IBI Advances Uranium Program with Acquisition of Four New Uranium Exploration Licenses in Uganda
IBI Corp. (TSX - VX: IBI), a junior international mining and investment company, announces it has acquired four new exploration licenses (the "Properties") in the Mubende District of Uganda, thereby increasing the Company's uranium land position by 37%.
The properties comprise an area in which IBI's consulting geophysicists, Paterson, Grant & Watson ("PGW") under the supervision of Dr. James Misener, P.Eng, president of PGW, previously identified a number of uranium anomalies as part of PGW's interpretation for IBI of data from Block 2 of the Uganda Aerial Minerals Survey of Uganda.
IBI already holds exploration rights for uranium on its 1,263-square kilometre initial Mubende property. The four new contiguous properties consist of 110.5 square kilometres, 143.2 square kilometres, 249 square kilometres, and 280 square kilometres, for a total of 782.7 square kilometres. This brings the total of the Company's holdings in the Mubende area to approximately 2,047 square kilometres.
As noted in IBI's news release of February 26, 2009, the majority of IBI's area of interest in the Mubende area is underlain by the PreCambrian Mubende intrusive granitic batholith ("MuGr"). Approximately 30 areas of anomalous uranium concentration have been detected within the MuGr complex.
Paterson, Grant & Watson has recommended that a program of reconnaissance sampling and spectrometer surveying over the primary targets within all of IBI's Mubende properties should be undertaken to confirm the possible presence of U-mineralization.
Depending on the results of anticipated exploration activity, IBI's Mubende property holdings are expected to comprise a foundational element in the Company's announced strategy to seek to develop a public/private partnership with the Government of Uganda for the development of a Nuclear Energy Program for Uganda utilizing Uganda's potential uranium resources as a base fuel stock.
Dr. James Misener P.Eng, Qualified Person for IBI Corporation, has reviewed and approved this news release.
IBI Corporation Overview
Uranium: Following a decision to focus on high-value minerals exploration and development in Uganda and East Africa, IBI sold its Namekara Vermiculite Mine in Uganda to Rio Tinto for US $5 million in March 2007, with final closing in March 2008. IBI subsequently has focused primarily on developing opportunities for the exploration and development of uranium in Uganda and Tanzania. IBI's prospective uranium land portfolio is comprised of approximately 2,882 square kilometres in Uganda and Tanzania and the Company is seeking to add more uranium lands.
The Company is currently preparing a proposal for the Government of Uganda for a private/public partnership between IBI Corporation and the Government of Uganda for the exploration and development of IBI's prospective uranium lands towards the goal of creating a nuclear electrical power generation program for Uganda.
Gold: IBI has accelerated its program of investing in promising gold opportunities, most notably through its current 29% ownership position in Grey Crown Resources Limited. Grey Crown owns and operates the producing Tira Gold Mine in Uganda and has also built a prospective gold lands portfolio of 1,271 square kilometres in the South East Uganda Greenstone Belt. The Belt is considered to be an extension of the Lake Victoria Greenstone Belt where several prominent majors, including Barrick Gold and AngloGold Ashanti, are currently producing gold from significant proven reserves.
General: In February 2009, IBI entered into a joint venture agreement with Venus Capital Resources Limited in which IBI holds a 20% carried interest in 12 exploration license properties comprising 3,442 square kilometres, and regarding which, Venus is the project operator. The properties are contemplated for uranium, gold, and rare earth minerals exploration.
Reader Advisory: Statements in this document may contain forward-looking information. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, but not limited to, any potential outcomes resulting from the Company's Uranium Strategy or of potential outcomes resulting from the acquisition of and anticipated exploration of the properties discussed in this news release. The reader is cautioned not to place undue reliance on this forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Gary A. Fitchett CA Dennis Mellersh
President and CEO Investor Relations
Tel: (905) 985-6510 Tel: (416) 754-4454
e.mail: G.Fitchett@IBInvest.com
e.mail: D.Mellersh@IBInvest.com
http://www.IBInvest.com
