West Vancouver, British Columbia - March 17, 2008 - Further to its news releases of January 29 and
February 7, 2008, International Bethlehem Mining Corp. (the
"Company" or "International Bethlehem") is pleased to
announce that the TSX Ventures Exchange has accepted for filing the Company's
Option Agreement with Gold Summit Corporation of Reno, Nevada ("Gold
Summit"). Under the Agreement, International Bethlehem has the right to
acquire up to a 50% interest in Gold Summit's "Monte Cristo"
Property in Nevada, USA.
The Monte
Cristo gold-silver Property is located in the historic Gilbert Mining
District, 50
kilometres (30 miles) northwest of the town of Tonopah,
Nevada. The Property consists of 337 unpatented lode mining claims, covering
an area of approximately 2,677 hectares (7,500 acres). The
Monte Cristo Property and the surrounding area have been the focus of
precious metal explorations and small scale mining since the discovery of
high-grade gold mineralization near the Gilbert townsite in 1924.
In accordance
with the terms of the Option Agreement, Gold Summit will be the operator for
the exploration program, however, such programs and related budgets will be
subject to International Bethlehem's review and approval. Based on
discussions between International Bethlehem and Gold Summit, the exploration
program for 2008, which has now commenced, will consist of: drill testing
targets defined by geologic mapping, geochemical sampling and geophysical
surveys; extending soil and biogeochemical grids; and geological mapping and
geochemical sampling of rocks and soils in newly defined target zones.
The first
phase of drilling will consist of 5 to 10 core drill holes in an area of
alluvial cover north-northwest of the McLean Lode resource where a
biogeochemical anomaly and geophysical anomaly overlap. The second phase of
drilling will be at least two core drill holes placed to test areas within
the McLean defined resource, which were previously drilled with reverse
circulation rigs. This additional drilling will add confidence to the widths
and grades of the mineralization. Both geochemical and biogeochemical
sampling will be on-going through the rest of 2008. Geologic mapping of the
southern end of the property will begin in April. Compilation of all data,
drilling, geochemical sampling and geologic mapping will be concurrent with
the field work.
John
Kowalchuk, P. Geo., has reviewed this news release and is the Qualified
Person for the Company's Monte Cristo Property Project.
The Company is
in the business of the exploration and development of natural resource
properties. For further information, contact Mr. Clive Shallow, investor
communications at 604-922-2030 or visit the Company's website at www.bethlehemmining.com.
International Bethlehem Mining Corp.
"Ronald A. Coombes"
_________________________________
Ronald A. Coombes, President &
CEO
The TSX
Venture Exchange has not reviewed this news release and does not accept
responsibility for the adequacy or accuracy of this release.