Found some fluff ...A lot of potential coulda woulda shoulda scenarios ...
IBI Issues Update On Uranium and Nuclear Program Strategy for Uganda
Toronto, ON August 31, 2009
FSC / Press Release
IBI Issues Update On Uranium and Nuclear Program Strategy for Uganda
Toronto, Ontario CANADA, August 31, 2009 /FSC/ - IBI Corp. (TSX - VX: IBI), a junior international mining and investment company, today issued an update on the status of the Company's uranium strategy for Uganda.
This release is further to the company's News Release #348 dated June 23, 2009, and reflects the additional progress completed to date.
The Company's plans for the potential development of its prospective uranium lands involve two distinct elements, namely:
(1) A potential commercial element; and
(2) A potential Ugandan national program component.
Regarding the potential commercial aspect, the Company intends to continue to explore its lands for uranium, and, if financially viable uranium deposits are discovered, to mine such potential deposits on a commercial basis. A detailed ground exploration plan involving mostly spectrometer assessment and testing of surface and trenching samples for IBI's lands is currently being prepared. It should be noted that the potential commercial element is not dependent on the potential national program component.
In the potential national program element, and as reported previously, IBI is working towards the creation of a possible partnership with the Government of Uganda under which prospective viable uranium deposits on IBI's lands would be dedicated to an IBI/Uganda Nuclear Energy Program for Uganda for the purpose of creating additional electrical power that Uganda needs to reach and sustain its economic growth potential.
As arranged at a meeting in January 2009 with His Excellency Yoweri Museveni, President of Uganda, a detailed preliminary initial strategic plan document outlining the components of the proposed IBI/Uganda partnership program has been compiled. The Company plans to submit this document shortly to the President.
If, based on this document and discussions, agreement in principle is reached with the Government, IBI would anticipate proceeding with the additional necessary work to advance the project, including the preparation of a formal and definitive business plan for review by the Government of Uganda. If such business plan were to be accepted, the national program project would be on track to proceed.
A prerequisite foundational element in IBI's potential commercial and national program uranium strategy in Uganda has been the acquisition by IBI of a critical mass of prospective uranium lands in Uganda. The Company has been successful to date in this effort, and now has a portfolio of 2,800 square kilometres. Additionally, IBI is currently evaluating additional lands for acquisition of exploration licenses.
Most of these lands have had initial random ground sampling and interpretation of the country-wide aerial survey for identification of radiometric anomalies of uranium.
The contemplated national nuclear program, such as that which IBI is proposing for Uganda, would involve a number of major components in addition to the acquisition of prospective uranium properties, namely:
(1) Exploration of the lands aimed at identification of potential viable uranium deposits; and mining and processing if such viable deposits are discovered;
(2) Identifying the desired reactor technology; contracting for construction of the nuclear reactor and for the construction of the electrical generation power plant;
(3) Identifying and contracting for any ancillary supply requirements for operation of the reactor;
(4) Manufacturing of fuel componentry for the reactor;
(5) Construction of the electrical power delivery infrastructure.
Of these fundamental elements, IBI has
(1) Assembled an Advisory Board and Implementation Team, which includes professionals with global nuclear experience;
(2) Drafted a program outline and Strategic Plan for presentation to His Excellency, President Museveni;
(3) Reviewed a study of the uranium occurrences in the country, as revealed from interpretation of the recent World Bank sponsored aerial survey;
(4) Identified a suitable reactor technology for the unique needs of Uganda (of which there are some 30 of this design throughout the world), has met with and established a relationship with the supplier of the technology, and is prepared to recommend the technology;
(5) Identified potential sources to recommend for possible ancillary reactor supply requirements;
(6) Determined a fuel componentry manufacturing protocol for recommendation.
IBI will be attending the China Nuclear Power Leadership Summit on September 17-18, 2009 in Shenzen, China. At the conference the Company will be meeting with potential global partners, a number of whom have expressed interest in participating with IBI in the financing and development of various stages of the Uganda national program project. Furthermore, planning is underway to tour and inspect an existing operating reactor site (of the type to be recommended for the Uganda program) in the same area as the conference.
Dr. Jim Misener P. Eng, IBI's Qualified Person, has reviewed and approved this release.
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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 IBI's uranium strategy for Uganda, 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.
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For further information, please contact:
Gary A. Fitchett CA - President and CEO
Tel: (905) 985-6510
e.mail: G.Fitchett@IBInvest.com
Dennis Mellersh - Investor Relations
Tel: (416) 754-4454
e.mail: D.Mellersh@IBInvest.com
https://www.IBInvest.com
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