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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.”
