NEWS RELEASE

IBI ISSUES UPDATE ON URANIUM/ NUCLEAR PROGRAM FOR UGANDA

Toronto - Tuesday, June 23, 2009                                                                 #2009 -- 348

IBI Corporation, ["IBI" - TSX Venture] a junior international mining and investment company, reports that the IBI Advisory Board for the Company\'s Uranium/Nuclear Strategy for Uganda (the "Advisory Board") held a working meeting June 9 in Toronto and has issued an update on its progress.

The Advisory Board was formed to assist the Company in the development of a proposal contemplating a public/private partnership between IBI Corporation and the Government of Uganda regarding nuclear electrical power generation.

The concept envisages the proposed partnership exploring for and developing potential uranium deposits and working together towards the creation of a Nuclear Power Program for Uganda to generate electrical power for the country. His Excellency Yoweri Museveni, president of Uganda, requested the proposal during a meeting earlier in the year with IBI\'s president and CEO, Gary A. Fitchett, at which time Mr. Fitchett briefly outlined the concept to the president.

The Advisory Board has developed a number of detailed concept papers, which will form the basis of a progress report on the proposed partnership and project to be submitted to president Museveni shortly.

The Advisory Board considers that there are numerous primary driving factors in favour of the proposed project including:

• Uganda needs a cost-effective method, with minimal carbon emissions, for increasing electrical power generation if Uganda is to grow its economy as planned. A national Nuclear Power Program for the country would meet this requirement.

• Throughout Uganda, areas of anomalous uranium concentrations have been identified by means of interpretation of aerial surveys and other data.

• IBI has a significant portfolio of lands in Uganda with possible uranium potential. IBI recently added four new exploration licenses totaling approximately 782 square kilometres in the Mubende area of Uganda, contiguous to the Company\'s existing Mubende property, bringing the IBI\'s prospective uranium land portfolio to about 2,800 square kilometres in Uganda.

• Among the technologies investigated, there are systems that potentially could reduce the typical timeframe of approximately ten years from the beginning of construction to start-up to slightly less than five years. These identified technologies are also cost-effective and have less potential security risk than typical competing technologies.

• There are a now a number of precedents for co- operative uranium programs in Africa including: the reported deal that the French nuclear giant Areva signed in March with the Democratic Republic of Congo; Areva\'s reported agreement on developing a uranium mine with Niger; and a reported agreement between Russia and Nigeria to co-operate in building nuclear reactors and jointly exploring for uranium. South Africa is already involved in nuclear power.

• A number of potential partnering participants, including possible partnering countries, have been identified that could become involved in building the infrastructure for a nuclear power program for Uganda.

• Uganda is considered by global agencies to be stable politically and economically, whereas there is perceived risk associated with some African and other countries throughout the world seeking to become involved in national nuclear power projects. Uganda has the potential to be the economic hub of Sub- Saharan Africa and, with a national Nuclear Power Program, could be a net exporter of electrical power, particularly to adjoining East African countries.

• The respected UxC uranium information website notes in its First Quarter (2009) Report, "The topical essay for this quarter\'s report is "Into Africa" and examines the key role that Africa is poised to play in the expansion of production that is necessary to support reactor needs, given not only the drawdown of inventories that is taking place, but also the nascent nuclear renaissance. Africa and Kazakhstan together are projected to account for 50% of the world\'s uranium production by 2020 and 70% of the production growth between now and then."

• Uganda is a member of the International Atomic Energy Agency ("IAEA") and the Agency, as noted in the IAEA document "Considerations to Launch a Nuclear Power Program", is "authorized to assist any member state that is considering or has decided to introduce nuclear power to meet energy needs. For example, support can be provided for implementing the operational phase of a Nuclear Power Program to the extent that the State has demonstrated that it has established the essential elements of a national framework."

_____________________________________

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 2,882 square kilometres in Uganda and Tanzania and the Company is seeking to add more uranium lands.

The Company is currently preparing a proposal for the Government of Uganda for a private/public partnership between IBI Corporation and the Government of Uganda for the exploration and development of IBI\'s prospective uranium lands towards the goal of creating a nuclear electrical power generation program for Uganda.

Gold: IBI has accelerated its program of investing in promising gold opportunities, most notably through its current 29% 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 1,242 square kilometres in the South East Uganda Greenstone Belt. The Belt is considered to be 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, any potential outcomes resulting from discussions of or actions of the IBI Advisory Board for the Company\'s Uranium/Nuclear Strategy in 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.

For further information, please contact:

Gary A. Fitchett CA - President and CEO        Dennis C. Mellersh - Investor Relations
Tel: (905) 985-6510                                Tel: (416) 754 - 4454
e.mail: G.Fitchett@IBInvest.com                      e.mail: D.Mellersh@IBInvest.com

www.IBInvest.com