NEWS RELEASE

                       ON RUHUHU TANZANIA PROPERTY

Toronto –Tuesday, September 8, 2009                                           #2009 – 352
IBI Corporation, ["IBI" – TSX Venture], a junior international mining and investment
company, today issued a regional geological perspective report related to the Company’s
Ruhuhu Tanzania property (“Ruhuhu Property”) on which the Company is exploring for

The Ruhuhu leases of IBI Corporation Limited cover both Achaean basement rocks and
much younger Karoo sedimentary sequences of late Permian age located within the fault-
bounded Ruhuhu Basin of SW Tanzania. Initial interpretation of airborne geophysical
survey results and subsequent reconnaissance ground sampling and trenching have
indicated the presence of surface uranium mineralization within the favourable Karoo

Uranium mineralization also occurs at the Mkuju Prospect of Mantra Resources Limited,
located approximately 200 km to the ENE in the neighbouring Selous Karoo sedimentary

Mantra has reported the following: “The Mkuju River Project (‘MRP’) is located in
southern Tanzania, some 470 kilometres southwest of Dar es Salaam. It comprises twenty
contiguous tenements (granted licences, renewals and applications) covering an area of
approximately 3,325km2. The area was identified as prospective for uranium during
reconnaissance exploration undertaken between 1978 and 1982 by Uranerzbergbau
GmbH ('UEB'). The MRP lies within the Karoo Supergroup sediments of Permian to
Jurassic age (Figure 1). The host stratigraphy is a series of sub-horizontal, very coarse,
feldspathic, arkosic sandstones with minor inter-bedded claystones and siltstones. The
sediments are interpreted to have been deposited within a braided fluviatile system.”

Mantra further reported, “Drilling undertaken by Mantra has confirmed the presence of
multiple stacked mineralised horizons of variable thickness at shallow depths. Higher-
grade mineralisation is also observed at surface in outcrop and trenches. Surficial
enrichment is interpreted to have contributed to the higher grade nature of this near
surface mineralisation.”

Further information on Mantra Resources Limited and its activities in Tanzania can be
found on the Mantra website at

In addition, the Paladin Energy Ltd. Kayelekera uranium deposit lies within the North
Rukuru Basin, northern Malawi. The Kayelekera deposit lies within a 100 m thick
sequence of arkosic units of Karoo age. It is situated approximately 75 kilometres
northwest of IBI’s Ruhuhu Property.

Paladin has reported, “The 3.3M lb pa Kayelekera Uranium Mine commenced
commissioning in January 2009 with production ramp-up beginning late April 2009.
The mine was officially opened on 17 April 2009 by the President of Malawi, His
Excellency Dr. Binguwa Maharaja. The ramp-up phase is progressing well to date and
the ramp-up schedule is being maintained with nameplate production anticipated to be
reached by January 2010. The plant has demonstrated full capability to operate
throughout its flowsheet and mineralised ore was introduced into the circuit with the first
drummed product produced in mid April.”

Further information on Paladin Energy Ltd. and its nearby mining ramp-up is available
on the Paladin website at

The Ruhuhu, Mkuju, and Kayelekera uranium occurrences are all broadly correlated to
lie within fault-bounded Karoo basins. In the drilled examples of Mkuju and Kayelekera,
the uranium mineralization lies within multiple flat-lying layers of sandstone and arkosic

The currently planned component of IBI’s ongoing exploration program for PL
3661/2005 (Ruhuhu Property) will involve ground radiometric prospecting, sample
collection, trench excavation over anomalous zones, logging, and sampling of the

Background exploration information regarding the Company’s Ruhuhu Property is
provided in IBI’s news release of July 13, 2009.

Dr. Jim Misener P. Eng, IBI’s Qualified Person, has reviewed and approved this release.

IBI Corporation Overview
Uranium: Following a decision to focus on high-value minerals exploration and
development in Uganda and East Africa, IBI sold its Namekara Vermiculite Mine in
Uganda to Rio Tinto for US $5 million in March 2007, with final closing in March 2008.
IBI subsequently has focused primarily on developing opportunities for the exploration
and development of uranium in Uganda and Tanzania. IBI’s prospective uranium land
portfolio is comprised of approximately 2,882 square kilometres in Uganda and Tanzania
and the Company is seeking to add more uranium lands.
The Company is currently preparing a proposal for the Government of Uganda for a
private/public partnership between IBI Corporation and the Government of Uganda for
the exploration and development of IBI’s prospective uranium lands towards the goal of
creating a nuclear electrical power generation program for Uganda.
Gold: IBI has accelerated its program of investing in promising gold opportunities, most
notably through its current 29% ownership position in Grey Crown Resources Limited.
Grey Crown owns and operates the producing Tira Gold Mine in Uganda and has also
built a prospective gold lands portfolio of 1,242 square kilometres in the South East
Uganda Greenstone Belt. The South East Uganda Greenstone Belt is considered to be an
extension of the Lake Victoria Greenstone Belt where several prominent majors,
including Barrick Gold and AngloGold Ashanti, are currently producing gold from
proven reserves.
General: In February 2009, IBI entered into a joint venture agreement with Venus Capital
Resources Limited in which IBI holds a 20% carried interest in 12 exploration license
properties comprising 3,442 square kilometres, and regarding which, Venus is the project
operator. The properties are contemplated for uranium, gold, and rare earth minerals
Reader Advisory: Statements in this document may contain forward-looking information.
The reader is cautioned that assumptions used in the preparation of such information may
prove to be incorrect. Events or circumstances may cause actual results to differ
materially from those predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the control of the Company,
including, but not limited to, any potential outcomes resulting from IBI’s previous,
current, or contemplated future exploration of the Ruhuhu property, and discussed in this
news release. The reader is cautioned not to place undue reliance on this forward-looking
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
                    has reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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                                     For further information, please contact:

Gary A. Fitchett CA – President and CEO                                      Dennis Mellersh – Investor Relations
Tel: (905) 985-6510                                                          Tel: (416) 754-4454
e.mail:                                              e.mail:


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