Toronto – Monday, July 13, 2009                                                                               #2009 – 350
IBI Corporation, ["IBI" – TSX Venture], a junior international mining and investment company, announces final closing on the Company’s Definitive Option Agreement (“Agreement”), with Trimark Explorations Ltd. (“Trimark”) regarding Trimark’s 82.20 -square kilometre Ruhuhu Uranium property (“Ruhuhu”) in Tanzania.
As previously announced in the Company’s news release of February 6, 2009, under the terms of the Agreement, IBI has an option (“Option”) to acquire a 90% interest in the Ruhuhu property. The Option is to be exercisable by IBI on completion of a defined exploration program, which the Company has now initiated. Trimark is to retain a 10% carried interest. The final closing of the Agreement was contingent upon receipt of the renewal exploration license on the property from the Government of Tanzania, which has now been received.

IBI is defined as the operator going forward, both before and after exercise of the Option. IBI is making a cash payment to Trimark of US$35,000 on closing and is to make a further payment of US$40,000 after one year. On exercise of the Option by IBI, Trimark would be vested a 2% net smelter royalty interest (“NSR”), with a further option in favour of IBI to buy-back the NSR upon payment of US$1 million to Trimark.
The renewal exploration license is for 82.20 square kilometers, increased from 72.0 square kilometers previously reported. The closing has taken place on July 13, 2009, and hence the four year option period will now expire on July 12, 2013.
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.
In addition to the previous exploration work on the property by the previous optionee, Uranium Hunter, outlined below, the exploration program to be carried out in order to earn the 90% interest in the property will consist of:

• Ground sampling in focused areas defined from the aerial survey;
• Trenching;
• Drill shallow holes to test downward continuity of detected uranium mineralization.

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.
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 then began working with Gold Finders to continue exploration, the first step being a sampling program with the existing trenches.
On April 22, 2009, IBI issued a news release reporting on results from the initial sampling program on the existing trenches conducted on the Ruhuhu Tanzania uranium prospect by Gold Finders of Tanzania. The samples were taken from shallow trenches that had been excavated but not sampled in exploration work by the previous option holder of the property.

The results of the 74 trench samples from the Ruhuhu property by ALS Chemex Lab Services Pty. Ltd. are as follows: 14 samples yielded anomalous values between 60 ppm U (0.14% U3O8/ton) and 120 ppm U (0.28% U3O8/ton).

Further trenching, sampling and geological mapping is currently being planned for the property in order to establish potential drill targets.

Dr. Jim Misener P. Eng, IBI’s Qualified Person, has reviewed and approved this news release.

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 South East Uganda Greenstone 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 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 IBI’s exploration and related activities regarding the Ruhuhu Tanzania property, and discussed in this news release. The reader is cautioned not to place undue reliance on this forward-looking information.

  Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
has 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             Dennis Mellersh – Investor Relations
Tel: (905) 985-6510                                                  Tel: (416) 754-4454  
e.mail: G.Fitchett@IBInvest.com                            e.mail: D.Mellersh@IBInvest.com

http://www.IBInvest.com

External Investor Relations Services for IBI are provided by Hawlen Bay Consulting Corp.,

Robert Allen CEO, 1-888-825-2103