HERE IS THE BIG STORY!!
Canadian Company Press Release
IBIC 1998-03-17 (provided courtesy of ISDN Wire Service)
INTERNATIONAL BUSINESS INVESTMENTS ACQUIRES INTEREST IN LARGE PHOSPHATE AND VERMICULITE MINE IN UGANDA
TORONTO, ONTARIO--
Mr. Edward Lai, Chairman of IBI Corporation is pleased to announce it
has acquired a controlling interest (70%) in a substantial phosphate
and vermiculite property in the Busumbu and Namakera areas located 10
miles northwest of Butiru, Uganda, East Africa.
The resource estimates are 8.5 million tonnes of high quality phosphate
ore (3.0 million tonnes at an average grade of 11% P2O5 in soil and 5.5
million tonnes at an average grade of 15% P2O5 in saprolite --
Bloomfield + van Straaten Studies). Previously, the mine processed 1.2
million tonnes with an average ore grade of 19% P2O5 from 1945 to 1963
and will now be re-opened. Published reports (available from IBI
Corporation on request) have indicated additional resource estimate to
be in excess of 30 million tonnes. This discovery was due to the direct
efforts of Dr. Mark Doidge and Professor Peter van Straaten with the
help of the Uganda Dept. of Geological Survey and Mines supported by
the technical and financial help of the United Nations Development
Fund. Phosphate is an important component of fertilizer which is in
high demand, particularly in African countries. This phosphate deposit
is situated at Busumbu within the Bukusu Carbonatite Complex which, at
13 km in diameter, is probably the largest carbonatite complex in
Africa. Busumbu is among the best phosphate deposits in East Africa.
Present price of phosphate is US $145-150/tonne.
On the same property, adjacent to the phosphate deposit is the Namakera
property where 350,000 tonnes of vermiculite (Taylor Studies) including
125,000 tonnes of high grade coarse material are found and can easily
be mined from the surface. It has been sampled to a depth of only 50
ft and the quality improved with deeper drilling. There are definitely
additional reserves beneath 50 ft. A more likely depth is 150 ft; and
the more likely figures for the reserve would be 1 million tonnes of
vermiculite. Very large flakes have been discovered, which is a
positive development. International prices per tonne of unexfoliated
vermiculite ranges from about US$100 all the way up to US$500 for very
high grade.
IFMD represents the 30% partner of IBI Corporation who will administer
and develop the project. Dr. Mark Doidge, President of IFMD assisted
by Professor Peter van Straaten and Mr. Hans Hansen are well
experienced and as a team will manage and carry out the administration,
mining and sale of the products. Both Dr. Doidge and Professor van
Straaten have spent several years in Africa working in association with
the World Bank and the United Nations.
Professor van Straaten is a professor at the University of Guelph,
Ontario and did his Ph.D. work in Uganda. He has a deep understanding
of the country and its people. He is a leading authority on
fertilizers with special interest in phosphate and has 15 years
experience in Africa.
Hans Hansen has extensive knowledge and working experience in Africa.
From 1991 to 1996 he developed extensive knowledge of vermiculite and
acted as Mine Manager for a successful vermiculite mine in Zimbabwe.
Dr. Mark Doidge will act as overall Manager and coordinator of the
project. IBI Corporation will earn its interest by providing all of
the necessary equipment tools, tractors, trucks, excavators,
generators, storage, office facilities, vehicles, etc. including
working capital for a total investment of up to US$3 million. IBI
Corporation is currently sourcing both equity and debt funding for the
project.
IBI Corporation is a resource company and is eligible for RRSP
investments. The common shares of IBI Corporation presently trade on
the Canadian Dealing Network (CDN) under the symbol "IBIC". The number
of outstanding shares is 175,000,000. For further information, please
call (416) 777-1073.
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