The Boards of Directors of International Wayside Gold Mines Ltd. ("Wayside") and Gold City Industries Ltd. ("Gold City") announce that a Letter Agreement has been signed to form a joint venture on Gold City's Promise mineral claim group.  The 2,125-hectare Promise group adjoins Wayside's Cariboo Gold Project near Wells, B.C. (See map enclosure).

In exchange for acquiring a 75% joint venture interest in the Promise group, Wayside will make exploration expenditures of $50,000 on the claims prior to December 31, 2001 and will deliver 25,000 free-trading common shares of Wayside to Gold City.

The Promise Joint Venture is the second undertaking this year between the companies.   On March 3rd, Gold City and Wayside announced the formation of a joint venture (interest Wayside 75% and Gold City 25%) to explore the 275-hectare Myrtle and 250-hectare Proserpine properties, subject to approval by the property vendor, Newmont Exploration of Canada Limited.

The Myrtle claim is contiguous with a new zone of gold mineralization recently discovered at the Cariboo Gold Project (Wayside News Release 00-07, March 23 2000). The new zone in the footwall of the BC Vein, has been drill tested over a distance of 180 metres.  Drilling is continuing, and assay results will be released as they become available.  On surface, the BC Vein is on Wayside's ground, 150 metres southeast of the Myrtle claim.  The vein dips into the Myrtle claim below the 4000' elevation (1500 Level of the Cariboo Gold Quartz mine).

All the subject properties are near Wells and the Historic Town of Barkerville in north-central British Columbia.  This area was the terminus of the Cariboo Gold Rush (1861-1871), and the site of prolific placer gold production.  Lode gold mining commenced seventy years later (1930s) and continued for thirty years.  Previous recorded production from the mining camp 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.

Wayside is in the process of submitting an Application to the BC Environmental Assessment Office to develop a 3,000 tpd open pit and underground gold mining operation at the Cariboo Group site (See Wayside News Release 99-17 and upcoming news releases).

Both parties are looking forward to exploration and development of the properties in this historic gold mining camp.

J. Frank Callaghan, President
International Wayside Gold Mines Ltd.

Fred Sveinson, President
Gold City Industries Ltd.