NEWS RELEASE

IBI AFFILIATE GREY CROWN RESOURCES BEGINS NEW GEOPHYSICAL GROUNDWORK EXPLORATION PROGRAM

Toronto - Monday, March 23, 2009                                                                                                                                                                          
#2009 – 336

IBI Corporation, ["IBI" – TSX Venture], a junior international mining and investment company, reports that its 20%-owned affiliate company, Grey Crown Resources Limited ("Grey Crown"), has begun a new geophysical groundwork exploration program.

Grey Crown is currently a private integrated gold exploration, development, and mining company focused on Uganda, with 1,271 square kilometers of prospective gold lands.

Grey Crown has initiated an induced polarization and resistivity survey over certain of the Company's gold properties in eastern Uganda. In total, approximately 15 line kms of survey will be carried out over anomalous gold target areas on ML 4128 (TIRA MINE) and the adjoining exploration license EL 0030.

The geophysical survey will be executed and managed by Mr. Ron Mertens P.Geo, acting as consultant to Paterson, Grant & Watson Ltd. (PGW), geophysical consultants to Grey Crown Resources Limited. It is expected that from the beginning of the survey work to completion of interpretation of the data will take up to two months.

The current survey work is in addition to geophysical work conducted on the mine lease area by PGW in 2008. The previous 2008 I.P. survey test-lines identified new reefs (quartz veins) and extensions of existing reefs. The earlier work also indicated a possible granite domal structure that the current survey will delineate in more detail. Both the reef systems and the domal structure are being targeted as potential drill targets.

Dr. James Misener P.Eng, Qualified Person for IBI Corporation, has reviewed and approved the contents of 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 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, potential results from the exploration program outlined above. 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