West Vancouver, British Columbia – Further to its news release of September 24, 2012, International Bethlehem Mining Corp. (the “Company” or “International Bethlehem”) is pleased to report that it has completed an initial drill exploration program on its “LH” Property. The LH Property is a gold exploration project and consists of 19 contiguous crown granted claims and four mineral claims, comprising approximately 1,500 hectares and is located approximately 7 km south of Silverton, British Columbia, on the east side of Slocan Lake. Access to the LH Property is via Highway 6 for 8 km south of Silverton and then via Red Mountain Road for 2 km and a four-wheel drive road along Fingland Creek for 5 km.
The Company’s exploration drill program comprised a single, helicopter supported, core drill hole which was drilled to a depth of 246 metres. All of the drill core is presently being sawn and will be sent to Acme Analytical Laboratories Ltd. (Vancouver) for assaying. The Company will report the assay results once such results have been received and reviewed.
This news release has been reviewed and approved by Gordon Gibson, P. Geo., who is acting as the Company’s Qualified Person for the LH Property project, in accordance with regulations under NI 43-101.
In connection with the LH Property, by Option Agreement dated September 6, 2012 (the “Option Agreement”), the Company agreed to grant an option to Magnum Capital Corp. (“Magnum”) to acquire a 51% interest in the LH Property, and in return, Magnum agreed to pay the Company $100,000 following the date on which the TSX Venture Exchange accepts the Option Agreement (the "Effective Date"). Additionally, Magnum will be required to incur expenditures on the LH Property totaling $500,000 ($250,000 by the first anniversary of the Effective Date and an additional $250,000 by the second anniversary of the Effective Date). As well, Magnum will be required to issue 3,000,000 shares to International Bethlehem (1,000,000 shares by the first anniversary of the Effective Date; an additional 1,000,000 shares by the second anniversary of the Effective Date; and an additional 1,000,000 shares upon the Property receiving a bankable feasibility report on or before 10 years after the option has been earned in). In keeping with the terms of the Option Agreement with Magnum, International Bethlehem has completed the initial drill exploration program referred to above.
For further information, contact Mr. Clive Shallow, Shareholder Communications, at 604-922 2030, or visit the Company’s website at www.bethlehemmining.com
INTERNATIONAL BETHLEHEM MINING CORPORATION
“Ronald A. Coombes”
Ronald A. Coombes, President
Neither the TSX Venture Exchange nor its Regulation Services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
This news release includes certain statements that may be deemed “forward-looking statements” within the meaning of applicable securities legislation. All statements, other than statements of historical facts, that address such matters as future exploration, drilling, exploration activities, potential mineralization and resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws