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International Beryllium Corporation Acquires 371 Strategic Beryllium Mineral Claims in the State of Utah Adjacent to the Spor Mountain Beryllium Mine
REL has completed filing of 371 mineral claims near Spor Mountain in Juab County, Utah. IBC will acquire the rights to the 371 claims constituting approximately 7,630 acres proximal to existing beryllium mining operations at Spor Mountain through its acquisition of REL. The 371 claims filed by REL, and which will become the property of IBC upon completion of the acquisition of REL, are strategically located in an area of known beryllium mineralization described in US Geological Survey Professional Paper 415.
Studies conducted by the U.S. Geological Survey and by the U.S. Bureau of Mines in the 1960s confirmed the extent and grades of the beryllium deposits in this area and their chemical, mineralogical, and physical properties. The IBC claims abut the mineral property of Brush Engineered Metals (NYSE: BW) at Spor Mountain, a mine site that has experienced declining reserves during the past four years. Current production rates at Spor Mountain of approximately 48,000 tons of bertrandite ore annually grading 0.35% beryllium constitute nearly 60% of world production.
The beryllium deposits discovered at Spor Mountain in December, 1959, have been the major source of this metal in the western world for more than 40 years. The beryllium mineralization at this location occurs in tabular deposits situated along major faults and fractures in an altered water-laid rhyolitic tuff within a valley that was once part of paleo-Lake Bonneville. The IBC claims are located on extensions of the geologic structures initially described by USGS geologists and that are presently being mined. This sparsely populated area of Juab County has good road access and electrical power availability for industrial development. IBC has been advised in a January, 2008 letter that Juab County is actively seeking economic development of mining and processing facilities.
"Over the past few decades, this area has been intensively studied by impartial U.S. Governmental agencies, which have confirmed the presence of beryllium mineralization," stated Lindsey Maness, IBC's Vice President of Exploration. "Further geochemical, geophysical and field geological investigations will be used to identify and delineate any additional ore zones that may be suitable for mining."
"We are very pleased that REL has been able to establish such a large and potentially valuable claim area so close to a large known beryllium operation," said Anthony Dutton, CEO and President of IBC. "Such opportunities do not present themselves often and we are very excited to be acquiring REL and believe that with their combined knowledge and claim portfolio they will play an extremely important part of IBC's growth strategy."
Historical information in this news release should not be treated as current and should not be relied upon.
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
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.