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Thursday, 05/25/2017 2:13:22 AM

Thursday, May 25, 2017 2:13:22 AM

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IBC Advanced commissions solution-annealing furnace

IBC Advanced commissions solution-annealing furnace



2017-05-24 17:50 ET - News Release


Major-General Duncan Heinz reports

NEW SOLUTION ANNEALING FURNACE POSITIONS IBC TO EXPAND COPPER ALLOY PRODUCT SALES IN EXISTING AND NEW MARKETS

IBC Advanced Alloys Corp.'s copper alloys division has completed and commissioned a new solution-annealing furnace and quench tank. The unit's operational start marks the completion of the major component of the copper division's capital improvement program and positions IBC to expand sales of copper alloy products in existing and new markets.

According to Mark Wolma, president of IBC's copper alloys division: "Our new annealing furnace will dramatically improve repeatability during the annealing process by automating many aspects of annealing that previously were done manually. By removing operator variability, this unit also will improve product consistency and will allow us to deliver to our customers more consistent heat-treated properties from batch to batch across our copper alloy product line."

Designed and built by HTF Inc., of Sturgeon Bay, Wis., the unit is a gas-fired loader-box-style furnace that was uniformity tested to AMS2750. This will allow IBC to meet demand for copper alloy products that must be heat treated to AMS-H-6875, API 6A, and ASTM B196 and B194 specifications.

One such industry where copper alloy products generally must meet these and other specifications is the oil and gas industry, which is experiencing growth as evidenced by significantly higher rig counts over the past year (i). IBC currently produces copper alloy products for the oil and gas industry and is seeking to expand sales into that sector.

"The effort by the copper alloys team to get this advanced system operational has been exceptional and comes at an important time, as it expands our capabilities and potential reach into key markets for our copper alloy products," said Major-General Duncan Heinz (USMC, retired), president, chief executive officer and director of IBC. "The new furnace will position us to ramp up production for both existing and new customers."

IBC's other operating division, engineered materials, announced last week the successful installation and commissioning of its primary capital equipment upgrade, a vacuum induction melting furnace for producing cast beryllium-aluminum products in its Wilmington, Mass., manufacturing facility.

IBC appoints Mark A. Smith as board chair

The company also announced that Mr. Smith has been appointed as chairman of the IBC board of directors.

Mr. Smith joined the IBC board in May, 2016. He has 36 years of experience in operating, developing, and financing mining and strategic material projects in the Americas and abroad. A registered professional engineer and attorney, Mr. Smith is the executive chairman, president and chief executive officer of Niocorp Developments Ltd. and is the president and CEO of Largo Resources Ltd. He was the largest single participant in IBC's 2016 private placement and currently owns approximately 8 per cent of the outstanding IBC shares on an undiluted basis.

"The IBC team has worked hard over the past year to implement the major capital improvements program that we launched in June of 2016 so that we could expand our production capabilities and capacity," said Mr. Smith. "With the successful installation of new furnaces in both of IBC's operating divisions, that program is now largely complete, and we are intensely focused on the successful execution of our business plan going forward."

Gen. Heinz added: "Mark Smith's leadership and strategic vision has been a tremendous asset to IBC, and it has helped to position the company to be able to take advantage of multiple growth opportunities we see on the horizon. The board is very pleased with his appointment as chair."

About IBC Advanced Alloys Corp.

IBC is a leading beryllium and copper advanced alloys company serving a variety of industries such as defence, aerospace, automotive, telecommunications, precision manufacturing and others. IBC's copper division manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chrome copper and aluminum bronze. IBC's engineered materials division makes the Beralcast family of alloys, which can be precision cast and are used in an increasing number of defence, aerospace and other systems, including the F-35 joint strike fighter. IBC's has production facilities in Indiana, Massachusetts, Pennsylvania and Missouri.

(i) As a general indicator of economic activity in the oil and gas sector, the total number of oil and natural gas rigs crossed the 900 mark for the week ended May 19, 2017, for the first time since May 1, 2015, according to the oil field services firm Baker Hughes Inc. This is the 18th consecutive increase in the U.S. weekly rig count since Jan. 13, 2017. Total rig count in North America for the week ended May 19 was 986, which represent a 120-per-cent increase over the rig count of one year earlier. Worldwide rig count as of the end of April, 2017, is up 35 per cent over the year-ago period, according to Baker Hughes.

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