IBI CORP V.IBI

RE: The president emailed me about something

[Cloud_Strife]

Hi Alex: Gary discussed your e-mail with me and asked me to reply to you as he is very involved right now with several important priorities involving a tight deadline. The Company is familiar with a number of uranium exploration organizations focusing on Uganda and, in fact, as you have noted, we have been approached by several of them who are interested in possible partnerships or JV's relating to our uranium holdings. Companies continue to contact us, and we are hearing comments such as "IBI has the best uranium properties in Uganda." You are correct in your assessment that JV's can often be an excellent means for companies to get the most value from their properties, and this could include IBI, depending on the particular circumstances. We have had discussions with about six companies and are evaluating each on their individual merits. Although we are not able to disclose the names of these organizations at this time, I can tell you that each company has certain strengths that could be helpful in a JV scenario. If we do decide to pursue the JV route for our uranium properties, it would in all likelihood involve another publicly listed company, rather than a private company. The Company appreciates your feedback on the question of share consolidation, and it may interest you to know that numerous shareholders have contacted Gary and myself expressing agreement with IBI's position. There can be valid reasons for share consolidation, but artificially raising the share price is not one of those reasons. The share price is certainly not where we believe it should be and perhaps, as you suggest, the upcoming NI 43-101 Report on Grey Crown's new gold properties will have a positive impact with the markets. As you are aware, IBI has a minium 20% direct interest in Grey Crown and close to a 40% financial benefit in proceeds from any commercial transactions involving IBI's gold lands. Overall, we feel IBI is positioned well for growth. Thanks for writing, and if you have further questions, please contact us again. Best wishes, Dennis Dennis Mellersh Director of Communications & Investor Relations IBI Corporation [e-mail] 416-754-4454 phone him if u don't believe me