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Wednesday, 30th May 2007 (3260 views)

Mining and investment company IBI Corporation has fronted what it refers to as a "unique joint venture" which will focus on gold exploration in Uganda.

The company, known as Grey Crown Resources Limited, will be a major component in IBI's strategic outlook for Uganda and will perform a key role in the commercialisation of gold in Uganda and east Africa, according to IBI.

Furthermore, Grey Crown has signed a letter of intent as part of its move to acquire the Tira Gold Mine, which produces commercial gold.

Grey Crown has listed its strategic priorities as completing its purchase of the Tira Gold Mine, maximising the exploration of its 920 sq kms of Ugandan gold lands and expanding the Tira Gold Mine's operations for further access to gold bearing reefs.

"By establishing Grey Crown, IBI has integrated major stakeholders into a company that can effectively capitalise on gold opportunities in Uganda, which is now considered Africa's premier new mining destination," commented Gary A Fitchett, president of IBI.

 

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