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| IBI Annual Meeting for 2008 - 17-05-2009 @ 23:03
IBI INVESTOR RELATIONS BULLETIN
May 15, 2009
IBI Annual Meeting for 2008
The Board of Directors and Management of IBI Corporation look forward to meeting with shareholders at the Company\'s Annual General Meeting (AGM) for 2008. The meeting will be held Wednesday June 10 at 4:00 pm at the offices of Gowling Lafleur Henderson LLP, Suite 1600, 1 First Canadian Place, Toronto.
In addition to a presentation on the Company\'s progress by president and CEO, Gary A. Fitchett, IBI is expecting that Paul Sherwen, president and COO of Grey Crown Resources will address shareholders with an update on operations at Grey Crown, in which IBI holds a 29+% interest, at this time. Also, The Honourable Elly Karuhanga, IBI\'s director located in Uganda, is planning to review with shareholders general developments in Uganda.
IBI\'s Annual Report, Information Circular, and Proxy Form are currently in the process of being mailed to shareholders who are on record as owning shares as of May 6, 2009.
Management Discussion and Analysis
The December 2008 MD&A was filed on SEDAR, and is included in the Annual Report being mailed out next week. It is a very detailed report on the status and outlook for the Company, and we urge every shareholder to review this document in order to fully understand the significant progress of the Company.
Gold Outlook In a presentation related to its First Quarter 2009 Results Conference Call of April 29, Barrick Gold indicates it is "Bullish on Gold." Barrick made three key points underpinning this optimistic outlook:
- Global monetary and fiscal reflation will remain necessary for years to come
- Investment demand in long-term uptrend and record ETF inflows
- Gold supply expected to contract
A Mining Weekly article quotes Aaron Regent, CEO of Barrick, as saying at Barrick\'s Annual Meeting, "The gold industry needs to replace almost 100 million ounces of reserves per year, and clearly this has not been happening." Regent also noted that gold mine supply has been on a downward trend since 2001, despite a more than tripling of the gold price, and this trend is likely to continue, according to Mining Weekly. Regent was also reported as saying that the financial crisis and government actions to stabilize the global economy have helped gold to reassert itself as "an attractive financial asset, as a store of value, a safe haven, and an alternative to currency, stocks, and bonds."
Uganda Media Coverage of IBI\'s Uranium Strategy
IBI\'s proposed strategy for an IBI/Uganda partnership to explore for and develop Uganda\'s potential uranium resources as a potential base fuel stock for a nuclear energy program has received good coverage in the Uganda and global media. However a number of misconceptions about such a program have occurred in some of the media coverage. One misconception is that it would take 10 years to build a nuclear power plant, when in fact, depending upon the technology used, it can be done from first concrete pour to initial start-up in less than five years.
Another misstatement is that a nuclear plant needs enriched uranium to operate, thereby conjuring up security concerns, when actually, there are in excess of 40 technologically advanced nuclear plants around the world that operate with non-enriched uranium.
Another misleading aspect in some media coverage is the comment that it takes many years to train a nuclear scientist to run a nuclear plant. The implication of this is that a nuclear plant cannot run without an army of PhD\'s in nuclear physics, which is not the case. Educated people are required, and operators in these plants do need to be trained, but they do not need to be "nuclear scientists." It is also important to note that today\'s plants are built with failsafe mechanisms, such as automatic safe-mode shutdown.
Some media coverage questions Uganda\'s ability to financially handle such a project. While it is true that Uganda would likely need financial support of some kind, there are numerous creative ways that financing could be arranged.
Uranium Strategy Advisory Board
The Company has reported earlier on the creation of IBI\'s advisory board concerning the Company\'s uranium strategy for Uganda. Work has been proceeding well with the advisory board and has included the development of a number of detailed concept papers regarding the proposed private/public partnership between IBI and the Government of Uganda, which IBI envisages.
IBI has forwarded to His Excellency Yoweri Museveni, President of Uganda, a preview report on the upcoming IBI proposal outlining in detail the subjects that the Company\'s proposal will review comprehensively. Topics to be covered will include but will not be limited to: Bridge Technologies; Financing; Construction and Operating Costs; Public Attitudes to Nuclear Energy; Nuclear Fuel Cycle or Supply Chain; Environmental Factors; Types of Nuclear Reactors; Economic Benefits.
Financing Solutions in a Difficult Environment
Those IBI shareholders who are entrepreneurs or business people and who are faced with financing challenges for their businesses may be interested in a new book written by IBI\'s president and CEO, Gary A. Fitchett, and just launched this week. The book, The Financing Toolkit for Small & Medium Businesses is published by the Canadian Institute of Chartered Accountants and sponsored by the Business Development Bank of Canada. The book reviews the many creative financing options that are available even in today\'s difficult credit markets and focuses on the two fundamentals of successful financing - where to go and how to proceed. The book is available for $29.95. If you are interested in purchasing a copy, send me an e-mail at d.mellersh@ibinvest.com
For 35 years, Gary has written and lectured extensively on various business topics, and particularly finance. He often refers to this as his "spare time" hobby and passion.
