Vancouver, BC � November 19, 2008 INTERNATIONAL BARYTEX RESOURCES LTD. (�the Company�) (TSX-V: IBX) on behalf of its subsidiary, East China Capital Holdings Ltd. (�ECCH�), is pleased to announce that as part of the ECCH sale, the Company has closed the initial private placement of 4,773,630 shares at a price of $0.12 CDN for gross proceeds of $572,836 to Sea Wave Investment Ltd. (�Sea Wave�).
A subsequent private placement of 3,226,370 shares at a price of $0.12 CDN will result in Sea Wave becoming a control party of the Company and as a result will be subject to both shareholder approval and acceptance by the TSX-V. Completion of the second share placement will result in 24.4% of the Company being held by Sea Wave on a diluted basis (including 3.2 million warrants exercisable at $1.25 CDN currently held by Sea Wave).
The private placement by Sea Wave is part of the Agreement entered into by Touch Lucky Investments Ltd. (�TLIL�) to purchase 100% interest in ECCH, which holds a 75% interest in the Shituru Copper project located at Likasi in the Democratic Republic of Congo (�DRC�). Given the completion of the sale, the Company�s total share of the ECCH sale proceeds will be $10.710 M USD.
The Company is of the opinion that the sale of its portion in ECCH and the Shituru Copper project is in the best interest for the shareholders and will leave the Company financed to participate in new opportunities. Management is optimistic that the resulting cash position from the potential sale should allow the Company to have the ability to pursue and capitalize on other business opportunities.
For further information contact :
International Barytex Resources Ltd.
Leo King, President or Alf Hills, CEO
Tel: 604-688-9368
Fax: 604-688-9336
Renmark Financial Communications Inc.
Jen Power: jpower@renmarkfinancial.com
Dan Symons: dsymons@renmarkfinancial.com
Montreal - Tel: 514-939-3989 / Fax: 514-939-3717
Toronto - Tel: 416-644-2020 / Fax: 416-644-2021
On behalf of the Board of Directors
INTERNATIONAL BARYTEX
RESOURCES LTD.
�Leo King�
Leo King
President and Director
Some statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release