soil sampling newsIBI Affiliate Grey Crown Resources
Receives Report On Soil Sampling Program
Toronto, Ontario CANADA, June 24, 2009 /FSC/ - IBI Corp. (IBI - TSX Venture), a junior international mining and investment company, reports that its affiliate company, Grey Crown Resources Limited ["Grey Crown"], a currently private gold exploration and mining company focused on Uganda, has received a progress and status report (the "Report") from WGMA ConsultsTM ("WGMA"), on a Soil Sampling Exploration Program it is conducting on certain Grey Crown properties in Eastern Uganda.
The soil sampling program to date involves two of the Company's exploration licences ("ELs") and is part of an overall exploration program contemplated for Grey Crown's 11 exploration license areas.
WGMA collected 206 samples, including rock samples over ELs 0438 and 0410, and has delivered the samples to the laboratory of Busitema Mining Cie Ltd., a wholly-owned subsidiary of Grey Crown, for initial analysis and sample preparation prior to selected samples being forwarded to a certified independent laboratory for repeat analysis. The area of coverage, from which the samples were obtained, is about 16 square kilometres on EL 0438; and about 17 square kilometres on EL 0410, for a total of about 33 square kilometres.
In selecting the target areas for initial sampling, consideration was given to sampling work done by previous parties and documented in reports made available to WGMA.
WGMA indicates that although the soil-sampling program performed to date is regarded as successful, pending sample analysis results, it has been conducted during the peak of the rainy season and WGMA has recommended that additional samples be taken during the dry season.
Prior to, and in preparation for the field work outlined above, a Desk Study was prepared and a reconnaissance visit was conducted by WGMA. The reconnaissance visit was conducted in order to acquaint WGMA with the general geography and geology of the area as well as to introduce the field team to the administrative officers in the area, including the district environmental officer, in the areas where the ELs are located. Proposed transportation methods were also reviewed and the suitability of proposed sampling methods was determined.
The Desk Study was compiled to aid in developing a preliminary strategic approach for identification and prioritization of potential targets/geological structures/areas to be covered by the planned soil sampling program in a streamlined manner that ensures relevance and significance of sampling and to aid other contemplated future exploration and mining activities. Regarding soil sampling, one of the objectives of the Desk Study was to enable strategic planning of each ELs' sampling approach, method, and grid geometry in a specific approach that targets key potential geological structures or areas.
The Desk Study process entailed literature review of reports, data, and analytical studies of a wide range of thematic maps i.e. topographical, geological, geophysical (airborne and land-based surveys) and various geological maps based on field and airborne geophysical surveys.
Note on future exploration: Certain of Grey Crown's planned soil sampling and the previously announced Induced Polarization Survey (March 23, 2009) work is to be rescheduled and/or re-planned by the Company pending resolution, which is anticipated to involve the Government of Uganda, of certain land and compensation issues pertaining to some areas within the Company's exploration and mining licenses.
The contents of this news release have been reviewed and approved by Dr. James Misener P.Eng, IBI's Qualified Person.
IBI Corporation Overview
Uranium: Following a decision to focus on high-value minerals exploration and development in Uganda and East Africa, IBI sold its Namekara Vermiculite Mine in Uganda to Rio Tinto for US $5 million in March 2007, with final closing in March 2008. IBI subsequently has focused primarily on developing opportunities for the exploration and development of uranium in Uganda and Tanzania. IBI's prospective uranium land portfolio is comprised of approximately 2,882 square kilometres in Uganda and Tanzania and the Company is seeking to add more uranium lands.
The Company is currently preparing a proposal for the Government of Uganda for a private/public partnership between IBI Corporation and the Government of Uganda for the exploration and development of IBI's prospective uranium lands towards the goal of creating a nuclear electrical power generation program for Uganda.
Gold: IBI has accelerated its program of investing in promising gold opportunities, most notably through its current 29% ownership position in Grey Crown Resources Limited. Grey Crown owns and operates the producing Tira Gold Mine in Uganda and has also built a prospective gold lands portfolio of 1,242 square kilometres in the South East Uganda Greenstone Belt. The South East Uganda Greenstone Belt is considered to be an extension of the Lake Victoria Greenstone Belt where several prominent majors, including Barrick Gold and AngloGold Ashanti, are currently producing gold from proven reserves.
General: In February 2009, IBI entered into a joint venture agreement with Venus Capital Resources Limited in which IBI holds a 20% carried interest in 12 exploration license properties comprising 3,442 square kilometres, and regarding which, Venus is the project operator. The properties are contemplated for uranium, gold, and rare earth minerals exploration.
Reader Advisory: Statements in this document may contain forward-looking information. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, but not limited to, any potential outcomes resulting from WGMA's reports and the interpretation thereof, and/or exploration activities conducted by WGMA, and discussed in this news release. The reader is cautioned not to place undue reliance on this forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed and does not accept responsibility for the adequacy or accuracy of this release.
-- 30 --
For further information, please contact:
Gary A. Fitchett CA - President and CEO Dennis Mellersh - Investor Relations
Tel: (905) 985-6510 Tel: (416) 754-4454
e.mail: G.Fitchett@IBInvest.com e.mail: D.Mellersh@IBInvest.com
https://www.IBInvest.com