NEWSIBI SECURES ADDITIONAL LARGE BLOCK FOR PORTFOLIO OF URANIUM LANDS
Toronto, Ontario CANADA, January 30, 2007 /FSC/ - IBI Corp. (IBI - TSX Venture), IBI Corporation, ["IBI" - TSX Venture], a junior international mining and investment company, reports it has secured a further 960 square kilometre block of uranium prospective lands as part of the Company's mission to execute the lead role in high value minerals exploration and development, including uranium and gold, in Uganda.
This new acquisition is west of the capital city of Kampala, near the town of Mubende, and consists of two separate contiguous sections. The initial announcement of this property in December 2006 contemplated a total area of 800 sq. km., but with final surveying and investigation it was expanded to approximately 960 sq. km. The new area brings IBI's portfolio of uranium exclusive prospecting licenses (EPLs) in Uganda to a total in excess of 1,600 sq. km.
Radioactivity on the Mubende properties is demonstrated on a radiometric map generated from earlier aerial surveys by the government, which is available on the Company's website at www.IBInvest.com, together with other maps of the Company's uranium-prospective lands as well as IBI reports on the uranium industry, under the tab Uranium.
The Company's uranium prospective lands, each of which shows indications of uranium in previous surveys and studies, now consist of the following:
Block Location Geology Sq Km Acres
1 Busia/Lunyo Granite 622 153,699
2 South Mbale Sandstone 46 11,362
3 Mubende Granite ridges 960 237,221
Total Approx. 1,628 402,282
IBI's first two blocks of uranium prospective lands are within the first area being flown in a current Uganda government state-of-the-art radiometric aerial survey of key areas of mineralization in Uganda. Survey officials have this week indicated that the flyovers of the first area should be completed about mid-March. Sponsored by the World Bank, and affiliated international agencies, the Uganda aerial minerals survey is expected to help pinpoint key areas, such as uranium and gold anomalies, for further, more intensive ground exploration procedures by the Company.
IBI will have access to the preliminary data from flown areas of the Company's lands and has arranged for interpretation of this information. A timetable regarding the analysis of this initial data will be announced as soon as it is available. Internationally known Geologist Brian W. Hester, P.Eng, BSc., MSc., who was recently appointed as advisor to the board of directors of IBI, will be assisting the Company in evaluating data from the aerial surveys and in planning IBI's further exploration program.
As summarized in a News Release of January 9, 2007, a radiometric aerial survey in 1980, which covered the areas of Blocks 1 and 2 indicated anomalies thereon exhibiting readings in excess of 3250 cps. Also, Geiger readings in an area of Block 1 were reported in a range of 5x to 30x background
In making the announcement, Hans Hansen, managing director of operations in Uganda, commented, "This new acquisition, together with IBI's other two blocks of uranium-prospective lands, brings our total position so far to a significant magnitude. As a first step in starting exploration activities on the new block, IBI's geological staff in Uganda are currently conducting initial reconnaissance."
Note: Readers are cautioned that mineralization information referred to in this news release is not yet 43-101 compliant.
The Company has 280,954,350 shares issued and outstanding. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.