VANCOUVER, BC. – February 5, 2009 – International Beryllium Corporation (TSX-V:IB) (“IBC” or the “Company”) announces that on February 3, 2009 the United States Department of Defense and a special Pentagon board published a report stating that high purity beryllium is a critical material for which domestic sources of supply need to be ensured.
The Pentagon board has ruled that some specialty metals are not materials critical to national security eliminating a national security reason for the Defense Department to ensure a long-term domestic supply of such materials. High-purity beryllium, however, is a critical material, the report maintains.
“This report underscores the potential importance of our recently acquired Colorado and Utah exploration properties as well as the historically productive Boomer mine in Colorado,” said Anthony Dutton, President and CEO of International Beryllium. “This Pentagon report completely validates our strategy of North American mineral asset acquisition which is also being driven by the potential for beryllium containing nuclear fuels and the demand from military, industrial and other markets where the light weight and other qualities of beryllium are so important.”
“Even in peacetime, defense applications dominate the market; beryllium is essential for important defense systems and unique in the function it performs,” indicates the report. “In addition, domestic production capabilities have atrophied, and there are no reliable foreign suppliers. Accordingly, the Department should continue to take those special actions necessary to maintain a long-term domestic supply of high-purity beryllium.”
John Young, the defense acquisition executive, submitted the finding to Congress in a January 26, 2009 report mandated by lawmakers. The report followed a December 12, 2008 meeting of the Strategic Materials Protection Board, chaired by Young and comprised of representatives from the Office of the Secretary of Defense, the service acquisition executive offices and the under secretary of defense for intelligence.
The Strategic Materials Protection Board discussed and approved the definitions of strategic and critical materials proposed by the executive secretary during its meeting, the report states. “As a result of the modified definition for critical materials, any material designated as critical will require a risk assessment and a strategy to ensure domestic availability,” the committee explains.
The status of specialty metals used to make sensors, armored vehicles, satellites and other items has long been a congressional concern. The Defense Authorization Act mandated the creation of the Strategic Materials Protection Board to oversee their use and supply.
About International Beryllium Corporation
International Beryllium Corporation is a global exploration and development company focused on beryllium, beryllium oxides and beryllium master alloys. Beryllium and related alloys are used in a broad range of specialized industrial applications such as nuclear power, oil and gas, defense, electronics and automotive. International Beryllium’s common shares are traded on the TSX Venture Exchange under the symbol IB.
This news release was prepared by management of IBC, which takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Legal Notice Regarding Forward Looking Statements
This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with manufacturing operations and mineral exploration, therefore the Company’s future results, performance or achievements could differ materially from those expressed in these forward-looking statements will transpire. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
To view all past news releases go here.