Good news?!IBI commissions geological report on Tira gold mine
2007-08-16 15:11 ET - News Release
Mr. Gary Fitchett reports
IBI ARRANGES GEOLOGICAL REPORT ON TIRA GOLD MINE AND AREA LANDS
IBI Corp. has commissioned a comprehensive geological report focusing on the known gold-bearing and gold-prospective areas in Uganda comprising the Tira gold mine, the mine's lease area and the Tira mine's adjoining gold lands.
The Tira gold mine and its associated lands are among the assets of Busitema Mining Cie. Ltd., which is currently in the final closing stage of being acquired by IBI's 20-per-cent-owned affiliate company, Grey Crown Resources Limited. The Tira mine and its adjoining lands are geologically part of the Lake Victoria greenstone belt, host to a proven-to-date 37 million ounces of gold. The greenstone belt is currently being successfully mined in neighbouring Tanzania by majors such as Barrick Gold.
The IBI-commissioned report on the Tira mine area lands will be executed to National Instrument 43-101 standards by a highly qualified and experienced geological consulting firm, based in the United Kingdom. The report is expected to include the significant existing gold-related geological data already available concerning the Tira mine and surrounding lands, and will also feature information from new geological investigation.
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