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Gold/Mining/Energy : ibi corporation
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To: Luc Beaugrand who wrote (9)1/10/1997 10:47:00 AM
From: Luc Beaugrand   of 129
 
Fri 10 Jan 97 News Release

IBI Corp - News Release

Ontario private company to be acquired

IBI Corp IBIC
Shares issued Jan 9 close $0.25
Fri 10 Jan 97 News Release
Mr Peter Hogan reports
The company has signed an agreement of understanding to acquire a Ontario
company privately held by several individuals, that holds 77% of a gold
project in Ghana, West Africa. The purchase of the private company will be
facilitated by the issuance of approximately 17,500,000 IBI Corp shares or
less than 15% of the total outstanding shares. A feasibility report has
been completed by Minproc Engineering Pty Ltd of London, England, which
indicates the project has eight years of proven reserves based on a minimum
annual rate of production of 10,000 oz of gold per year. The current proven
reserves could be increased by further exploration of identified alluvial
and hard rock vein structures on the project. The mining concession and
lease cover an area of 49.95 sq km in the well known Osino concession
within the Central District of Ghana.
The local operating company, 77% owned by the Ontario company, has obtained
US$5.3 million in debt financing from a Ghanaian consortium of banks and
government for financing of the project. The feasibility report indicates
that production will start within the next 12 to 14 months. The debt will
be repaid from the net proceeds of the production. Neither IBI Corp or any
of its affiliates will be required to guarantee the debt obligation.
Completion of the transaction is subject to further due diligence and it
may be subject to regulatory approval.
This acquisition is consistent with IBI Corp program to expand its gold
operations.
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