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Feedback: If you have any comments or questions about this issue of the IBI Investor Relations Bulletin, or about the Company in general, please e-mail or call me using the contact information at the bottom of this page.
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 any corporate developments and initiatives noted above in this Investor Relations Bulletin. The reader is cautioned not to place undue reliance on this forward-looking information.
For further information, please contact:
Dennis C. Mellersh - Investor Relations
Tel:(416) 754 - 4454
e.mail: D. Mellersh@IBInvest.com
Review of IBI 2008 Exploration Initiatives - 20-04-2009 @ 12:55
IBI INVESTOR RELATIONS BULLETIN
April 17, 2009
Review of IBI 2008 Exploration Initiatives
In early 2008 IBI outlined a number of anticipated key initiatives pertaining to the Company\'s exploration, development, and mining goals for uranium and gold. Following is a brief review of the status of those initiatives.
Identifying and retaining additional geologists for uranium and gold
Dr. Andreas Schumann: Geologist Andreas Schumann has been retained to develop and conduct an initial gold exploration program on Grey Crown\'s properties, as well as further exploration on the Grey Crown mining lease area. This ground exploration work coupled with anticipated subsequent geochemical analysis of samples is now in progress.
Dr. James Misener: Geophysical work is being conducted on the Tira Mine lease area by the firm of Paterson, Grant & Watson, consulting geophysical consultants for uranium and gold for IBI and Grey Crown. Dr James Misener, president of PGW, who is now IBI\'s Qualified Person, is supervising this work.
Gold Finders of Tanzania: Geologists with the firm Gold Finders of Tanzania were retained to conduct sampling of previously excavated trenches and to conduct other anticipated exploration activity on the Company\'s recently acquired Ruhuhu property.
Brian Hester: As advisor to the IBI Board of Directors, and Qualified Person for Grey Crown, Mr. Hester recently visited Uganda to liaise with our local geologists and consider exploration strategies, and to inspect some of our properties.
Initiating a National Instrument ("NI") 43-101 report on IBI\'s uranium lands
An agreement to prepare an NI 43-101 report has been reached between IBI and Dr. James Misener, who would be the principle author of the report. Preparation of the report will be based upon the availability of data obtained from detailed ground exploration activity.
Lunyo: Geophysical interpretation by Paterson, Grant & Watson, pertaining to IBI\'s Lunyo prospect which is in block 1 of the Uganda Aerial Minerals survey, indicated that, "The Lunyo granite has been extremely well outlined by the K++ and U++ channels within the radiometrics" The interpretation also noted "extremely high U++ and U/Th ratio anomalous zones within the granite." The interpretive report recommended that, "The anomalous portion of the Lunyo granite exhibiting high U++ and U/Th ratios should be confirmed using a ground spectrometer and sampled for Uranium and rare earth elements."
Mubende: There was a delay of almost one year in the Uganda Government\'s making available data from the Uganda Aerial Minerals survey of Block 2, containing the Company\'s 1263-square kilometre Mubende uranium prospect. As a result, interpretation, on which any exploration planning would be based, was delayed until recently. PGW\'s interpretation of the aerial survey data pertaining to the Mubende area indicated approximately 30 radiometric anomalies, the majority of which are on the Company\'s property.
Ruhuhu: Based on previous geological and geophysical interpretation, the Company\'s Ruhuhu property in Tanzania is considered prospective for uranium. A sampling program of trenches targeted and excavated by the previous option holder, which had shown indications of uranium mineralization, has been conducted by Gold Finders of Tanzania. Samples from this program have been sent to an independent laboratory for testing as part of a larger anticipated exploration program to be directed by IBI.
With interpretation of the aerial survey data now completed, IBI is currently in the process of determining appropriate arrangements pertaining to a coordinated and comprehensive ground exploration program involving each of its uranium properties.
Increasing gold production throughput at the Tira Gold Mine.
The Tira Gold Mine, which is owned by IBI\'s 20%-plus- owned affiliate, Grey Crown Resources Limited, is located in the gold-prospective Greenstone Belt in southeast Uganda. Historically, the mine has been a producer, but production had been largely curtailed due to insufficient funding before the advent of Grey Crown.
Based on ground geophysical exploration work on the mine site and the mine lease area, and the interpretation thereof, new reefs, extensions of existing reefs, and areas of banded iron formation, which can be a host for gold, were identified. Based on this, a production ramp-up was begun in December of 2008 and the Company is currently in the process of developing preliminary anticipated production forecasts.
Creation of joint ventures for uranium and gold
Venus Capital Resources: In February 2009, the Company 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. In creating this joint venture during 2008, the Company developed a good rapport with the principals of Venus and it is anticipated that the working relationship between IBI and Venus will become more structured as activity within the JV unfolds during 2009.
Trimark Explorations Ltd: As a result of negotiations and a Letter of Intent conducted throughout 2008, IBI signed a definitive option agreement with Trimark Explorations Ltd. in February of 2009 for a 90% option interest in Trimark\'s Ruhuhu Tanzania uranium prospect. As noted in the section above outlining exploration considerations for a NI 43- 101 report on IBI\'s uranium properties, geological and geophysical work pertaining to the property has shown indications of uranium.
