VANCOUVER, BC – April 27, 2010 – IBC Advanced Alloys Corp. (TSX.V:IB) (“IBC” or the “Company”) announces that it has appointed James Malone as Vice President of Nuclear Fuels. In this newly created position, Mr. Malone will be responsible for fostering and managing relationships with potential industry partners and government agencies to collaborate with IBC on its strategic initiative to develop a more efficient, safer and economically sound beryllium oxide enhanced nuclear fuel.
Mr. Malone is formerly Vice President of Nuclear Fuels for Exelon Generation (“Exelon”), a wholly owned subsidiary of Exelon Corp. (NYSE:EXC) which operate the largest nuclear fleet in America and the third largest fleet in the world. Exelon’s 10 nuclear power plants with 17 reactors represent approximately 20% of the U.S. nuclear industry’s power capacity. Mr. Malone is a current member of the American Nuclear Society and the past Chairman of the ANS Fuel Cycle Waste Management Division. In addition to his new responsibilities Mr. Malone will also chair IBC’s nuclear fuels advisory board.
Mr. Malone has more than 40 years of experience in the nuclear power industry, focused on the technical, economic and planning aspects of nuclear fuels. In his previous position at Exelon Generation he was primarily responsible for their nuclear fuel cycle activities, including procurement, safeguards, economics, and fuel cycle cost. Mr. Malone has a particular interest in nuclear fuel technologies and high thermal conductivity nuclear fuels.
“I am very excited to be joining IBC’s nuclear fuel program and look forward to working with IBC and prospective industry partners to advance this technology,” said Jim Malone. “The nuclear power industry is currently enjoying significant growth and will play an increasingly important role in satisfying global energy demand. A fundamental component of a strong nuclear future is development in fuel design,” continued Malone, “and I believe that IBC and Purdue University’s beryllium oxide enhanced fuel could have a significant impact on the safety and economics of the nuclear industry.”
“Jim Malone will be an enormous asset to IBC’s nuclear fuels program and we look forward to the benefit of his considerable industry experience and expertise in all aspects of developing, maintaining and promoting nuclear fuel cycle activities,” said Anthony Dutton, President and CEO of IBC. “We are very pleased to have Jim lead the way for IBC’s nuclear fuels initiatives and increase awareness for a more sustainable nuclear power alternative.”
IBC signed a collaborative research agreement with Purdue University in August 2008 to advance the university’s existing nuclear fuels research program and to develop a new type of beryllium oxide enhanced nuclear fuel that has higher thermal conductivity and is therefore potentially longer lasting, more efficient and safer than current uranium-based nuclear fuels. The objective of the research is to commercially develop a nuclear fuel for optimal use in both current and future nuclear reactors.
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 and Brazil 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”.
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For additional information please contact:
IBC Advanced Alloys Corp.
Ian Tootill, Director of Corporate Communications
(604) 685-6263 ext 110
Email: [email protected]
Website: www.ibcadvancedalloys.com
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.
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