Oct. 8, 2009 (Filing Services Canada) -- IBI Corp. (IBI - TSX Venture), a junior international mining and investment company, reports that IBI representatives, during a recent trip to China, met with executives of a number of major Chinese organizations to ascertain their interest as potential participants in IBI's proposed private/public partnership with the Government of Uganda.
The vision of the proposed IBI/Uganda partnership is to create a national nuclear energy electrical power generation program for Uganda, utilizing the country's potential mineral resources as a base fuel stock. The initiative for the proposed program is a direct outcome of a meeting held in early 2009 between Gary A. Fitchett, IBI President and CEO, and His Excellency Yoweri Museveni, President of the Republic of Uganda, at which President Museveni asked IBI to prepare a formal proposal.
The Chinese organizations, with whom discussions were held, are potential candidates for participation in the exploration, mining, and milling of uranium in Uganda, as well as for providing engineering, , equipment procurement and construction ("EPC") services. The Chinese are active in global investments of this nature, utilizing their U.S. currency holdings and their extensive experience with the development of nuclear power projects.
Representing IBI was A.J. Coffman, who is the senior technical advisor on IBI's Uranium and Nuclear Program Advisory Board. He is also a principal of International Power Solutions (IPS), the Company IBI contemplates as the organization that would form the implementation team for the proposed project. Mr. Coffman was accompanied by another senior executive from IPS.
Two major Chinese companies have expressed an interest in IBI's proposed Uganda project, including the role of investor in uranium exploration, mining, and milling and in the function of EPC contractor for nuclear power plants, as well as equity funding for both programs.
One of the organizations is currently supervising construction of 12 nuclear power plants in China with four more coming off the drawing boards.
As part of the China trip, IBI's representatives attended the China Nuclear Power Leadership Summit in Shenzhen, held September 17-18, at which a number of significant additional contacts were established.
On a return trip through London, Mr. Coffman had discussions with another major mining company that had expressed interest in possible participation in the Uganda project.
Concurrent with these developments, IBI's president and CEO, Gary A. Fitchett, spent three weeks in Uganda holding discussions with the highest levels of the Government of Uganda about the proposed IBI/Uganda nuclear program partnership. Mr. Fitchett also met with key officials involved in overseeing Uganda's national nuclear interests. Prior to and subsequent to his trip to China, Mr. Coffman also participated in these meetings. Discussions concerning the proposed program are ongoing.
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 1,242 square kilometres in the South East Uganda Greenstone Belt. The South East Uganda Greenstone 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 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 IBI's proposed private/public partnership with the Government of Uganda, and 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 reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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For further information, please contact:
Gary A. Fitchett CA - President and CEO Dennis Mellersh - Investor Relations
Tel: (905) 985-6510 Tel: (416) 754-4454
e.mail: G.Fitchett@IBInvest.com e.mail: D.Mellersh@IBInvest.com
Source: IBI Corporation (TSX-V: IBI) http://www.IBInvest.com
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