IBI CORPORATION- TRENCHING STARTED ON THE BUKUSU CARBONITE COMPLEX: PHASE 1 PROGRAM STARTED
TORONTO, ONTARIO--
IBI Corporation is pleased to announce that trenching of the
Namekara vermiculite deposit started today. Under the guidance of
Dr. Peter van Straaten, Mr. Hans Hansen (former part owner and
operator of the 120 employee Shawa vermiculite mine in Zimbabwe,
1991-96) has mobilized the work crew and equipment to the work
site and today commenced the trenching program.
This program will result in three trenches across a strike length
of two kilometers. Each trench is expected to reach an average
depth of 12 meters and an average length of 300-500 meters. Over
the next 6 months, results of grade continuity and variability
will be mapped and bulk sampled; forwarded to exfoliators for
testing of its characteristics and marketability; studied and
reported.
Drilling of the Busumbu phosphate deposit to an average depth of
30 meters is scheduled to start upon the completion of the
vermiculite trenching program, expected to be finished by the end
of March. This drill program is designed to replicate historical
drill data completed by the Geological Survey of Uganda, which
indicates continuity to a depth of at least 24 meters.
The Phase 1 budget is CDN$250,000. The expected time frame for
the completion of the Phase 1 program, including results, is 6
months.
IBI common shares and rights trade under the symbols "IBIC" and
"IBIC.RT," respectively, on the Canadian Dealing Network. The
Company has 181,838,445 shares issued.
Mr. Thomas A. Smeenk, President of IBI, has adopted the investor
relations function previously performed by Hume, Kieran Inc. All
inquiries about IBI and its affairs should be directed to him.
For further information, please contact:
Thomas A. Smeenk, President Tel. 416-777-1073 Fax. 416-777-1206
Email: smeenk@ibicorp.com
Professor Peter van Straaten Tel. 519-856-9291 Fax. 519-856-9291
Email: peter.vanstraaten@sympatico.com |
