International Barytex Resources Ltd.
TSX VENTURE : IBX

International Barytex Resources Ltd.

January 11, 2008 10:55 ET

International Barytex Resources Ltd.: Shituru Project Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 11, 2008) - International Barytex Resources Ltd. (TSX VENTURE:IBX) -

Owing to the uncertainty and market volatility felt by companies working in the Democratic Republic of Congo (DRC) created from the premature disclosure of a report by a special commission reviewing mining contracts, INTERNATIONAL BARYTEX RESOURCES LTD. ("the Company"), wishes to provide an update on its Shituru project located near Likasi, Katanga Province, DRC.

Mining Contract Review:

In mid-2007 the DRC government announced it was forming a commission to review mining contracts entered into by state owned mining companies and private investors; 61 contracts were noted including the contract for the Shituru property. Early in November 2007 the contents of a draft review of these contracts were disclosed by unofficial sources. There was substantial reaction in the capital markets to this news and the DRC government issued a statement saying the report was only a draft and that a parliamentary committee would start a review of the contracts early in December 2007.

The Company has been in discussions with the DRC government regarding the Shituru property since the unofficial disclosure of the report. While the company has not received official notification on the conclusion of the review it has been told unofficially that the Shituru contract appears in good order and there were minimal issues that require discussion.

Project Status:

The Company is waiting for the completion of the Preliminary Assessment on the Shituru Project being prepared by independent engineering firms. The Company expects it will receive the study in the next few weeks. As reported previously this assessment has been delayed to include the results of Whole Ore Leaching (WOL) tests for low acid consuming ore which constitutes the majority of the process plant feed in the initial 5 years of mining.

The flowsheet proposed for the project has now been largely defined using the metallurgical tests carried out by SGS Lakefield Research as part of the Preliminary Assessment. Exploiting the low acid consuming nature of ore to be mined in the initial years will result in lower process operating cost estimates and higher copper recoveries for the early years of production. When increasing tonnages of high acid consuming ore are encountered later in the mine life, this material will be processed through a Flotation plant to make a copper oxide concentrate with lower acid consumption. This concentrate will then be leached and processed into cathode copper in the proposed WOL / SX-EW plant built during the initial construction period.

The metallurgical test program indicates improvement in recovery from adopting Whole Ore Leach for low acid consuming ore as shown in the table below.



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Copper Recovery Low Acid Consuming Ore %
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Whole Ore Leach (WOL) Flotation Concentrate Leach (FCL)
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85.5 75.6(U1)
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President Leo King states, "The metallurgical testwork for the Preliminary Assessment has identified areas to be optimized for the Feasibility Study. The good copper recovery achieved with a coarse grind size is especially encouraging."

"We believe that recognizing the significance of Whole Ore Leaching in the flowsheet is important as the metal recoveries indicated by testwork will enhance the project economics."

"Given the uncertainty that disclosure of the draft mining contract review has created for mining companies working in the DRC we believe it is in the best interests of both the industry and the DRC to conclude the parliamentary review process in an orderly but expeditious manner."

"We continue to be encouraged by the potential of Shituru and are moving forward with work to complete a Feasibility Study by Q3-2008."

On behalf of the Board of Directors

INTERNATIONAL BARYTEX RESOURCES LTD.

Leo King, President and Director

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the completion and timing of preliminary assessments. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated and the timing of Preliminary Assessments.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • International Barytex Resources Ltd.
    Alf Hills
    CEO
    (604) 688-9368
    or
    International Barytex Resources Ltd.
    Ivan Bebek
    Manager, Investor Relations
    (604) 688-9368
    (604) 688-9336 (FAX)
    Email: investor@barytex.com
    Website: www.barytex.com