VANCOUVER, BC – June 16, 2010 – IBC Advanced Alloys Corp. (TSX-V: IB) (“IBC” or the “Company”), an integrated manufacturer of advanced nonferrous and beryllium alloys and the owner of beryllium properties in Colorado and Utah announces that it has entered into a contract with Fugro Airborne Surveys Corporation (“Fugro”) to conduct a comprehensive airborne geophysical survey over the Company’s prospective beryllium properties in Juab County, Utah which are immediately adjacent to the world’s largest operating beryllium mine at Spor Mountain, Utah.
In addition to the Fugro agreement, IBC also has contracted a geophysicist based in Salt Lake City to manage the airborne program on behalf of the Company. Abraham Emond is very experienced with airborne survey techniques and systems and has significant experience in planning and overseeing geophysical surveys as well as processing and interpreting geophysical survey results. He has a graduate degree in geophysics from the University of Utah and has worked with BP Inc., Grand Central Silver Mines Inc., and Rio Tinto Limited.
“IBC is very pleased to have signed this contract for an airborne geophysical survey with Fugro,” said Anthony Dutton, President and CEO of IBC Advanced Alloys, “as it will help us advance our technical understanding and the economic significance of our Utah beryllium properties. IBC’s upstream assets in Colorado, and most significantly Utah, play an important role in our company’s vertically integrated structure and value proposition. The Company continues to focus on developing downstream demand for its core resource, most notably through manufacturing efficiencies gained through consolidation and by supporting R&D projects such as our nuclear fuels initiative for example,” continued Dutton. “A secure upstream source of beryllium will better enable the Company to profitably develop these opportunities and create long term shareholder value.”
The survey will be conducted in the next few months when final clearance in the restricted air space over the area can be obtained. It will be flown with fixed-wing aircraft flying more than 7,300 line-kilometres of high resolution aeromagnetics and 256-channel multiple crystal radiometrics over the 260 square mile (166,680 acres, 67,450 ha.) area of interest incorporating IBC’s claims.
The purpose of the aeromagnetic survey is to confirm geologic structures and to help differentiate regional structures from local structures that influenced beryllium mineralization in this area. The gamma ray spectrometer data will help identify specific layers in the very thick sequence of bedded volcanic ash that hosts the beryllium mineralization and blankets the slopes of Spor Mountain and fills the Fish Springs Valley.
The results of this survey will delineate the most prospective areas of beryllium mineralization that with subsequent ground investigation and confirmation will provide exploratory drill hole targets to begin quantifying the beryllium resource of IBC’s claim blocks.
About IBC Advanced Alloys Corp.
IBC is an integrated manufacturer and distributor of rare metals (beryllium) based alloys and related products serving a variety of industries including nuclear energy, automotive, telecommunications and a range of industrial applications. IBC has 80 employees and is headquartered in Vancouver, Canada with production facilities in Pennsylvania, Indiana, Massachusetts and Missouri. Additionally, IBC owns prospective beryllium properties in the Western US covering approximately 9,500 hectares. IBC is creating a dynamic global beryllium and advanced alloys company. IBC’s common shares are traded on the TSX Venture Exchange under the symbol “IB”.
See IBC on Facebook.
For additional information please contact:
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.