Magnus International Resources: IBI signed a joint venture agreement under which Magnus Resources could obtain a potential 80% interest in IBI\'s Ibanda gold property in consideration of certain Magnus exploration activity on the property.
Glencar Mining plc: Also in gold, Grey Crown signed an option Letter of Intent with Glencar for a potential 80% interest in the latter\'s Makina gold prospect, which is situated contiguous to Grey Crown\'s Tira Gold Mine. Also, the Exploration Permit for the main property has been renewed for a further three year term into the name of Busitema Mining.
Republic Of Uganda: In January of 2009, the Company outlined to H.E. Yoweri Museveni, President of Uganda, a concept envisaging a private/public partnership between IBI and the Republic of Uganda regarding the creation of a Nuclear Energy Program for Uganda for electrical power generation. The president asked IBI for a strategic report on the concept, which is currently being researched for presentation to the President by the end of July 2009.
Dr. James Misener, IBI\'s Qualified Person, has reviewed and approved the contents of this Bulletin
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Feedback: If you have any comments or questions about this issue of the IBI Investor Relations Bulletin, or about the Company in general, please e-mail or call me using the contact information at the bottom of this page.
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 the Company\'s exploration-related initiatives and/or joint venture initiatives as described above in this Investor Relations Bulletin. The reader is cautioned not to place undue reliance on this forward-looking information.
For further information, please contact:
Dennis C. Mellersh - Investor Relations
Tel:(416) 754 - 4454
e.mail: D. Mellersh@IBInvest.com
April 06,2009 - 06-04-2009 @ 15:21 April 06,2009
Media Coverage of IBI's Uranium Strategy
IBI's strategy for the exploration and development of its prospective uranium lands in Uganda has received considerable news coverage worldwide, particularly in online media.
This news coverage has resulted from a number of factors:
- IBI's news release discussing the Company's meeting with H.E. Yoweri Museveni, President of Uganda, in which IBI's uranium strategy was outlined to the President;
- News reports in the Uganda media on this meeting, which were picked up by other media outlets,
- IBI's news release on the formation of IBI's Advisory Board, formed to assist in the development of the private/public partnership proposal on uranium development in Uganda that IBI will be presenting to President Museveni;
- Reports in the Uganda media on the formation of the Advisory Board and the mutual goal of both IBI and the Uganda Government to create a nuclear energy program for Uganda for generating electrical power;
- Speeches and comments by Uganda government officials addressing Uganda's critical need for increased electrical power generating capacity and the possibility that the country's potential uranium resources could be directed towards that goal.
Recently, the Northern Miner, a respected Canadian periodical, which covers the activities of mining companies, and particularly those based in Canada, interviewed management about IBI's uranium operations, with particular emphasis on the Company's uranium strategy.
The article is currently online at the Northern Miner website and is expected to be published in an upcoming issue of Northern Miner's print edition. A subscription is required to view the online article.
Following are verbatim excerpts from the Northern Miner article
IBI Corp. is Banking on Uranium in Uganda
Less than 8% of Uganda's 30 million population has access to electricity and power shortages have severely curtailed economic growth. Expensive fuel imports and severe drought in the landlocked East African nation have exacerbated the problem.
The energy crisis presents an opportunity for IBI Corporation (IBI-V). The Canadian junior holds about 14 concessions or 2,000 sq. km of permits on land prospective for uranium in Uganda and believes developing uranium deposits and building a nuclear energy program will help solve the country's enormous power shortage problem.
IBI's flagship project is Mubende, a 1,260 sq km uranium property in south-central Uganda, about 100 km west of Kampala.
IBI Corp.'s president and chief executive, Gary Fitchett, says he met with Ugandan President Yoweri Museveni on Jan. 30 to outline IBI's uranium strategy for the nation and that the president asked him to complete a detailed strategy and a proposal within six months.
Now IBI's advisory board will flesh out the details of a proposal for a nuclear energy program. "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," Fitchett says.
What IBI envisions is essentially a public-private partnership to build nuclear power generating facilities, which would be supplied with uranium from the mines IBI plans to build down the road.
IBI believes it has the wherewithal to develop a private- public partnership with the government and has excellent contacts within the government to help make that happen.
"One of our IBI directors - Elly Karuhanga - is a very important person in Uganda - a former MP, lawyer and advisor to the president and he lined up the meeting we had Mr. Museveni," Fitchett explains.
As for its uranium exploration work, Fitchett says aerial surveys completed for the government this year with funds from the World Bank (also known as the Uganda Countrywide Airborne Radiometric and Magnetic Survey) demonstrated about 30 anomalies on IBI's Mubende uranium property.
The next step is groundwork, scintilometer study, rock sampling and lab analysis, Fitchett says, followed by drilling.
Part of the money IBI will use to develop IBI's Mubende project comes from the company's 2007 sale of its Namekara vermiculite mine to Rio Tinto (RTP-N, RTP-l) for US$5 million.
In terms of investing in Uganda, Fitchett says he has confidence in the country and its government. "In the eight or nine years IBI has worked in the country we've never had any interference," he says.
