IBI Reports Vermiculite Deposit's Size Increases Commercial
Grades Confirmed & Financing Structured
TORONTO, CANADA--IBI Corporation (IBIC-CDN) reports that d drilling of the Namekara Vermiculite deposit has yielded high-grade vermiculite ore (grade >50 percent vermiculite) over
an average thickness of 26 meters in all (12) holes drilled.
Vermiculite ore has now been cored in vertical holes DN 1, DN2,
DN4, DN6, DN9 - DN12. On May 25th the company reported the
results of holes DN3, DN5, DN7and DN8. All holes combinedintersected vermiculite ore over an average thickness of 26 meters.
The phase 1 program at Namekara has now been completed. An area of
690 meters by 330 meters has been drilled with ten holes spaced
200 meters apart, and two holes spaced 100 meters apart, in-fill
testing the area between 15 pits and 2 trenches wherein detailed sampling to a depth of 10 meters, below an overburden of
approximately 2.5 meters, yielded the 2,730,000 tonnes indicated
resource, as reported on March 29th. An independent consultant is
preparing a revised resource and reserve estimate on the basis of
data obtained from the phase 1 program. Only reserves have
demonstrated economic viability.
Independent UK based laboratory investigations (Mr. Fred Childs,
Technical Consultant) confirm earlier field tests that
demonstrated very good exfoliation characteristics. Bulk densities
of the exfoliated vermiculite range from 68 grams per litre for large (flake) grade to 93.9 grams per litre for superfine grade.
On April 20th the company reported that no asbestos was detectable
in Namekara vermiculite samples, as tested by the Institute of
Occupational Medicine, Edinburgh, Scotland using PLM, XRD,
SEM/EDXS methods.
On June 25th the company announced that it entered into an arm's
length transaction with Northern Bancorp Inc. ("Northern"), on
behalf of its client, for an investment of $1,500,000 to acquire a
15.79 percent interest in IBI, subject to the completion of all
requisite agreements in a form and substance satisfactory to
Northern and its solicitors. The $1.5 million investment will be
made in two installments: $700,000 on June 30th and $800,000 July
31st. The proceeds from this investment will be used by IBI to
exercise its option to acquire a 70 percent interest in the
Namekara Vermiculite and Busumbu Phosphate deposits and for
working capital purposes.
Warrants held by shareholders who participated in IBI's rights
offering may be exercised at 6 cents up to June 30th and entitle
the holder to a share and a half bonus warrant. Each whole bonus
warrant entitles the holder to purchase an additional share at 10
cents up to June 30, 2000. If warrants are fully exercised, IBI would raise an additional $1.1 million.
IBI Corporation trades on the Canadian Dealing Network under the symbol IBIC. The company has 200,388,869 common shares issued
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FOR FURTHER INFORMATION PLEASE CONTACT:
IBI CORPORATION
Thomas A. Smeenk
President
416-777-1073
Email: info@ibicorp.com
or
IBI CORPORATION
Dr. Peter van Straaten
519-856-0350
Email: peter.vanstraaten@sympatico.ca |
