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 TSX.V; IBI
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Company Statement
The vision of IBI Corporation is to be the leading uranium exploration and development company in Uganda, and also to be a significant investor in gold exploration and mining, operating in a manner that helps improve the economic, social, and environmental well being of the people of Uganda.
The Company, through direct ownership and affiliate relationships, now participates in 32 properties comprised of approximately 7,400 square kilometres of prospective lands, most of which are now being explored or developed.
IBI positions now include:
- 2,800 square kilometres of uranium prospect lands in Uganda;
- 333 square kilometres in its Ibanda gold prospect;
- 29% ownership position in gold-focused Grey Crown Resources Limited,
which operates the Tira Gold Mine and which has a gold lands portfolio of 1,242 square kilometres - 20% carried interest in Busia gold properties
- Option for 90% interest in Ruhuhu, Tanzania, uranium prospect
- 20% joint venture carried interest in 12 Venus Capital Resources properties
Current Operations
IBI Corporation land position and exploration licenses
The Company has accumulated a considerable land portfolio in Uganda for uranium and gold. Recent interpretation of data from the Uganda Airborne Geophysical Minerals Survey has been encouraging for the Company in terms of justifying its confidence in its gold and uranium holdings.
The interpretation of the Mubende block for uranium, for example, provided evidence of some 30 anomalies, and was the rationale for adding further contiguous lands consisting of 782.7 square km.
Giving IBI a “head start” with gold is the Company’s approximate 29.3% strategic ownership interest in Grey Crown Resources, in turn owner of the operating Tira Gold Mine. The Mine is located in the gold-prospective Greenstone Belt in the Busia district of Uganda.
The interpretation of the Grey Crown gold lands consisting of 1,242 square kilometres established that the entire block of eleven properties is situated within the Southeast Uganda Greenstone belt, which is an extension of the productive Lake Victoria Greenstone Belt.
Mica Peak Nevada vermiculite property
The Company obtained an option to acquire 1,247 acres, comprised of 100 claims, of vermiculite-bearing lands in southern Nevada, USA, in the name of a newly incorporated subsidiary, North American Vermiculite, Inc. The exclusive option expired December 31, 2005 and had been extended until September 30, 2008. The exercise price for the option was US$500,000, and there were no further royalties or overrides to be paid to the claim-holder.
Considerable exploration, drilling, testing, analysis and permitting work had been completed on the property by prior interested parties, and this data has been provided to the Company. The Company’s independent consulting geologists and former technical staff have made a site visit, met with former geologists involved on the site, and have reviewed this data.
North American Vermiculite had granted an option on the property rights to Rio Tinto, which has dropped the option. Rio Tinto had made payments of US$50,000 for the option rights they held. In addition, Rio Tinto had completed various exploration and analysis data on the property, and these data have been provided to IBI in accordance with the terms of the Agreement with Rio Tinto.
Board of Directors and Key Management
| Gary A. Fitchett | President, Chairman, Chief Executive Officer, Director |
| John D. Alton | Vice-President Finance and Chief Financial Officer |
| Dennis C. Mellersh | Director of Communications and Investor Relations |
| Paul Sherwen | President and COO of IBI’s Affiliate Company, Grey Crown Resources Limited |
| Gary A. Fitchett | Chairman, President and Chief Executive Officer IBI Corporation |
| The Honourable Elly Karuhanga LLB | Director |
| Aldine J. Coffman | Director |
| Leon H. Gouzoules | 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
20/04/10 - IBI's Affiliate Grey Crown Resources Limited Closes Definitive Agreement With Gold Fields Limited07/04/10 - IBI's Affiliate Company Grey Crown Resources Announces Closing of Short-Term Private Placement Financing
29/01/10 - IBI Affiliate Grey Crown Resources Signs Letter of Intent with Sereno Capital Corporation
20/01/10 - 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