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]

March 3, 1999

The Board of Directors of International Wayside Gold Mines Ltd. (the "Company"), wish to report on the Company’s Cariboo Gold Project at Wells, in central British Columbia near Barkerville Historic Town, famed for the Cariboo Gold Rush of the 1860’s. Here, gold production from both lode and placer is recorded at 3.9 million ounces.

The Company has received from the Ministry of Environment, Lands and Parks amended Permit PE5553 issued pursuant to the provisions of the Waste Management Act. This is part of an ongoing process to maintain the waste management permit for the Mosquito Creek property. Management is considering the possibilities of using the mill site on the Mosquito Creek property for treating a bulk sample.

The Company retained Jo Harris & Associates in February to make an application for a Project Approval Certificate under the Environmental Assessment Act for a 3,000-ton per day operation. The Project Approval Certificate is a requirement to expand the existing Mine Permit at Mosquito, to include the Cariboo Gold Quartz mine and it’s 1 million ounce plus gold resource. In September of 1995, Management initiated discussions with both the Provincial and Federal Governments through the Mines Branch, Energy and Minerals Division of the Ministry of Employment and Investment. The Cariboo Mine Development Review Committee met quarterly to discuss impacts and outline procedures for starting the application phase of the Mine Development Assessment Process.

Richard D. Hall, Ph.D., P.Eng., is preparing exploration proposals for open pit and underground gold targets on Island Mountain. Robert Reid, P.Geo., reports drilling on the 800-ft. portion of the BC Vein north of the shaft continues. The 16^th drill hole in this area is near completion. An additional 6 drill holes have been layed out to complete the drilling necessary for the "mineral inventory" of this area. Based on favorable results in the northern exposed portion of the BC Vein drilling will continue South of the BC Shaft. South of the BC Shaft 1,700-ft. of known vein remains to be explored (see News Release 99-02).

Management believes that an opportunity exists for an open pit together with a high-grade underground operation. The Cariboo Gold project consists of the Cariboo Gold Quartz mine, Island Mountain mine and the Mosquito Creek Gold mine, 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 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 that may be mineable by open pit methods.

On Behalf of the Board of Directors,

J. Frank Callaghan, President