VANCOUVER, BC – February 23, 2011 – IBC Advanced Alloys Corp. (TSX-V: IB) (“IBC” or the “Company”) has successfully completed the data analysis of its previously disclosed airborne survey of the Company’s beryllium claims in Juab County, Utah flown in 2010.
The completed data analysis has identified several high interest target zones (“TZ”) that will be the subject of additional work to quantify the Company’s upstream resource base. The Company is developing and deciding on a 2011 work plan that may include drill testing, and other work, on these high priority targets. The geophysical survey, completed by Fugro Airborne Surveys Corporation (“Fugro”), based in Ontario, Canada, flew a detailed 7,495 line kilometre low altitude airborne radiometric and magnetic survey covering IBC’s Utah beryllium mineral claims and adjacent areas totalling 72,380 hectares.
Abraham Emond, geophysical consultant based in Salt Lake City, Utah, worked with the Company’s in-house technical team to review the data for the production of a detailed interpretation. “This well-executed geophysical survey will continue to add value to IBC’s Juab County exploration efforts,” said Mr. Emond, “and has identified a number of promising potential drill targets for the Company.”
Results of the radiometric survey showed a mantle of outwash material from Starvation Canyon that is otherwise indistinguishable from the volcanic tuffs of the Fish Springs Valley but covers the beryllium bearing tuffs on the southwest flank of Spor Mountain for a width of 600 metres to as much as 2,300 metres, averaging about 1,600 metres. This cover material prevents geochemical sampling and shallow drilling from revealing beryllium content in the underlying tuffs and appears to truncate the previously mined deposits on Spor Mountain.
The magnetic intensity data clearly revealed four through-going northeast-trending fracture zones extending from the previously mined areas on Spor Mountain to the southwest into IBC’s claim block. These fracture zones may have been the source as well as the locus of the ore deposits on Spor Mountain. The intercept lengths of these fracture zones on IBC’s claims are 930 metres, 1,740 metres, 3,550 metres, and 6,420 metres and constitute the target areas for a 30- to 50-hole drilling campaign to evaluate the beryllium resource during the 2011 field season.
“We are pleased to see these positive targets emerge from the Juab County geophysical survey,” stated Lee Rice, IBC’s consulting geologist and a Company director. “The property is very large and these targets reinforce our view that the property hosts multiple zones of beryllium mineralization. We have the added benefit of our claims being immediately adjacent to the world’s largest beryllium mine and were therefore able to complete a detailed comparative analysis for a better understanding of the potential of the Juab County claims.”
“IBC is very encouraged with these results,” said Anthony Dutton, President and CEO of IBC Advanced Alloys, “IBC’s upstream assets in Utah play an important role in our company’s strategy as we develop new markets and technologies for beryllium. IBC’s nuclear fuels initiative for example,” continued Dutton, “will require a secure source of beryllium which we hope can be fulfilled by Juab County thereby creating significant long-term shareholder value.”
The technical program at Juab County has been conducted under the supervision of IBC’s Exploration Consultant, Mr. Lee Rice, a registered member of Society for Mining, Metallurgy, and Exploration, a registered Professional Engineer, and a Qualified Person as defined by National Instrument 43-101. Mr. Rice also has reviewed and approved the contents of this news release.
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 Indiana, Massachusetts, Pennsylvania 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.
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.
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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