IBI CORP V.IBI

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	12/05/2008
	Grey Crown Acquires 2 Gold Prospecting Properties in Uganda
	IBI Corporation, reports that its affiliate company, Grey Crown Resources Limited has signed a Definitive Agreement with Master Prospecting Limited under which Grey Crown, through its subsidiary Busitema Mining Cie Ltd, will acquire two gold-prospective properties in the Busia Greenstone region of Uganda.    The specific properties are EL # 008, consisting of 10 square kilometres, and EL # 060, comprised of 17 square kilometres. Grey Crown is to acquire a 100% interest in both properties, along with an on-site stamp mill, for a nominal cash consideration.    Both properties are ideal complements to Grey Crown's sizeable land portfolio in the Busia area. EL # 008 is contiguous to the western edge of Grey Crown's Amonikakinei gold prospect and the Makina property that Grey Crown announced rights to last week. EL # 060 is contiguous to the eastern edge of Grey Crown's mining lease area and surrounding EL # 030.    As with Grey Crown's other properties, the new ELs are in the prominent Greenstone Belt of Uganda, which is an extension of the Tanzanian and Kenyan Lake Victoria Greenstone Belt where major global mining companies, such as Barrick Gold and AngloGold Ashanti, are currently producing gold from immense reserves. Greenstone Belts are often hosts for significant gold deposits in several parts of the world.    Acquisition of the new properties brings Grey Crown's land holdings in the Uganda extension of the Greenstone Belt to 1,273 square kilometres