Int'l Bethlehem drops Monte Cristo due to market slump

2009-01-16 11:59 ET - News Release

Mr. Ronald Coombes reports

INTERNATIONAL BETHLEHEM TERMINATES OPTION AGREEMENT

International Bethlehem Mining Corp. previously entered into an option agreement with Gold Summit Corp. of Reno, Nev., pursuant to which the company had the right to acquire up to a 50-per-cent interest in Gold Summit's Monte Cristo property in Nevada, United States. The Monte Cristo gold-silver property is located in the historic Gilbert mining district, 50 kilometres (30 miles) northwest of the town of Tonopah, Nev. The Monte Cristo property and the surrounding area have been the focus of precious metal explorations and small-scale mining since the discovery of a high-grade gold mineralization near the Gilbert townsite in 1924. During 2008, the company participated in an exploration program on the Monte Cristo property with Gold Summit as the operator. The company is of the opinion that the Monte Cristo property has potential; however, in light of the current market conditions, the company has decided that it will not be participating further under the option agreement. The company wishes Gold Summit success in its endeavours to develop the Monte Cristo property.