PRESIDENT OF REPUBLIC OF UGANDA RECEPTIVE TO IBI URANIUM EXPLORATION AND DEVELOPMENT STRATEGY

Toronto �Monday, February 9, 2009                                                                          #2009 � 328
IBI Corporation, ["IBI" � TSX Venture], a junior international mining and investment company, reports that the Company, represented by Gary A. Fitchett, president and CEO, was invited to a private meeting at State House, Nakasero, Uganda recently between IBI and His Excellency, President of the Republic of Uganda, Yoweri Museveni, during which the President asked IBI to outline its Uganda Uranium Development Strategy (�Uranium Strategy�).
IBI�s Uranium Strategy is to develop any viable uranium deposits it discovers, on its approximately 2,000 square kilometres of lands designated for uranium exploration, with a view to exploiting the resource within Uganda.
IBI�s Uranium Strategy anticipates working with the Government of Uganda towards a nuclear electrical power generation program to meet the current and future need in Uganda and the East African Region for increased electrical power.
IBI suggested to the President that such an undertaking could best be accomplished by means of a private/public partnership between private corporations such as IBI and the Government of Uganda.
President Museveni expressed strong interest and support in the concept, indicating that it coincides with his Government�s thinking. President Museveni asked IBI for a complete strategic plan and proposal within six months.
President Museveni has publicly noted on numerous occasions that Uganda�s capacity for hydroelectric power generation, even if maximized, would be inadequate to meet Uganda�s growing electricity needs, particularly as the country�s business and industrial base is developed.
IBI�s delegation at the meeting included IBI board of directors member, The Honourable Elly Karuhanga, who is based in Uganda, and Paul Sherwen, president and COO of IBI�s affiliate company, Grey Crown Resources Limited, who is also Chairman of the Uganda Chamber of Mines and a member of the President�s Investor Roundtable.
Also present at the meeting was Hon. Prof. Semakula Kiwanuka, Minister of State for Finance and Investment, and Prof. Maggie Kigozi, executive director of the Uganda Investment Authority.
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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.

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 current and future jurisdictional decisions made by the Government of Uganda. The reader is cautioned not to place undue reliance on this forward-looking information.
 

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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