IBI: Mining Lease Granted For Namekara Vermiculite
TORONTO, ONTARIO--IBI Corporation (IBIC) (the "Company"), a junior mining and investment company, announces that the Government of Uganda has approved the grant to it of an exclusive mining lease for vermiculite at its Namekara property.
Canmin Resources Limited, the 100% wholly-owned Ugandan subsidiary of the Company ("Canmin"), has been granted the mining lease by the Minister of Mines for mining, processing, and exporting of the unique Namekara vermiculite, effective December 1, 2000.
The Company previously had agreements with International Mining and Development ("IMD") to earn a 70% interest in the Bukusu Project, which included the Namekara vermiculite, but these agreements were terminated by IMD in July 1999 on the basis of a default in a payment. The Company attempted to reach a reconciliation and settlement with IMD, without success.
Since IMD terminated the agreements, it conducted no further work on the projects. In order to protect its investment in the project, the Company brought in new management, raised required financing, and proceeded to continue development and commercialization of the project.
Upon expiry in November 2000 of the previous exploration permits, the Government of Uganda revoked all interest of IMD therein and closed the area to any activity by IMD.
Subsequently, Canmin, which already owned the property for the Namekara vermiculite mine, was invited to apply for a mining lease for the Namekara vermiculite property and to resume commercialization of the project.
Canmin was advised by Dr. Peter van Straaten that he had resigned from all positions with IMD, effective November 30, 2000, thus terminating the partnership with Dr. Mark Doidge.
The Company will subsequently announce the status and future plans for the project.
Shares Outstanding
The Company has 204,952,878 common shares issued and outstanding, before the closing of the private placement outlined in previous releases. |