"We did our due diligence back in 2000 before we put money into the country for vermiculite and we're satisfied that the president's thinking is very positive and businesslike toward development and that he has a lot of respect in the world community."
President Museveni has ruled Uganda since 1986.
In addition to uranium exploration, IBI Corp is building a portfolio of gold properties in Uganda and Tanzania. It holds about 1,251 sq. km of land in southeastern Uganda's greenstone belt, through its 20%-owned affiliate company, Grey Crown Resources.
Paul Sherwen, president and chief operating officer of Grey Crown, is chairman of the Uganda Chamber of Mines, sits on the president's investors' roundtable and is also chairman of the government's Minerals and Oil Subsector Committee, a group made up of about 25 senior business executives.
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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.
Feedback: If you have any comments or questions about this issue of the IBI Investor Relations Bulletin, or about the Company in general, please e-mail or call me using the contact information at the bottom of this page.
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 potential outcome of IBI's uranium strategy. The reader is cautioned not to place undue reliance on this forward-looking information.
For further information, please contact:
Dennis C. Mellersh - Investor Relations
Tel:(416) 754 - 4454
e.mail: D. Mellersh@IBInvest.com
IBI INVESTOR RELATIONS BULLETIN - 19-03-2009 @ 09:57
IBI INVESTOR RELATIONS BULLETIN
March 19, 2009
Uganda Media Coverage of IBI's Uranium Strategy
Two writers with New Vision, Uganda's leading newspaper and online news source, have been reporting recently on IBI's proposed strategy for the exploration and development of potential uranium resources in Uganda.
New Vision has published two articles centering on the formation of the Advisory Board that IBI assembled to assist in the preparation of a formal proposal on IBI's uranium strategy. The proposal is to be presented to H.E. Yoweri Museveni President of Uganda, at His Excellency's request, by the end of July of this year.
President Museveni asked for the proposal during a meeting at which IBI's president and CEO, Gary A. Fitchett, outlined to President Museveni IBI's core strategy for uranium exploration and development in Uganda. The essence of IBI's strategy is to propose a joint private sector/public sector program for using Uganda's potential uranium resources for developing a nuclear energy program to boost electrical power generating capacity in the country.
A third article by New Vision is in the preparation stage. The editorial coverage in New Vision is important because it indicates the seriousness with which IBI's ideas on uranium exploration and development are being taken by opinion leaders in Uganda. Additionally, because of the stature of New Vision, it is widely read in Uganda government circles and by the country's business and industrial elite.
Following are some excerpts from the most recent New Vision article on IBI's uranium strategy.
New Vision
Uganda Looks to Nuclear Energy
By Ibrahim Kasita
in Berlin, Germany
"An advisory board to steer the uranium development strategy for Uganda has been formed, paving way for the creation of the national nuclear electrical power generation programme, IBI Corporation, a Canadian mining and investment company, announced last week."
"The board will be involved in preparing and presenting a proposal for national energy programme for Uganda," IBI Corporation said in a statement. The formation of the advisory board follows a recent meeting between President Yoweri Museveni and Gary Fitchett, the IBI's chief in Kampala. During this meeting, Museveni requested the national energy programme for Uganda proposals. Fitchett outlined his company's conceptual uranium development strategy to the President."
"The country is facing power supply shortage that started in the late 1990's due to a combination of low investment in the energy sector and low hydropower generation as Lake Victoria water levels, which feed the two hydropower facilities in Jinja, declined drastically, hurting on the economy. Electricity generation fell to 100 megawatts from the installed capacity of 380 megawatts, forcing the Government to procure diesel-powered generators."
"A new 250 megawatt hydropower dam is under construction at Bujagali on the Nile, with at least two other dams expected over the next decade to meet future demand. But energy analysts predict that even with full utilization of the potential resources suitable for hydroelectric power generation, the country would still face an electrical power shortfall. To mitigate the shortage, IBI is proposing a nuclear energy strategy for electrical power generation using potential uranium resources."
"The strategy comes at a time when even environmentally-conscious countries like Sweden, Finland, the UK and Germany are changing their attitude to nuclear power, and now regard it as a potential solution to concerns over carbon dioxide emissions, high fossil fuel prices and dependence on imported energy sources".
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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.
Feedback: If you have any comments or questions about this issue of the IBI Investor Relations Bulletin, or about the Company in general, please e-mail or call me using the contact information at the bottom of this page.
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 potential prospectivity of IBI's uranium properties, or the potential success of IBI's proposed Uranium Strategy for Uganda. The reader is cautioned not to place undue reliance on this forward-looking information..
For further information, please contact:
Dennis C. Mellersh - Investor Relations
Tel:(416) 754 - 4454
e.mail: D. Mellersh@IBInvest.com
IBI INVESTOR RELATIONS BULLETIN - 11-03-2009 @ 09:36 IBI INVESTOR RELATIONS BULLETIN
March 11, 2009
Strong Interest in IBI at PDAC
IBI had a very successful experience with its four-day booth at the PDAC Investors Exchange, held March 1- 4 in Toronto. The Company is currently sending out additional information requested by investors and companies that visited our booth, and is in serious discussions with a number of companies interested in working with IBI and with our 20%-owned gold- focused affiliate, Grey Crown Resources Limited. The Company's booth was located at a premier location on the main entrance aisle to the Investor's Exchange.
