International Bethlehem Mining Corp. announced that it has entered into a purchase and sale agreement, dated effective August 2, 2022 (the "Agreement"), pursuant to which the Company will acquire from an arm's length third party (the "Vendor"), a 90% interest in the Clifford Gold Project (the "Project", or the "Property"), a 1,038 hectare project consisting of 73 unpatented mining cells 20kms northeast of the Kirkland Lake gold camp, Ontario (the "Transaction"). The Company will acquire the 90% interest in the Project by issuing 20,000,000 post-consolidation common shares of the Company to the Vendor.

The Transaction represents a fundamental acquisition for the Company under the rules of the TSX Venture Exchange, following which the Company expects to graduate back to the main board of the TSX Venture Exchange as a Tier 2 Mining Issuer. The Vendor is an arm's length party. No finders' fees or commissions are payable in connection with completion of the Transaction.

Following completion of the Transaction, the Vendor will retain a 10% interest in the Project, with the Company responsible for the costs associated with the maintenance and development of the Project until completion of a preliminary economic assessment. The Project will also be subject to a 2% net smelter returns royalty, which the Company will be responsible for, of which one-half may be purchased by the Company in consideration for a one-time payment of $2,000,000. In connection with the Transaction, the Company intends to consolidate its common share capital.

The Company also intends to complete a non-brokered private placement to raise up to $2,500,000 additional capital to satisfy obligations under the Agreement, extinguish debt and liabilities and to further develop the Project. The earliest recorded exploration on the Property dates back to 1928. Prior to 1928 the Kirkland Lake Gold Camp was well on its way to becoming one of the most prolific gold mining towns in Canadian history which led to expanded exploration in the entire region.

Past work on the Property has consisted mainly of mapping and prospecting, the sinking of a shaft of unknown depth at the Snipe-Brett occurrence circa 1930, diamond drilling by Hollinger Consolidated Gold Mines Ltd. in 1964, various ground geophysical surveys and additional diamond drilling by Noranda Exploration in 1977 and by Mineta Resources in 1988. The most systematic exploration program was carried out by Wallbridge Mining Ltd. in 2003 and 2004 where litho-geochemical sampling of outcrops, structural interpretation, mapping and diamond drilling has given a better understanding of the potential of the Property. Closing of the Transaction remains subject to the completion of a technical report in respect of the Property, completion of the Offering, and the approval of the TSX Venture Exchange.

The Transaction cannot be completed until approval of the TSX Venture Exchange is received. Trading in the common shares of the Company has been halted on the TSX Venture Exchange and is expected to remain halted pending completion of further filings with the TSX Venture Exchange.