March 31, 2005

MONTREAL, QUEBEC-- Perlite Canada inc. ("Perlite Canada") is pleased to announce that it has concluded a vermiculite supply agreement with IBI Corporation ("IBI").

The supply concerns mainly medium grade vermiculite for the horticultural market and will secure Perlite Canada with a regular and stable supply of vermiculite which would allow it to acquire a strong hold of the vermiculite market both in Canada and in the Northern United States.

Perlite Canada considers that the conclusion of this supply agreement could allow a substantial increase of its sales of vermiculite in the short term and consequently generate additional revenues.

IBI is a Canadian public company listed on the TSX ? Venture Exchange (symbol "IBI") with its head office located in Toronto, Ontario. Through its wholly?owned subsidiary, Canmin Resources Limited, it owns a 100% interest in the Namekara vermiculite mine in Uganda, Africa. Gary A. Fitchett, President of IBI, stated: "The mine is a world class mine and has proven reserves of 5 million tonnes of high quality vermiculite, enough for 100 years of production at planned rates. Approximately 80% of production is medium grade or larger, grades that are otherwise in short supply in the world." More information can be found in the company's website: www.ibinvest.com.

Perlite Canada Inc. has become a leading company in Canada in the processing, distribution and sale of perlite and vermiculite, two minerals used in industry and horticulture.

The common shares of Perlite Canada inc. are listed for trading on the TSX Venture Exchange.

The TSX Venture Exchange is not responsible for the truth or accuracy of this press release.

This press release contains certain forward-looking statements that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements; 

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FOR FURTHER INFORMATION, CONTACT: 

Perlite Canada inc. 

Richard Barabé 

(514) 336-6665 / 984-9798 

(514) 336-6651 (Fax)