A key accomplishment during the time of the show was the first meeting of the Advisory Board for IBI's private sector/public sector strategy for developing Uganda's potential uranium resources in a Nuclear Energy Program for Uganda ("NEPU"). The core of the strategy is to provide Uganda with a nuclear-energy- driven electrical power generation program to support the growth of Uganda's business, manufacturing, and industrial base and to provide Ugandans with a better standard of living. Details of the formation of the Advisory Board for NEPU and the rationale of the strategy are outlined in IBI's news release of March 10, 2009.
Grey Crown comprised one half of our booth display at the show and attracted considerable attention from both investors and companies wanting to work with Grey Crown in advancing GC's gold agenda. Paul Sherwen, president and COO of Grey Crown, was there for the entire show and was recognized by a number of delegates who are fans of Paul in his role as a major TV commentator on the Tour de France and other significant cycling events. Both general investors and potential joint venture partners alike were impressed with Grey Crown's accomplishments to date and potential.
Two displays at IBI's booth attracted considerable attention. One was a large blow-up of the photograph shown above, of IBI's president and CEO, Gary A. Fitchett, shaking hands with H.E. Yoweri Museveni during the meeting IBI had in late January with the President concerning the Company's strategic plan for developing potential uranium resources in Uganda through the development of NEPU, referenced earlier. Investor Exchange delegates and company representatives were also interested in the display of interpretive maps of the geophysics data from Block 2 of the Uganda Aerial Survey showing clusters of uranium anomalies on IBI's 1,263-square-kilometre Mubende uranium prospect. IBI's geophysical consultants, Paterson Grant & Watson, prepared the maps.
During the Trade Show component of PDAC, Joshua Tuhumwire, Commissioner of the Uganda Department of Geological Survey and Mines, gave a favourably received presentation at the Innovation Forum titled 2009 Update on Mining Investment Opportunities in Uganda. Paul Sherwen, on behalf of Grey Crown Resources as an investor in the country introduced the Commissioner to session delegates.
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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.
Feedback: If you have any comments or questions about this issue of the IBI Investor Relations Bulletin, or about the Company in general, please e-mail or call me using the contact information at the bottom of this page.
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 benefits to be derived from the show. The reader is cautioned not to place undue reliance on this forward-looking information.
For further information, please contact:
Dennis C. Mellersh - Investor Relations
Tel:(416) 754 - 4454
e.mail: D. Mellersh@IBInvest.com
Review of IBI Strategy and Operations - 10-03-2009 @ 15:04 IBI INVESTOR RELATIONS BULLETIN
March 9, 2009
Review of IBI Strategy and Operations
Current IBI Focus
Overall IBI is well positioned in Uganda and Tanzania for uranium and gold and now has interests in more than 6,500 square kilometres of land, comprised of 28 concessions. The majority of these concessions are currently undergoing exploration.
IBI positions now include:
- 2,000 square kilometres of uranium prospect lands in Uganda;
- 333 square kilometres in its Ibanda gold prospect;
- 20% plus ownership position in Grey Crown Resources Limited;
- 20% carried interest in Busia gold properties
- Option for 90% interest in Ruhuhu, Tanzania, uranium prospect;
- 20% joint venture carried interest in Venus Capital resources properties
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.
In the same month, IBI signed a four-year Option Agreement with Trimark Explorations Ltd., regarding Trimark's 72-square-kilometre Ruhuhu uranium property in Tanzania. Initial exploration by the previous option holder has shown the property to be prospective for uranium. IBI has issued a contract for a sampling program of previously excavated trenches that had exhibited indications of possible uranium mineralization.
IBI's Uranium Strategy
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 has developed a strategy for electrical power development in Uganda utilizing the country's uranium resources. The strategy proposes that IBI and the Government of Uganda form a partnership under which IBI would explore for and develop IBI lands targeted for uranium exploration with the purpose of utilizing any viable uranium deposits in a nuclear electrical power generation program to increase Uganda's electrical power generating capacity.
To move this concept forward IBI met with His Excellency Yoweri Museveni, the President of Uganda, in January. During the meeting, IBI's CEO, Gary A. Fitchett, outlined the Company's uranium strategy regarding Uganda to President Museveni, who was receptive to the concept, indicating that this strategy coincides with the Uganda Government's thinking. President Museveni has asked IBI to complete a detailed strategy and proposal.
Active Exploration Program for Uranium
IBI has started an active exploration program on two of its uranium properties:
- On the Ruhuhu property, sampling and laboratory testing of trenching samples is in progress, following earlier geological studies, aerial survey and interpretation, ground review of targets, and trenching;
- On the Mubende property, the aerial survey geophysical interpretation has been completed, which identified 30 uranium anomalies. A ground exploration program for the property is currently being planned.
With the final payment of US$1 million to be received from Rio Tinto from the sale of the Namekara Vermiculite Mine, IBI will be in funds to carry out this work.
