NEWS RELEASE

IBI IDENTIFIES URANIUM EXPLORATION TARGETS ON MUBENDE PROJECT

Toronto, Thursday, February 26, 2009                                                                                                             
#2009 – 332

IBI Corporation, ["IBI" – TSX Venture], a junior international mining and investment company, reports that, as a result of geophysical interpretation of data from Block 2 of the Uganda Aerial Minerals Survey, in which IBI’s 1263-square-kilometre Mubende property is located, numerous areas of anomalous uranium concentration have been identified.
The Mubende property is comprised of three contiguous exploration licenses, 0164, 0165, and 0192.

Processing and interpretation of the data was performed for IBI by Paterson, Grant & Watson Ltd. (“PGW”), the Company’s geophysical consultants, under the supervision of Dr. James Misener, P.Eng, president of PGW.
                      
The purpose of the geophysical interpretation of the magnetic/radiometric data was twofold; namely, to generate a regional structural/lithological interpretation map and to select areas of anomalous uranium concentration as targets for further ground follow-up and investigation. The majority of IBI’s area of interest is underlain by the PreCambrian Mubende intrusive granitic batholith (“MuGr”). Following are excerpts from the PGW report.

Approximately 30 areas of anomalous U concentration have been detected within the MuGr complex. These responses have been grouped into nine (9) targets that we recommend be investigated on the ground with a spectrometer, visual prospecting and sample collection. All of the targets, with the exceptions of T1 and T4, lie within IBI Exploration Licenses (“EL”).

Exploration License 0164

This license is located in the northern half of the MuGr, with the eastern edge underlain by the Phase 1 granite and the northern edge crossing the northern boundary of the MuGr with the schists and sediments.

Target 2 lies largely within the P1 granite and comprises two large (5 km × 3 km) and one smaller anomalously high U2/Th zones. Target 3 borders a NNE–SSW striking quartz vein system and covers a 6 km N–S by 3.5 km E–W anomalous zone.

Target 5, on the western edge of the EL, is a NNE–SSW elongate anomaly associated with regional NNE faulting within the granite that has been cut by both WNW and ENE cross faults.

Target 6, at the extreme southern end of EL 0164, is underlain by the northeastern "bulge" of the Phase 1 MuGr. Two large anomalous U2/Th zones also correlate with regional NNE–SSW faults at the northern edge of the Phase 1 MuGr.

Exploration License 0192

The western end of EL 0192 is completely underlain by the Phase 1 MuGr. Target T7 is the southern continuation of the T6 anomalies and is enhanced by the local NNE structure at the edge of the Phase 1 MuGr and the quartz vein system along the P1 edge.

Exploration License 0165

The two targets within EL 0165 lie at the southern edge of the MuGr. Target T8 is a NE–SW striking anomalous U2/Th zone at the deformed edge of MuGr. NE–SW and ENE–WSW structures disrupt the MuGr/S contact and quartz vein systems also track the intrusive contact. Target T9 is a secondary set of two anomalous zones at, or near, the western edge of MuGr with the schists and sediments.

Target T1 lies at the northeastern corner of the area within the northern P1 MuGr. Target T4 lies at the western edge of the MuGr, between 75,000 N and 82,000 N. This anomaly is of interest due to the strong fault deformation associated with the T9 anomaly, the variable lithology at the MuGr/Gn contact and the prevalent dolerite/ amphibolite dikes in the area.

Paterson, Grant and Watson has recommended that “Reconnaissance sampling and spectrometer surveying over the primary targets within the ELs should be undertaken to confirm the possible presence of U-mineralization.” 

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 :

In February 2009, IBI 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

http://www.IBInvest.com