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Gold/Mining/Energy : IBI CORP IBIC (CDN) -- Ignore unavailable to you. Want to Upgrade?

To: Elizabeth A Rice who wrote (150)	10/15/1998 12:06:00 PM
From: Elizabeth A Rice	Read Replies (1) \| Respond to of 422

IBIC PRESS RELEASE OCT 15 IBI Corporation announced today it has received Environmental Impact Statement (EIS) approval from the National Environment Management Authority (NEMA) of Uganda for the development of the Busumbu Phosphate and the Namekara Vermiculite Mines. IBI President and CEO, Tom Smeenk said approval of the Environmental Impact Statement (EIS) submitted by IBI represents an important step toward the development of the phosphate/vermiculite project. "This is a significant advancement for IBI and its shareholders," Mr. Smeenk said. "It represents the final approval of the environmental conditions under which these deposits can be developed, mined and reclaimed." Chairman Ed Lai noted "the granting of the EIS demonstrates that, from a technical perspective, we can meet and exceed the benchmarks established by Ugandan authorities." During the development phase, IBI must implement the mitigation measures identified in the EIS. These measures refer to environmentally sound mining practices and safe work conditions normally associated with a mining operation of this nature. Shareholders, analysts and other interested parties are invited to review the Environmental Impact Statement for the Proposed Busumbu Phosphate and Namekara Vermiculite Deposits at the Company's Toronto offices. IBI Corporation is a resource-based company whose principal assets include a phosphate/vermiculite mining project in Uganda in which it holds a 70% interest (subject to IBI's securing development financing of up to US$4.5 million). It has a proven reserve of 8.5 million tonnes grading between 11%-15% phosphate, as well as adequate reserves of vermiculite with which to begin production. IBI Corporation has 177,552,731 shares outstanding. -30-