Grey Crown Resources Limited
Grey Crown holds 1,271 square kilometres of gold lands in the highly prospective southeast Uganda Greenstone belt. This geographical feature is an extension of the Lake Victoria Tanzanian Greenstone Belt from which majors such as Barrick and AngloGold Ashanti are producing gold from proven and probable reserves exceeding 40 million ounces. In addition, Grey Crown owns the producing Tira Gold Mine in the Busia region of Uganda.
Rising Values of Uranium and Gold
Gold and uranium, as immediate IBI minerals focus targets, represent excellent potential for shareholders. The escalating values of both minerals, along with the accompanying investor interest in all likelihood, will continue. Uranium prices have fluctuated somewhat recently but are still much higher than only a few years ago, and it is expected that demand for uranium for nuclear power generation will exceed the available supply for decades.
Uganda is Now a Premier Mining destination
In today's African landscape, Uganda is a rising star. The country is enjoying a robust period of economic growth. It benefits from a democratically elected, stable, pro-western government. Security and operating stability in Uganda are exceptionally dependable. The World Bank has ranked Uganda at the highest level within the group of countries receiving IMF assistance.
Mineral Development A Priority for Uganda
The Government of Uganda has identified the development of the country's mineral resources as a major economic priority and has in place an extensive plan to bring this to fruition. Agencies such as the World Bank, the African Development Fund and the Nordic Development Fund, have provided US$47 million in funding to Uganda to help further these mineral development strategies and initiatives.
Excellent Relations with Uganda Government
Overall, IBI is experiencing strong and accelerating momentum in its uranium and gold operations and it is doing so with the full support of the highest levels of the Ugandan government. The Company has built, and continues to benefit from, its strong relationship capital with the Government of Uganda, the Uganda Investment Authority and Uganda's mining and exploration administration, such as the Uganda Department of Geological Survey and Mines.
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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.
Feedback: If you have any comments or questions about this issue of the IBI Investor Relations Bulletin, or about the Company in general, please e-mail or call me using the contact information at the bottom of this page.
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. The reader is cautioned not to place undue reliance on this forward- looking information.
For further information, please contact:
Dennis C. Mellersh - Investor Relations
Tel:(416) 754 - 4454
e.mail: D. Mellersh@IBInvest.com
IBI INVESTOR RELATIONS BULLETIN - 24-02-2009 @ 19:59
IBI INVESTOR RELATIONS BULLETIN
February 24, 2009
IBI Exhibiting at PDAC March 1-4
IBI will have a booth in the Investors Exchange section of the upcoming Prospectors and Developers Association of Canada (PDAC) Annual Convention and 2009 Trade Show to be held March 1-4 at the Metro Toronto Convention Centre South Building. Information about all of the activities at PDAC can be viewed on the Association's website at http://www.pdac.ca
The Metro Toronto Convention Centre is located at 255 Front Street West and is only minutes walking distance from the subway at Union Station and can be reached inside by walkways from Union Station. The parking garage for the Metro Toronto Convention Centre South Building is located on Lower Simcoe Street just North of Lakeshore Boulevard. Full details on parking can be viewed on the Metro Toronto Convention Centre website at http://www.mtccc.com
IBI will be exhibiting jointly with the Company's affiliate company, Grey Crown Resources Limited. Paul Sherwen, president and COO of Grey Crown, will be at PDAC each day of the event. IBI will be represented by Gary A. Fitchett, president and CEO, and Dennis C. Mellersh, director of communications and investor relations. Each of us looks forward to meeting shareholders and potential investors during PDAC.
The Company's booth is # 2641 and is located down the aisle from one of the main entrances to the Investors Exchange. IBI was upgraded to a four-day booth in this premium location by the PDAC. Last year, as a new exhibitor, the Company was limited to a two- day booth on the final two days of PDAC.
Joshua Tuhumwire, Commissioner of the Uganda Department of Geological Survey and Mines will be making a presentation in the Trade Show venue of PDAC on Tuesday, March 3 at 3:00 p.m. The Trade Show section of PDAC requires a day pass for which there is a charge. Mr. Tuhumwire will be providing a 2009 Update on Mining Investment Opportunities in Uganda and is expected to be introduced by Paul Sherwen.
Considering the difficult market conditions faced by companies in the resources sector, and in particular junior exploration and mining stocks, this year's PDAC should prove very interesting to attend for shareholders and potential investors.
Few companies have escaped the recent carnage of market cap erosion in the equities markets. However, based on IBI's research of analysts' reports, the consensus is that those junior exploration and mining companies, such as IBI, that have good fundamentals, including strong land positions and cash on hand, are positioned for growth as the markets recover. As evidenced by IBI's recent news releases, there are new and positive developments with IBI, both in uranium and gold in Uganda and Tanzania.
__________________________________________
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.
Feedback: If you have any comments or questions about this issue of the IBI Investor Relations Bulletin, or about the Company in general, please e-mail or call me using the contact information at the bottom of this page.
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, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on this forward - looking information.
