NEWS RELEASE

IBI REPORTS URANIUM ANOMALIES IDENTIFIED IN PRIOR RUHUHU TANZANIA PROPERTY EXPLORATION WORK

Toronto, Canada  Friday, February 20, 2009                                                          
#2009 – 330

IBI Corporation, ["IBI" – TSX Venture], a junior international mining and investment company, reports it has received documentation concerning certain preliminary exploration work for uranium on IBI’s 72-square-kilometre Ruhuhu property in Tanzania.

As reported in IBI’s news release of February 6, 2009, the Company has an option to acquire a 90% interest in the Ruhuhu property from Trimark Explorations Ltd. (“Trimark”). The four-year option expires on February 4, 2013.

IBI was granted the option by Trimark after the previous option holder, Uranium Hunter Corporation (“Optionee”), defaulted on the terms of the option, whereupon Trimark terminated the agreement. At that time a variety of initial exploration undertakings costing in excess of $200,000 had already been accomplished concerning the Ruhuhu property, which are outlined below.

Geologically, the property is situated within the Karoo sediments in the Ruhuhu Karoo sedimentary basin. The project is located west-north-west of the town of Songea in Southern Tanzania.

A May 14, 2007 report on the property by Paterson, Grant & Watson Ltd., Consulting Geophysicists, consisted of an interpretation of earlier magnetic and radiometric aerial survey work. The report identified “anomalous areas of interest for uranium” and recommended further exploration involving high-resolution airborne geophysics, geochemistry, and ground follow-up of uranium targets with gamma-ray spectrometry and gold targets with induced polarization.

A subsequent report was prepared for the Optionee by Vivian Stuart-Williams of VP3, South Africa, a geological consultant with specific Karoo uranium experience, and was submitted July 25, 2007. This report notes, “Uranium in the Karoo sediments is derived from the adjacent basement (generally the granites) and was released during primary weathering. Uranium was then transported as uranyl carbonates in the ground water.  Deposition within Karoo uranium deposits is generally associated with reduction/oxidation fronts (REDOX) associated with free organic carbon.”

The report indicates that during limited field work within the concession, three anomalies were found using a scintilometer. On the basis of these anomalies within the favourable Karoo sediments, this concession must be viewed as highly prospective.

To more specifically locate anomalies in the exploration license area, the Karoo sediments were walked by the geologist south of the Ruhuhu River on 250 metre lines controlled by GPS. Although only a small number of lines were completed, largely due to access problems, the report comments, “It is exceptional that anomalies of this order were found with such a basic approach.”

An airborne radiometric and magnetic survey over the Ruhuhu property was commissioned and subsequently conducted by helicopter by airborne contractor, New Resolution Geophysics of South Africa.

An interpretive report of October 2007, on the commissioned helicopter geophysics survey of the property, was prepared by Geoff Campbell, P. Eng, consulting geophysicist, GAP Geophysics (Pty) Ltd., entitled, “Uranium Target Selection from Airborne Geophysical Survey Over the Ruhuhu Prospect, Tanzania.” This report notes that “Modest resolution aeromagnetic and radiometric surveys along 1,100 km of line over the Ruhuhu prospect have delineated up to eight outcropping zones of enhanced uranium activity over which anomalous responses are at least twice the background level characterizing Karoo sediments underlying the area. As geochemical indicators, these constitute viable follow-up targets in the search for uraniferous paleochannels within the Karoo.”

Subsequent to the identification of uranium exploration target areas, the geological firm Gold Finders of Tanzania, under the direction of Peter Andrew, managing director, was engaged to further investigate identified anomalous areas by shallow trenching. Scintilometer readings were taken within the trenches, which showed further evidence of uranium mineralization. At this point exploration activity under the previous option holder ceased. IBI is now working with Gold Finders to continue exploration, the first step being a sampling program with the existing trenches.

A September 2008 report from Trimark Explorations prepared for the Tanzania Ministry of Energy and Minerals, by Brian Hester, geologist and professional engineer, discussed exploration work done on the property to date.  Hester’s report notes, “Uranium mineralization occurs on the property in sandstones in which it is detectable both as visible stain by uranium oxides and by scintilometer readings. Some of the occurrences have been investigated by hand trenching…Additional trenches are planned for the Njombe side of the Ruhuhu River to follow up on the interesting scintilometer readings with the view to drilling the better occurrences.”

Hester’s report concludes, “The property represents a valid prospect for uranium that merits further work. Mineralization of possible commercial interest is scattered over a wide area of the property.”

Brian W. Hester P. Eng, is IBI’s technical advisor and is a partner in Trimark Explorations.

Dr. James Misener P.Eng, Qualified Person for IBI Corporation, has reviewed and approved this news release.

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IBI Corporation Overview :

Uranium :

Following a decision to focus on high-value minerals exploration and development in Uganda and East Africa, IBI sold its Namekara Vermiculite Mine in Uganda to Rio Tinto for US $5 million in March 2007, with final closing in March 2008. IBI subsequently has focused primarily on developing opportunities for the exploration and development of uranium in Uganda and Tanzania. IBI’s prospective uranium land portfolio is comprised of approximately 2,100 square kilometres in Uganda and Tanzania and the Company is seeking to add more uranium lands.

Gold :

IBI has accelerated its program of investing in promising gold opportunities, most notably through its 20% ownership position in Grey Crown Resources Limited. Grey Crown owns and operates the Tira Gold Mine in Uganda and has also built a prospective gold lands portfolio of 1,271 square kilometres in the South East Uganda Greenstone Belt. The Belt is an extension of the Lake Victoria Greenstone Belt where several prominent majors, including Barrick Gold and AngloGold Ashanti, are currently producing gold from significant proven reserves.

General :

IBI recently entered into a joint venture agreement with Venus Capital Resources Limited in which IBI holds a 20% carried interest in 12 exploration license properties comprising 3,442 square kilometres, and regarding which, Venus is the project operator. The properties are contemplated for uranium, gold, and rare earth minerals exploration.

Reader Advisory :

Statements in this document may contain forward-looking information. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, but not limited to, the prospectivity of this property. The reader is cautioned not to place undue reliance on this forward-looking information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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For further information, please contact:

Gary A. Fitchett CA - President and CEO Relations
Tel: (905) 985-6510
e.mail: G.Fitchett@IBInvest.com

 

Dennis C. Mellersh - Investor
Tel: (416) 754-4454
e.mail: D.Mellersh@IBInvest.com