11,500 acres over a distance of 8 miles by 3 miles. Production is recorded at 3.9 million ounces of gold in the surrounding area of which 2.6 million was placer and 1.2 ounces was load. Replacement ore averaged 0.6 ounces per ton. gold and vein ore averaged 0.39 ounces gold per ton respectively.

J. Frank Callaghan
President

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