For further information, please contact:
Dennis C. Mellersh - Investor Relations
Tel:(416) 754 - 4454
e.mail: D. Mellersh@IBInvest.com
IBI INVESTOR RELATIONS BULLETIN - 26-12-2008 @ 19:15
IBI INVESTOR RELATIONS BULLETIN
December 23, 2008
On behalf of the IBI Board of Directors and Management, the Company would like to extend its best wishes to shareholders for a safe and joyous holiday season and for a happy and prosperous New Year.
Looking ahead, the sale of the Namekara Vermiculite Mine to Rio Tinto, with final closing in March 2008, and with $1 million due from Rio Tinto in March 2009, has enabled IBI to better focus its energies on opportunities for high-value minerals exploration and development.
With the anticipated end-of-December release and subsequent interpretation of data from Block 2 of the Uganda Aerial Minerals Survey, IBI will be able to make decisions regarding exploration for its 1263- square-kilometre Mubende uranium prospect. Additionally, progress has been steady regarding the Company's 20% interest in its gold-focused affiliate company, Grey Crown Resources Limited.
Although market conditions are currently very difficult, the Company believes it is well positioned for the future with its uranium and gold interests as both commodities have long-term positive demand factors working in their favour.
Throughout 2008 the Company has received, and has appreciated, the feedback it has received from shareholders, ranging from appreciative notes on IBI's communication efforts, to well-thought-out suggestions and constructive ideas regarding the Company's business plans and strategy. As an example, the Company recently received the following note: "Hi there. I just wanted to commend yourself, Gary and the whole team at IBI. I own many stocks but none of them keep me up to date like you do. Also, all companies want you to buy their stock but won't purchase any themselves. I see that Gary keeps purchasing shares with money out of his own pocket. I have every confidence that the share price will increase. Thanks"
IBI is very appreciative of the loyalty shareholders have shown throughout the years, and particularly in 2008, to their investment in IBI - an investment, which admittedly, has required considerable patience. The Company is committed to doing everything in its power to justify and reward your loyalty.
IBI INVESTOR RELATIONS BULLETIN - 18-12-2008 @ 09:25 IBI INVESTOR RELATIONS BULLETIN
December 18, 2008
IBI Exhibiting at PDAC 2009 March 1-4, 2009
IBI has upgraded its booth location and length of exhibiting time for the upcoming annual Prospectors and Developers Association of Canada (PDAC) Investors Exchange. IBI will have a four-day booth, which will also feature IBI's gold-focused 20%- owned affiliate Grey Crown Resources. IBI's booth will be located in a premier corner location, # 2641, on the main entrance aisle of the Investors Exchange.
The Government of Uganda's Department of Geological Survey and Mines will also be participating in PDAC with a four-day booth in the Trade Show venue at booth #1328.
The Investor's Exchange section of PDAC is free for those attending, whereas there is a charge of $75 per day ($50 for seniors) for attending the Trade Show. The Investors Exchange is primarily aimed at retail and institutional investors, brokers and analysts, whereas attendees at the Trade Show are largely people with a business involvement in the mining industry.
Ruhuhu Uranium Project
IBI is expecting to obtain a number of reports concerning previous exploration done on the Ruhuhu uranium property located in Tanzania. Arrangements to receive the exploration information were made by IBI president, Gary A. Fitchett, and Brian Hester P.Eng, IBI's technical advisor, during a recent trip to Tanzania to confer with the company that conducted the exploration activities. IBI has signed a Letter of Intent regarding a proposed Definitive Option Agreement with Trimark Resources, owner of the Ruhuhu property, by which IBI can obtain a 90 % interest in the Ruhuhu property.
Grey Crown Exploration
Preliminary work has begun on Grey Crown's initial exploration program. Brian Hester, Qualified Person for Grey Crown, is working in an advisory capacity with Dr. Andreas Schumann, Grey Crown's consulting geologist in Uganda, regarding procedures and implementation of the exploration program. Some initial trenching and sampling activity has been conducted in certain areas proximate to the mine and samples have been sent to an independent laboratory for analysis.
Additionally, Dr. Jim Misener, president of Paterson, Grant & Watson, geophysics consultants, has prepared initial recommendations and a budget for new geophysics work including induced polarization ("IP") to be conducted on certain areas in and around the area of the mine.
Uganda Government Publicizing IBI
IBI and Grey Crown are to be featured in a booklet about mining investment in Uganda that the Uganda Department of Geological Survey and Mines is preparing for distribution at the PDAC in March and other international venues. The booklet will provide an overview of IBI and Grey Crown along with a number of photographs, including IBI's operations offices in Kampala and mining and processing operations at Grey Crown's Tira Gold Mine.
____________________________ ________________________
IBI Corporation Overview: Following a decision to focus on high-value minerals exploration and development in Uganda, IBI sold its Namekara Vermiculite Mine in Uganda to Rio Tinto for US $5 million in March 2007. IBI subsequently has focused primarily on developing opportunities for the exploration and development of uranium in Uganda. IBI's prospective uranium land portfolio is comprised of approximately 2,000 square kilometres and the Company is seeking to add more uranium lands.
Additionally, 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 1,251 square kilometres in the gold-prospective South East Uganda Greenstone Belt, which is an extension of the Lake Victoria Greenstone Belt where majors, such as Barrick and AngloGold Ashanti, are currently producing gold.
