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IBI Corporation

IBI UDATES STATUS OF GOLD EXPLORATION IN UGANDA        

 

Toronto -- Wednesday,  July 7, 2004                                                              #2004 – 192

                        

IBI Corporation [“IBI” – TSX Venture] (the “Company”), a junior international mining and investment company, is proceeding with the next phase of its exploration of the Busia gold prospect.

Having completed a) a background review of the geology of the area and the operating results of the adjoining producing gold mine, b) a geophysical magnetic survey assessment of the trends inherent in the property, c) a geological and geochemical sampling program, and having been granted two exploration permits of 40 square km for the target area (“Permitted Lands”), the Company is now starting the next phase, to be carried out over the next 90 days. 

This operation will consist of pitting and trenching to a depth of 15 to 20 metres over the specific anomalies identified during the magnetic survey. Specific gold bearing zones identified will then be drilled with core samples to establish and define gold grades and reserves. 

Certain laborers and earthmoving equipment from the Company’s nearby Namekara vermiculite mine will be utilized during this phase. 

Operations will be carried out by the Company’s wholly-owned subsidiary, Canmin Gold Limited. 

The Permitted Lands are part of the regional Greenstone Belt extending from Tanzania to Kenya and Uganda. This Belt has a number of developing gold strikes and producing gold mines, including operations by a number of well-known senior international producers

As a result of the recently approved grant of US$25 million by the World Bank to the government of Uganda to fund the upgrading of the mining and geological department of the mineral rich country, the country will be proceeding to market the opportunities in its mining sector to the international mining community. An updated outline entitled Investing in Uganda’s Mineral Sector is available at http://www.ugandainvest.com/mining.pdf 

Local technical operations are under the supervision of Nathan Walukawu, B.Sc., a graduate in geology from the University of East Africa in Nairobi, Kenya. Mr. Walukawu has experience with other gold projects throughout Africa. Ulrich Kretschmar, principal of Kretschmar International Geoscience Corporation of Orillia, Canada, has been retained as a Qualified Person to prepare and certify a technical r eport and reserve determination for the Permitted Lands.  

Mr. Hans I.M. Hansen, managing director of Uganda operations, recently advised: “We are very pleased with the dedicated work of Mr. Walukawu, supported by the resources of the Geological Survey department, in studying the geology of Uganda, and then focusing on the Greenstone Belt. There is every indication of this being a prolific gold bearing area, and we are optimistic about outstanding results from this current exploration. In our opinion, this represents a ground-floor opportunity in the resource-rich country of Uganda.”

 

 
   

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