Robert E. Reid, P. Geo., reported to the Board of Directors of International Wayside Gold Mines Ltd. (the "Company") the discovery of a new zone of mineralization. The type of mineralization encountered has not previously been identified in the camp. The new zone of mineralization is located in the footwall area of the BC Vein and is open in all directions. Assays with respect to 8 of the 13 diamond drill holes completed thus far on the Y2K drill program are reported below. Drill holes BC 2K-4 and BC 2K-8 have further assays pending. Drill holes BC 2K-9 through BC 2K-13 have significant pyritic zones and have been drilled up to a length of up to 600 feet. The core is being logged and split for assay. Values occur in tannish micaceous mudstone and/or tannish micaceous gritty quartzite carrying disseminated pyrites and/or pyritic drusy quartz bands.

Holes BC 2K-3 and BC 2K-4 were the first to encounter the new mineralized zone in the footwall area of the BC Vein 1400 feet south of the BC Shaft (see map enclosure) with 10% to 15% fine grained massive to fine crystallized pyrite and bottomed in mineralization. The extent of the pyritic zone is yet to be established. Drill holes BC 2K-6 and BC 2K-7 did not reach the pyritic zone and were completed prior to the zone being identified in holes BC 2K-3 and BC 2K-4. Drill hole BC 2K-8 penetrated the zone to a depth of 305 feet and also bottomed in mineralization.

Drill holes BC 2K-1, 2 and 5 were designed to test the BC Vein on the grid east side of a historically projected fault called the Waoming. The vein was not intersected and no values were encountered in the holes.

The drilling program is ongoing to determine the extent of the new mineralized zone.

The property is located near Wells, British Columbia, adjacent to Barkerville Historic Town in north-central British Columbia. Previous recorded production from the Company's ground and surrounding area is 3.9 million ounces of gold, of which 1.3 million ounces was lode and 2.6 million ounces was placer.

The Company has been exploring the Cariboo Gold Project property since 1995, and had previously identified a measured and probable resource of one million ounces, depending on cut-off and grade (See News Release 99-01). Based on this resource, the Company was already poised to submit an Application to the BC Environmental Assessment Agency to develop a 3,000 tpd open pit and underground operation (See News Release 99-17). Status of the Application will be reported in an upcoming news release.

J. Frank Callaghan
President

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