FSC / Press Release
IBI REPORTS ACQUISITION OF NEW 270.5 SQ. KM. URANIUM BLOCK IN UGANDA
Toronto, Ontario CANADA, April 30, 2007 /FSC/ - IBI Corp. (IBI - TSX Venture), ["IBI"], a junior international mining and investment company, reports it has secured an additional 270.5 square kilometre block of uranium prospective lands as part of the Company's ongoing mission to be the leading commercial organization in high value minerals' exploration and development in Uganda.
The new acquisition adds to the company's existing uranium lands in the Mubende region bringing the total in that region to 1,263.5 square kilometers. This area is west of the capital city of Kampala, near the town of Mubende. The IBI Mubende properties previously consisted of two separate contiguous sections. The newly acquired block essentially joins the two existing properties together thereby forming one large expanded block. This addition brings the Company's total uranium land holdings in Uganda to 1931.5 square kilometers.
Radioactivity on the Mubende properties can be seen on a radiometric map, derived from earlier aerial surveys by the government, published on the Company's website at www.IBInvest.com, along with other maps showing the location of the Company's uranium-prospective lands.
IBI's uranium prospective lands, each of which has shown indications of uranium in previous surveys and studies, now consist of the following:
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Block Location Geology Sq Km Acres
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1 Busia/ Lunyo Granite 622 153,699
2 South Mbale Sandstone 46 11,362
3 Mubende Granite ridges 1,263.5 312,210
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Total 1,931.5 477,271
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In commenting on the new acquisition, Gary A. Fitchett, IBI president and CEO, said, "The Company is now fully engaged in its mission involving the exploration and development of Uganda's extensive deposits of high value minerals. Our continuing uranium lands acquisition program, for example, is indicative of the forward momentum we are developing. A number of potential joint-venture parties have approached IBI expressing interest in the Company's uranium projects."
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, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on this forward-looking information.
The TSX Venture Exchange has not 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
http://www.IBInvest.com
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Source: IBI Corporation (TSX-V: IBI) http://www.IBInvest.com
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