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Friday, February 06, 2009

TweetThis! IBI Signs Definitive Agreement for Uranium Project in Tanzania

This news info was obtained 'as is' from TradingMarkets.com and it is being copied here FYI:

IBI Corp. a junior international mining and investment company, reports it has signed a Final and Definitive Option Agreement ("Agreement"), with Trimark Explorations Ltd. ("Trimark") regarding Trimark's Ruhuhu Uranium property ("Ruhuhu") in Tanzania.The Agreement was signed by IBI and Trimark subsequent to Trimark having issued a Notice of Termination following default of its agreement with the previous option holder on the approximate 72-square-kilometre property. The addition of the Ruhuhu property brings IBI's uranium property portfolio in Uganda and Tanzania to about 2,100 square kilometres.

Under the terms of the Agreement, IBI has an option ("Option") to acquire a 90% interest in the Ruhuhu property. The four-year Option expires on February 4, 2013. The Option is to be exercisable by IBI on completion of a defined exploration program. Trimark is to retain a 10% carried interest. The closing of the Agreement is contingent upon receipt of the renewal exploration license on the property from the Government of Tanzania.

Under the Agreement, Trimark will provide all exploration data developed to date related to the Ruhuhu property, which includes a preliminary geological study and two initial geophysical studies, including data on preliminary ground and trenching exploration performed by the previous option holder. Earlier work is reported to have discovered evidence of uranium mineralization in trenches, targeted from radiometric aerial surveys.

Details of the prior exploration work carried out will be summarized and announced as soon as the data is available.

IBI is defined as the operator going forward, both before and after exercise of the Option. IBI is making a cash payment to Trimark of US$35,000 on closing and is to make a further payment of US$40,000 after one year. On exercise of the Option by IBI, Trimark would be vested a 2% net smelter royalty interest ("NSR"), with a further option in favour of IBI to buy-back the NSR upon payment of US$1 million to Trimark.

The addition of the Ruhuhu property represents an important step forward in the development of IBI's uranium strategy for East Africa. IBI's intention is to explore and develop its uranium properties in cooperation with the governments of East Africa in a manner that will assist in the creation of much needed additional electrical power generating capacity in the jurisdictions involved.

Dr. Jim Misener P. Eng, IBI's Qualified Person, has reviewed and approved this news release - TradingMarkets

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