IBI CORPORATION REPORTS IN EXCESS OF 2 MILLION TONNE VERMICULITE
RESOURCE
IBI Corporation reports a 2,730,000 tonnes indicated resource
of vermiculite at the Namekara vermiculite deposit. Homogeneous
coarse vermiculite (grade more than 50% vermiculite) was
excavated in all pits to a depth of 10 meters, below an
overburden of approximately 2.5 meters. The vermiculite
mineralization remains open at depth.
Initial field exfoliation tests using a blow torch indicate
excellent exfoliation characteristics. A one tonne bulk sample
is now in transit, and several 25 kilo gram samples are in
transit to technical laboratories in Denmark and Canada (Scamol
and Geoscience Laboratories, respectively) for further testing.
Results of these tests will be reported as they become
available. An analysis of a feasibility or prefeasibility study
will be made upon receipt of these test results.
According to the journal Industrial Minerals (March 1999), the
prices for South African vermiculite, bulk, FOB Rotterdam are
between US$160 and $260 per metric tonne.
Mr. Hans Hansen, former co-owner and Operations Manager of the
120 employee Shawa vermiculite mine in Zimbabwe 1991-96, is now
working for IBI. He supervised the mechanical pitting program;
he carried out grading of the vermiculite; and he carried out
the exfoliation tests at the Namekara vermiculite deposit from
March 12 to March 26, 1999.
Results of this program confirm the findings of Taylor (1956)
who based his 350,000 tonnes recoverable vermiculite resource
on 71 pits and 10 drill holes to a depth of 15 meters. Mr.
Hansen carried out additional detailed sampling in 15 pits and
2 trenches to a depth of 10 meters at intervals of 100 to 150
meters over an area of 1000 meters by 500 meters.
Only reserves have demonstrated economic viability. By funding
certain expenditures, IBI will earn into a 70% interest in the
property.
IBI''s common shares and rights trade on the Canadian Dealing
Network under the symbols IBIC and IBIC.RT, respectively.
For further information contact your broker, or
Dr. Peter van Straaten
Tel: (519) 856-0350
Fax: (519) 856-0350
Email:peter.vanstraaten@sympatico.ca
Mr. Thomas A. Smeenk,
President
Tel: (416) 777-1073
Fax: (416) 777-1206
Email: info@ibicorp.com |