Feedback: If you have any comments or questions about this issue of the IBI Investor Relations Bulletin, or about the Company in general, please e-mail or call me using the contact information at the bottom of this page.
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, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on this forward - looking information.
For further information, please contact:
Dennis C. Mellersh - Investor Relations
Tel:(416) 754 - 4454
e.mail: D. Mellersh@IBInvest.com
IBI INVESTOR RELATIONS BULLETIN - 12-12-2008 @ 15:11
December 12, 2008
Outlook for 2009
Demand for Uranium and Price for Gold Expected to Remain Strong
Focus on Uranium
IBI's primary emphasis in 2009 will be in advancing the Company's uranium program in Uganda and East Africa.
Although the current financial and economic situation will continue to have an effect on the uranium market and nuclear power, largely because of the industry's capital-intensity, IBI believes, based on outside expert opinion, that in the longer-term, nuclear power, using enriched uranium, remains the most viable option for cost-effective, reliable, and environmentally acceptable electrical power generation.
Demand for Uranium
Demand for uranium is expected to continue to exceed supply. Ux Consulting notes that in terms of supply, "Uranium production has continued to be sub-par against a backdrop of growing demand." In spite of current uncertainties in the markets, Ux Consulting also comments that primary and potential suppliers are "expanding exploration programs where economically feasible."
In a commodities outlook article, on December 10, 2008, the The Globe and Mail quoted a uranium expert who cited the demand factor as being a positive driver for uranium, noting that, unless new uranium supply is brought online, the world will face a critical uranium shortage. The article noted for example, that in China alone, 33 nuclear reactors are under construction.
Price of Gold
Based on independent expert forecasts, IBI foresees a strong future for the gold market. The Globe Outlook 2009 article, cited above, noted, "With world economies reeling, one potential bright spot on the commodities horizon is gold." Experts are cited as saying the price will continue to escalate. One commodity strategist quoted in the article said, "Next year [2009] might not be the year that gold pays, but almost certainly will be the year to buy."
IBI Gold Interests
With Grey Crown Resources Limited (IBI's gold- focused affiliate company) progressing well, IBI intends to manage its gold interests primarily through the Company's 20% position in Grey Crown. During 2008, considerable efforts were made in developing Grey Crown, which is now well positioned for growth in 2009.
General Outlook for Commodities
In terms of the overall long-term direction of the commodities market, many commodities companies are indeed retrenching. For companies with good fundamentals, however, this is expected to be temporary. Rio Tinto, for example, although currently entering a significant cost cutting and cash building phase, is nevertheless optimistic about the future.
In its recent statement indicating asset sale efforts and substantial contractor and staff cutback measures, Rio Tinto commented, "The [Rio Tinto] Group maintains its belief that the industrialisation of developing economies with large populations will support much higher levels of metals and minerals demand worldwide in future years. The purpose of these measures announced today is to ensure that the Group is well positioned to exploit this underlying trend when the global economy recovers."
Rio Tinto Commitment
Regarding Rio Tinto's cost-cutting announcements, it is important to note that under the terms of IBI's signed agreement with Rio Tinto, which includes the final payment of US $1 million from Rio Tinto for IBI's former Namekara Vermiculite Mine, the payment is guaranteed by Rio Tinto and is to be paid by Rio Tinto no later than March 31, 2009 regardless of whether Rio Tinto sells the mine or not.
IBI'S Key Focus Areas for 2009
- Identify and retain an additional uranium geologist consultant for the Company. This geologist may also become IBI's Qualified Person regarding uranium
- Continue planning of and begin implementation of specific geological and geophysics uranium exploration programs for the Company's 2,000- square-kilometre uranium land portfolio in Uganda. Planning has been hampered to date by the continuing delay of data release from Block 2 of the Government of Uganda Aerial Minerals Survey
- Based upon initial exploration findings, negotiate joint venture partnerships for the exploration and development of IBI's uranium lands
- Based upon exploration findings, initiate work on a uranium-focused NI 43-101 Report
- Based on exploration results, plan and implement drilling and other targeted exploration activities on certain areas of IBI's uranium properties
- Work with the Government of Uganda towards a uranium resource development strategy, as one of the possible solutions to Uganda's urgent need for greatly increased electrical power generating capability
- Complete a Definitive Agreement with Trimark Explorations for the Ruhuhu uranium property in Tanzania and plan further exploration thereon for uranium and gold
- Continue efforts to increase IBI's uranium land portfolio in Uganda and East Africa
- Based on IBI's strategic plan for 2009, work with IBI's external investor relations consultants, to plan and implement a promotional campaign targeted to fund managers, retail investors, investment clubs, brokers and analysts. IBI considers that the Company's current share price is substantially undervalued
Feedback: If you have any comments or questions about this issue of the IBI Investor Relations Bulletin, or about the Company in general, please e-mail or call me using the contact information at the bottom of this page.
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, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on this forward - looking information.
For further information, please contact:
Dennis C. Mellersh - Investor Relations
Tel:(416) 754 - 4454
e.mail: D. Mellersh@IBInvest.com
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