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 TSX.V; IBI
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Company Statement
IBI Corporation entered 2009 in its strongest operational position to date. The Company is now well on its way to fully realizing its high-value minerals exploration and development mission in Uganda.
Throughout 2008 the Company focused on three major areas: advancing its uranium program; increasing the effectiveness of its investment within Grey Crown Resources Limited; and seeking joint venture opportunities in both uranium and gold.
In February 2009 the Company 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. It is expected that the properties will be explored for uranium, gold, and rare earth minerals.
In our major gold investment, work is proceeding well at IBI’s 20+%-owned affiliate, Grey Crown Resources Limited. Grey Crown owns the producing Tira Gold Mine, which is located in the gold-prospective Greenstone Belt in southeast Uganda.
Altogether Grey Crown holds 1,271 square kilometres of gold lands in the Uganda Greenstone Belt. An exploration program for these lands was formulated in 2008 and implementation began in the first quarter of 2009.
Uganda’s economic development and standard of living is currently being constrained by insufficient electrical power generation – a situation, which IBI believes, could be rectified through utilization of the country’s potential uranium resources.
In January of 2009, the Company met with His Excellency Yoweri Museveni, President of Uganda, and outlined a concept envisaging a private/public partnership between IBI and the Republic of Uganda regarding the creation of a Nuclear Energy Program for Uganda for electrical power generation. President Museveni asked IBI for a strategic analysis and proposal regarding the concept, which is currently being prepared.
Gary A. Fitchett CA
Chairman, President, and Chief Executive Officer
IBI Corporation
Current Operations
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 2,100 square kilometres in Uganda and Tanzania and the Company is seeking to add more uranium lands.
Gold
IBI has accelerated its program of investing in promising gold opportunities, most notably through its 20% ownership position in Grey Crown Resources Limited. Grey Crown owns and operates the 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 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.
Board of Directors and Key Management
| Gary A. Fitchett CA | President, Chairman, and Chief Executive Officer, Director |
| John D. Alton MBA CA | Vice-President Finance and Chief Financial Officer |
| Paul D. Mack BA LL.B LL.M | Corporate Secretary, Director |
| Dennis C. Mellersh BA | Director of Communications & Investor Relations |
| Aldine J. Coffman Jr | Director |
| James Misener | senior advisor |
| Paul Sherwen | IBI Associate and Chief Operating Officer of IBI’s affiliate company, Grey Crown Resources Limited |
| Brian W. Hester MA Sc BSc. P. Eng, | Technical Advisor to IBI Board of Directors, Qualified Person for IBI’s affiliate company, Grey Crown Resources Limited |
| James Misener PhD P. Eng | Qualified Person For IBI Corporation |
| David DuVal | Global Projects Consultant |
| Leon H. Gouzoules BSc | Independent Director |
| Dr. Henry Wildeboer | Independent Director |
| The Honourable Elly Karuhanga LL.B | Independent Director |
Company Address110 Ambleside Drive
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Additional Address/Key ContactInvestor Relations |
Annual General MeetingJune 10, 2009 | Year End31 December |
Related News
26/11/09 - IBI Corp Plans To Use Its Extensive Uranium Ground As A Basis For Reshaping Uganda’s Energy Supply Needs02/06/09 - IBI Corporation Makes A Strong Play For Gold And Uranium Assets In Uganda
Most Recent Statement
29/01/10 - IBI Affiliate Grey Crown Resources Signs Letter of Intent with Sereno Capital Corporation20/01/10 - IBI Affiliate Company Grey Crown Resources Limited Issues Updated Ni 43-101 Technical Report
13/11/09 - IBI Announces Director and Senior Advisor Appointments
08/09/09 - IBI Issues Regional Geological Perspective Report on Ruhuhu Tanzania Property
31/08/09 - IBI Issues Update On Uranium and Nuclear Program Strategy for Uganda
14/07/09 - IBI Announces Final Closing for Ruhuhu Uranium Property in Tanzania