VANCOUVER, BC — January 17, 2008 – International Beryllium Corporation (TSX-V: IB) (“IBC”) is pleased to announce that on January 7, 2008 it entered into a binding letter of intent to acquire Rare Earths Limited LLC (“REL”), a private Colorado-based company owned by Lindsey V. Maness, Jr. and Lee R. Rice. The proposed transaction is a non arm’s length transaction in that Lindsey Maness, Jr. is an officer of IBC and Lee R. Rice is a director of IBC.
The aggregate purchase price will be one million common shares of IBC and US$40,000.00. Upon completion of the proposed acquisition, IBC will hold 100% of all the issued and outstanding shares of REL. Lindsey Maness, Jr. will remain an employee of REL and Lee Rice will remain as a director of IBC. The letter agreement is subject to certain conditions including customary due diligence, applicable securities regulatory approvals and the approval of the TSX Venture Exchange.
“IBC is very excited to be acquiring a technical team of the calibre and experience of Lee Rice and Lindsey Maness,” said Anthony Dutton, President and CEO of IBC. “Lee and Lindsey are acknowledged global experts in the beryllium field, possessing broad industry experience ranging from exploration to processing. This strategic acquisition,” continued Dutton, “adds enormous depth and expertise to the IBC team and will greatly enhance the Company’s prospects as IBC expands internationally across the mine to market value chain.”
REL brings a comprehensive reference library detailing beryllium mines, deposits and occurrences worldwide which is complemented by extensive geologic, topographic, and bathymetric databases and a world class library of satellite imagery. Combining these assets with the REL partners’ more than 60 years of accumulated experience in all aspects of the beryllium industry represents an exceptional wealth of knowledge. In addition, REL also owns a number of beryllium mining properties and claims including the Blue Puma claim in Colorado and numerous claims in Juab Country, Utah.
Lindsey Maness, Jr., is a geologist with more than 30 years of exploration experience throughout the world, having formerly been a consultant for NASA and a number of petroleum and mining companies during his career. He is a widely acknowledged authority on beryllium resources.
Lee Rice is a geologist, a registered professional engineer, and a registered member of the Society for Mining, Metallurgy, and Exploration. He is a “Qualified Person” with more than 35 years of experience in exploration and mineral resource development. He spent many years with Exxon and with the U.S. Bureau of Mines before establishing his own geological and consulting engineering firm to serve the minerals industry.
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. There can be no assurance that the proposed acquisition will be completed as described, or at all.
About International Beryllium Corporation
International Beryllium Corp. 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 and automotive. International Beryllium’s common shares are traded on the TSX Venture Exchange under the symbol IB.
International Beryllium Corporation
Anthony G. Dutton, CEO
(604) 689-1515 ext 111
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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