International Bethlehem options Eva Kitto property

2008-11-27 09:44 ET - News Release

Also News Release (C-EWR) East West Resource Corp

Mr. Ronald Coombes of International Bethlehem reports

INTERNATIONAL BETHLEHEM OBTAINS OPTION ON PLATINUM GROUP ELEMENT PROPERTY NEAR THUNDER BAY, ONTARIO

International Bethlehem Mining Corp. has entered into an option agreement with East West Resource Corp. of Thunder Bay, Ont., whereby the company has been granted an option to earn an initial 30-per-cent interest in East West's Eva Kitto platinum group element (PGE) property located north-northeast of Thunder Bay, Ont.

The property consists of 15 staked claims with 197 claim units with an area of 3,059 hectares. In order to acquire its initial 30-per-cent interest, the company is required to pay East West $20,000 and to spend $500,000 on exploration by Nov. 3, 2009 ($150,000 of which will be spent in 2008). Under the option agreement, the company also has the right to increase its interest in the property up to 51 per cent, 60 per cent and 75 per cent, respectively, by incurring additional exploration expenditures. The property is subject to two separate royalties (3.5-per-cent net smelter return in total), of which 2 per cent can be purchased for $2-million. The Eva Kitto property, located on the east side of Lake Nipigon near Beardmore, Ont., covers a large circular ring-like ultramafic intrusion adjacent to north-trending faults connected to the Mid Continent Rift structure in Lake Superior. This 10-kilometre-diameter ultramafic body has intruded sulphur-bearing older sedimentary rocks, which creates an ideal setting for nickel-copper-PGE deposits of the Noril'sk-type (the Noril'sk-Talnakh deposits, located in Russia, are the largest nickel-copper-palladium deposits in the world).

A showing of platinum-palladium mineralization has been located on the property, and follow-up drilling of this occurrence is planned before year-end. In addition, a detailed helicopter-borne VTEM and magnetic survey will be flown at 100-metre spacings to assist the company in mapping the shape of the ultramafic intrusion in order to better locate sulphide zones. Within the region of the Mid Continental Rift (with geological settings similar to the Eva Kitto property), drilling is presently under way on the Seagull ultramafic intrusion to the west, where Black Panther Mining Corp. is exploring for PGE. As well, Inco Vale holds claims to the north of Seagull, and Ursa Major and Magma Metals are also exploring for PGE to the south of Seagull (see Magma Metal's news of Nov. 21, 2008, entitled Further Excellent Drilling Results From Thunder Bay North, on Magma's website).

The Eva Kitto property is also well located relative to infrastructure, such as Hwy. 11, the railway, the town of Beardmore (within the municipality of Greenstone), and the Trans-Canada gas line.

This news has been reviewed and approved by Robert Middleton, PEng, geophysicist, and the qualified person for this project in accordance with regulations under the National Instrument 43-101. For further information, contact Clive Shallow, investor communications, at 604-922-2030, or visit the company's new website.