Might as well post yesterday's news.
TORONTO, ONTARIO- Wednesday, June 13,
2001 #2001- 130
IBI Corporation (YIB-CDNX) (the “Company”), a junior international mining and investment company currently completing the development of its 100%-owned world-class Namekara vermiculite project in Uganda, reports that “topping-off” of the vermiculite processing building has been completed.
The 12,000 square foot building will house the processing equipment, and related infrastructure. The production process of the raw vermiculite ore will involve dry storage, milling, drying, sorting, and cleaning of foreign materials and grit.
With the roof now completed, the traditional “topping-off” ceremony was held. Operational facilities have been constructed within the building, including office, storage, and laboratory space. Foundations and electrical wiring for the processing equipment are also finalized.
Within the next week, the processing equipment which had been fabricated in Mbale concurrently with the building construction, will be moved to the mine site and installed into the building. Test processing and debugging of the production line will then take place.
In reporting on the status, Mr. Hans Hansen, the managing director of Canmin Resources Limited, the wholly-owned Ugandan subsidiary of the Company, advised that he was “exceedingly pleased with the diligent and efficient manner in which the local work-force constructed the building. Some 40 local workmen were hired for this part of the project, and they learned many valuable skills which will be useful when they continue working on the
actual production.”
He also stated that “there are many challenges to successfully complete such a project in rural Africa, and accordingly he also wanted to recognize and compliment the local merchants and suppliers who co-operated and assisted in so many ways to ensure a timely completion of the construction and set-up, all below budget for
this phase.”
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Gary A. Fitchett CA – President and CEO Adam Cegielski - Investor Relations
Tel: (416) 367-3274 Tel: (905) 279-2622
e.mail: ibicorp@think.iprimus.ca e.mail: newibi@on.aibn.com
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