305 - 455 Granville Street
Vancouver, British Columbia, Canada, V6C 1T1
Tel: (604) 669-6463
Fax: (604) 669-3041
North America Toll Free: 1-800-663-9688

VSE Symbol "IWA"

Web: www.wayside-gold.com
E-Mail: [email protected]

February 3, 1999

The Board of Directors of International Wayside Gold Mines Ltd. (the "Company"), wish to report on the Company’s 100 % optioned Cariboo Gold Quartz Project. Surface diamond drilling started February 1, 1999 on the BC Vein located on Barkerville Mountain near Wells, British Columbia.

The BC Vein is exposed on surface for a continuous length of 2,400 feet. The vein averages 20 feet in width, strikes northwest and dips 70 degrees north on the 1500 Level, 850 feet below the surface. The BC Shaft is 10,000 feet southeast of the portal to the 1500 Level at Jack of Clubs Lake, near Wells. The BC Vein is accessed from Wells, by a mine road in Lowhee Creek drainage or with permission through Barkerville Historic Town, and a mine road in Stouts Gulch drainage. Winter access on these roads to the drill is by skidoo.

The 13 surface diamond drill holes completed on the BC Vein during 1998, found some significant gold mineralisation (assay results see News Releases 98-21, 23, & 25). This work covered 600 feet of strike length or 25% of the exposure on the BC Vein. 10,000 feet of drilling is planned this year to test the vein along strike.

Management believes that an opportunity exists for both open pit and underground mining operations. The Cariboo Gold Quartz Project includes the Cariboo Gold Quartz, Island Mountain, and the Mosquito Creek Gold mines and covers 11,500 acres in a block of ground 8 miles by 3 miles in dimensions. Production in the area is recorded at 3.9 million ounces of gold of which 2.6 million was placer and 1.2 million ounces was lode. The Company has drilled off thus far a resource of 1 million plus ounces, which may be mineable by open-pit methods.

The Private Placement announced December 31, 1998 (News Release 98-27) for 2 million units was over sold. The submission to the Vancouver Stock Exchange for approval was for 2,224,334 units, 1,509,334 flow-through and 715,000 non flow-through. An annual $100,000 payment to Mosquito Consolidated Gold Mines Limited for maintaing the options was paid January 31, 1999 (News Release 98-26).

On Behalf of the Board of Directors,

J. Frank Callaghan,President