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

To: WAYNEW who wrote (248)	4/5/1999 10:23:00 AM
From: Elizabeth A Rice	Read Replies (1) \| Respond to of 422

IBI CORPORATION REPORTS AGRONOMIC TEST RESULTS IBI Corporation reports 2 times increase in biomass yield using Busumbu blended phosphate (70% Busumbu phosphate 30% TSP) as compared to no phosphate inputs. These data are reported by the International Centre for Research in Agroforestry, Kenya, on the basis of preliminary results of agronomic trials in western Kenya from November 1998 to February 1999. Thomas Smeenk, President, said: "The economic benefit to the farmer is a potential doubling of food production; in effect, a doubling of income." The company previously announced its proven reserve of 8.5 million tonnes 11-15% P2O5 with 30-50 million tonnes of additional potential phosphate bearing material of similar grade. The company intends to have a formal feasibility analysis prepared. Agricultural soils in Uganda and surrounding countries are characterized by severe phosphate deficiencies. More than 4,000 field demonstration plots set up by the U.S. Agency for International Development under the Agribusiness Development Center (ADC), Uganda, have shown that crop yields can be increased 2 to 3 times through the application of fertilizers. ADC estimates annual fertilizer use in the Busumbu market area as approximately 290,000 tonnes. At present all fertilizer is imported. In the letter dated July 14, 1998, ADC reported that fertilizer prices at the village level can reach up to $750/tonne. Busumbu phosphate is simple to beneficiate. The company estimates its costs to produce the Busumbu blend phosphate fertilizer will be approximately $150/tonne. IBI shares and rights trade on the Canadian Dealing Network under the symbols IBIC and IBIC.RT, respectively. The company has 181,838,445 common shares issued. The rights offering expires on April 6, 1999. For further information, please contact: Dr. Peter van Straaten Tom Smeenk, President Tel. 519-856-9291 Tel. 416-777-1073 Fax 519-856-9291 Fax 416-777-1206 Email: peter.vanstraaten@sympatico.com Email: info@ibicorp.com -30-