Nov. 12, 2009 (Filing Services Canada) -- IBI Corp. (IBI - TSX Venture), a junior international mining and investment company, announces two appointments regarding the Company's board of directors.
Aldine J. Coffman Jr. BA, JD has been appointed to the board of directors of IBI Corporation, and James Misener PhD, P.Eng, has been appointed as senior advisor to the board. Mr. Coffman is the principal technical advisor on IBI's Uranium and Nuclear Strategy Advisory Board, and will continue in that role in addition to his new responsibilities as a director. Dr. Misener is a member of IBI's Uranium and Nuclear Strategy Advisory Board, and additionally is IBI's consulting geophysicist and Qualified Person.
Leaving the board as directors are Dr. Henry Wildeboer and Paul Mack, LL.B, LL.M. Mr. Mack will continue in his role of providing corporate legal services to IBI.
In announcing the appointments, IBI president and CEO Gary A Fitchett, commented, "The appointments of Mr. Coffman as a director, and Dr. Misener as senior advisor to the board, bring significant energy infrastructure, public company, and scientific exploration and development experience to IBI's board that is particularly relevant to the Company's present focus in Uganda and contemplated growth. I have worked with Mr. Coffman for some nine years and have always appreciated his depth of diversified experience and entrepreneurial spirit."
Mr. Fitchett continued, "On behalf of IBI management and the board of directors, I want to thank Henry Wildeboer and Paul Mack for their conscientious and principled service to the board. The board and management have benefited significantly from their contributions. In addition to their board duties in Canada, both Dr. Wildeboer and Mr. Mack made trips to Uganda on behalf of the Company and thereby had first-hand knowledge of 'conditions on the ground' in Uganda, which imbued their input to the board and management with a sound practical foundation."
Aldine J. Coffman, Jr. BA JD
Mr. Coffman's practice of law, from 1965 to 1985, was primarily in the states of Virginia and Utah and involved commercial, financial and banking, real estate development, mining and energy law (with focus on uranium mining, oil and gas, geothermal), and general litigation. He qualified with cases before United States Supreme Court, United States Court of Military Appeals, various Federal Courts of Appeal and District Courts, Interior Board of Land Appeals, Defence Department Board of Contract Appeals, Court of Claims and Patent Appeals.
Mr Coffman's project development background from 1985 to present has involved hydro electric and thermal projects, as principal of owner/developer, and includes Colorado (1.6 mW hydel) and Belize (25 mW hydel), Central America, and Pakistan (15 mW thermal)
Between 2004 and the present, Mr. Coffman has assembled and marketed to public companies thirteen significant Colorado Plateau area uranium projects, twelve of the buyers of which were either Canadian listed, or Canadian headquartered, public companies.
His public company experience includes International Methane Company, director (1993 to present), CFO (93-95), and CEO (95-96), Alberta Stock Exchange; coalbed methane in China, first foreign country onshore natural gas concession (coalbed methane) issued by the Peoples Republic of China since 1949 revolution; Stansbury Holdings Corp., director (98-02) CEO (99-02), OTC Electronic Bulletin Board: industrial minerals company with mines and mills for vermiculite and garnet abrasives.
Disclosure: In a civil case involving Mr. Coffman, Stansbury Holdings Corporation, and the United States Securities Exchange Commission ("SEC"), and concluded on September 30, 2008, US Federal District Judge Robert E. Blackburn, noted the following in his Findings of Fact, Conclusions of Law, and Orders, "Considering the entire record in this case, I conclude that the SEC has not demonstrated that its position in this case was substantially justified." Judge Blackburn found for Mr. Coffman on all counts, and ordered that the SEC pay to Mr. Coffman an award of costs in the amount of US$163,270.30 for: attorney fees and certain other expenses incurred by Mr. Coffman in relation to the case.
James Misener PhD, P. Eng.
With more than 35 years industry experience, Dr. Misener has been chief scientist and project manager for a variety of major radiometric, aeromagnetic, electromagnetic, and magnetic mapping projects. He has also served as project manager and chief consulting geophysicist (interpretation) on substantial international mining exploration programs. His clients have included major mining companies, including Kennecott Exploration, Cominco Ltd., Inco Ltd., and Goldcorp Inc. He has been president of the geophysics consulting firm of Paterson, Grant & Watson ("PGW") since 1994.
Dr. Misener has been a lecturer at the Department of Earth and Atmospheric Sciences at York University, Toronto, and is a member of the Association of Professional Engineers of Ontario and the Canadian Society of Exploration Geophysicists.
Paterson, Grant & Watson has established a world-wide reputation for providing consulting, project management, data processing, interpretation, and training services in the application of airborne and ground geophysics to resource exploration, such as with the recent Uganda Airborne Minerals Survey. PGW has provided professional services for major petroleum and mining companies, a variety of junior petroleum and mining companies, federal and provincial/state government agencies worldwide, and international institutions, such as The World Bank, United Nations, African Development Bank, and the Canadian International Development Agency.
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. The Company is currently seeking to add more uranium lands.
The Company has prepared 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, which 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 changes related to the Company's board of directors 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.
For further information, please contact:
Gary A. Fitchett CA - President and CEO
Tel: (905) 985-6510
Dennis Mellersh - Investor Relations
Tel: (416) 754-4454
Source: IBI Corporation (TSX-V: IBI) http://www.IBInvest.com
Maximum News Dissemination by Filing Services Canada Inc. *