Impala Mineral Exploration Corp.
OTC Bulletin Board : IMXC

May 01, 2009 17:00 ET

Impala Mineral Exploration Announces Acquisition of Busolwa Gold Property in Tanzania's Lake Victoria Greenstone Belt - Home to Two World-Class Gold Mines

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2009) - Laurie Stephenson, President & CEO of Impala Mineral Exploration Corp. (OTCBB:IMXC) (www.impalaminerals.com), announced today the company has acquired the Busolwa Gold Property located in the Lake Victoria Greenstone Belt in the south-eastern part of the Geita District in Tanzania. The prospecting licence covers 51.54 square kilometers and is located approximately 30 km from the town of Geita and AngloGold's Geita Gold Mine. The Busolwa Property is located in the same greenstone belt as the AngloGold's Geita Gold Mine and Barrick's Bulyanhulu Gold Mine. After reviewing numerous properties, Impala management chose Busolwa because the 85 page (non 43-101 compliant) technical property report stated the property contained a multi-million ounce gold deposit.

ANGLOGOLD AND BARRICK MINES LOCATED IN SAME GREENSTONE BELT

Greenstone belts are known worldwide as potential hosts for base and precious metals. In the Lake Victoria Greenstone Belt, gold mineralization has been found by a number of mining companies and two global mining companies are currently operating world-class gold mines there. AngloGold's Geita Mine with 18 million proven ounces and Barrick's Bulyanhulu Mine with 12 million ounces are highly productive mines with 2009's annual production running at 250,000 and 200,000 ounces of gold respectively.

TANZANIA'S MINING POTENTIAL

Tanzania has vast amounts of undeveloped mineral-rich natural resources, is politically stable with the British rule of law and instituted a new mining act in1998 that attracted numerous international mining companies. Tanzania is now the third largest gold producer in Africa. According to Business Monitor International forecasts, the mining industry in Tanzania is expected to grow at an average of 11.92% through 2008-2013. The industry is estimated to reach a value of US$0.53 billion by 2013.

BUSOLWA PROPERTY'S RECENT EXPLORATION WORK

The 85 page non 43-101 compliant technical report produced by mining industry professionals details that exploration work was initially completed on the property during the 1990s. This included geology, aeromagnetics and soil geochemistry, all of which led to some reconnaissance drilling. In 2000, further IP ground geophysics and geological sampling were conducted on the property - prior to drilling numerous RAB holes, as well as opening several trenches along the banded iron formation. Local artisan workers currently operate small scale production on the property that is producing 60 ounces of gold per month.

ABOUT IMPALA MINERAL EXPLORATION CORP.

Impala Minerals is positioned to take advantage of Tanzania's rich natural resources by developing a select portfolio of near-term gold and mineral production projects. The company's management has built a network of strategic relationships with senior mining professionals and government officials in Tanzania to help identify key mining concession targets that are ready to be developed over the next year. For more information go to www.impalaminerals.com.

This release contains forward-looking statements which involve risks and uncertainties. Complete forward-looking statement available at www.impalaminerals.com/forwardlooking.html.

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