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International Bethlehem secures option to fully acquire Powell gold property

International Bethlehem Mining Corp. secured an option to earn a 90% interest in the Powell gold property in Ontario from Rainy Mountain Royalty Corp.

To exercise the option, the company will need to issue 2.0 million common shares and spend C$1.0 million on exploration on the property over five years.

Following exercise, the two companies will enter a joint venture, and International Bethlehem will have the option to purchase the remaining 10% interest for 1.0 million shares and a 2% net smelter royalty on the property.

The option agreement is subject to approval by the TSX Venture Exchange.