NEWS RELEASE

IBI FORMS ADVISORY BOARD FOR URANIUM DEVELOPMENT

Toronto – Tuesday, March 10, 2009
#2009 – 334

IBI Corporation, ["IBI" – TSX Venture],a junior international mining and investment company, announces it has formed, and held the first meeting of, an Advisory Board regarding the Company’s uranium development strategy for Uganda.

The first meeting of the Advisory Board was held March 2, 2009, during the recent PDAC Convention and Trade Show in Toronto. The Advisory Board will be involved in preparing and presenting a proposal for a Nuclear Energy Program for Uganda (“NEPU”). H.E.Yoweri Museveni, President of Uganda, requested the NEPU proposal during a recent meeting with the Company at which IBI’s president and CEO, Gary A. Fitchett, outlined the Company’s conceptual uranium development strategy to the President.

IBI’s uranium development strategy for Uganda views the country’s potential uranium resources as a strategic mineral that should be used for the benefit of Ugandans through the development of a national nuclear electrical power generation program. Uganda’s future economic progress will depend to a large extent on its ability to foster business and industrial development through the provision of adequate and competitively priced electrical power. The Uganda government has indicated that even with full utilization of the country’s potential resources suitable for hydroelectric power generation, the country would still face an electrical power shortfall.

To help Uganda meet this challenge, IBI is proposing a nuclear energy strategy for electrical power development in Uganda utilizing the country’s potential uranium resources. The strategy proposes that IBI and the Government of Uganda form a private sector/public sector partnership under which IBI would explore for and develop IBI lands with potential viable uranium resources with the purpose of utilizing such potential resources within the NEPU to increase Uganda’s electrical power generating capacity.  IBI Corporation holds approximately 2,000 square kilometres of lands in Uganda, on which it has commenced exploration.

IBI’s NEPU Advisory Board is currently comprised of the following:

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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 producing 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 outcome of the Company’s proposed uranium and nuclear energy strategy for Uganda. 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