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Gold/Mining/Energy : ibi corporation
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To: Mario De Francesca who wrote (74)5/14/1997 11:01:00 PM
From: Luc Beaugrand   of 129
 
Boston Gold Leaf property acquired

IBI Corp IBIC
Shares issued 140,617,020 May 14 close $0.14
Wed 14 May 97 News Release
Mr Wade Crawford reports
The company has executed an agreement to acquire 100% interest in the
Boston Gold Leaf property. In consideration, IBI will pay $100,000 cash,
payable over a four year period, plus 100,000 common shares.
The property is in northern Ontario, 10 miles south of Kirkland Lake's gold
cap which contains the Macassa mine owned by Kinross Gold Corp. The
property is close to producing mines and is easily accessible with existing
roads. It is also 1-1/2 miles northeast of the Barry Hollinger mines (past
gold producer), and three miles west of Cathroy Larder mine (a past
producer).
The property contains numerous gold and copper occurrences. Previous
drilling indicated a geological reserve of 100,000 tons grading 0.135 oz/t
gold by Frank Tagliamonte. The best intersection reported was seven ft
grading 0.22 oz/t gold. The company intends to carry out further
exploration programs to expand this resource. The property is subject to a
3.5% nsr payable to the vendors.
A letter of intent has also been signed to acquire a 36% interest in a
nearby property of merit. A formal agreement is expected to be completed
between the parties shortly.
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