VANCOUVER, B.C. – JUNE 12, 2008 – INTERNATIONAL BERYLLIUM CORPORATION (TSX-V: IB) (“IB” or the “Company”) is pleased to announce that it has exercised its rights under a trust agreement signed on the 1st of September 2007 and acquired a 100% interest in the Boomer mine located in Park County, Colorado. It is comprised of two patented mining claims: the Boomer and East Boomer lodes consisting of 20.560 acres. The Boomer mine was historically the second largest producing beryllium mine in the United States from 1948 until 1963 and was the largest beryllium ore producer in 1958. An additional 33-1/3% interest in the adjacent 9.395-acre J.S. Lode also was acquired.
The Boomer mine, located in Section 21 of Township 11 South, Range 72 West (T11S R72W), lies within the Lake George beryllium area, a prolific beryllium-producing area of South Park, Park County, Colorado. It is well-supplied with electricity, water and telephone, and is readily accessible along an established road system. The Boomer mine produced a majority of the beryllium ore (beryl and bertrandite) mined in Colorado from 1948 until 1969 and over 50% of the total US production during that period according to the U.S. Bureau of Mines Minerals Yearbooks. Mining operations were discontinued in the early 1970s due to a legal dispute between the operating partners.
USGS Scientists, Dr. Wallace R. Griffitts and Dr. Charles C. Hawley, who evaluated the Boomer mine in the 1960s (e.g., USGS Professional Papers 608-A & B and USGS Circular 597), were of the opinion that the Boomer mine retained more than 50% of its mineable reserves. Ore reserves will have to be confirmed by systematic drilling, geochemical sampling, and by geophysical and geological evaluations. The Company confirms that the previous reserves are now a historical resource.
“We are delighted to have secured 100% ownership of the Boomer Mine and to integrate it into our growing international portfolio of high impact beryllium mineral properties,” said Anthony Dutton, CEO and President of IB. “Our current mineral focus is to continue to source, evaluate and acquire additional high quality properties and to grow our global resource base. Available data indicates the Boomer mine will become a significant and valuable asset for IB which will be confirmed by a work program in the near future.”
According to Lindsey Maness, IB’s VP Exploration, “The unusually rich Boomer mine has historically been an excellent source of easily-extracted high-grade beryllium ore. Recent preliminary investigations, including several site visits and an ongoing analysis of all available data, including USGS notes”, continued Maness, “strongly suggest the Boomer mine has significant potential as an economic beryllium producer.”
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, defence, electronics, specialty ceramics 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.