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PBX Makes
Final Option Payment on its Copaquire Copper Moly Property, Chile
International PBX Ventures Ltd. is pleased to announce that it has made a
final payment of $750,000 on its option to purchase a 100% interest in the
Copaquire property in northern Chile. The option agreement was signed on
January 16, 2004 and the total amount paid was $2,100,000. The vendor retains
a 2% NSR subject to a buy out by PBX for US$2,000,000 or alternatively for
US$1,000,000 per percentage point.
To date the company has spent a total of $8,000,000,000 on exploration and
has drilled a total of 29,600 meters.
On October of 2007 the company released an interim 43-101 compliant
molybdenum resource estimate containing an Indicated Mineral Resource of
183.2 million tonnes grading 0.046% Mo and 0.107% Cu, containing 185.4
million pounds of molybdenum and 431.3 million pounds of copper, and an
additional Inferred Mineral Resource of 212.8 million tonnes grading 0.041%
Mo and 0.097% Cu, containing 191.9 million pounds of molybdenum and 454
million pounds of copper. A cutoff grade of 0.02%Mo was used and
metallurgical testing has shown molybdenum recoveries to be in the range of
85-95%.
Molybdenum and copper prices has remained firm in the past year with
molybdenum currently at $33/lb and copper at $3.50/lb.
PBX continued drilling the Copaquire until March of 2008 focusing on
expanding the molybdenum resource as well as moving a large amount of
resource material from the inferred to indicated category.
A resource estimate upgrade is expected to be released in early September
2008. PBX has also engaged the services of AMEC International (Chile) S.A. to
deliver a Preliminary Economic Assessment (Scoping Study) to National
Instrument 43-101 standards on the Copaquire molybdenum copper porphyry
deposit. The PEA will provide important information as to the future
development of the molybdenum deposit such as:
- Pit and waste dump design.
- Preliminary site layout for
facilities and tailings dam.
- Production Schedule
- Order of Magnitude (OOM)
capital and operating cost estimates.
- Financial analysis based on
cost estimates and key project indicators.
With a final resource estimate and
a PEA on the Molybdenum deposit scheduled for completion in September 2008
the company is now focusing on the development of a copper resource in the
Sulfato and Marta copper zones which surround the molybdenum deposit.
Tabaco Property
PBX will not exercise its option to purchase the concessions Anisillo 1-10,
Primavera 1-51, Conquista 1-20 and Aguada 1-2 .These concessions were the
only ones under option and account for only 5% of the total PBX Tabaco land
package of which the company owns 100%. PBX continues exploration on the
Tabaco property and is in the process of acquiring additional land in the
immediate area.
This press release uses the terms �indicated� and �inferred� resources.
Inferred resources are considered too speculative geologically to have
economic considerations applied to them that would enable them to be
categorized as mineral reserves.
We advise U.S. investors that while those terms are recognized and required
by Canadian regulations, the U.S. Securities and Exchange Commission does not
recognize them. U.S. investors are cautioned not to assume that any part or
all of mineral deposits in these categories would ever be converted to
reserves.
This news release has been reviewed by G. Medford, a qualified person under
NI43-101, and director of the company.
ON BEHALF OF THE BOARD OF DIRECTORS OF
INTERNATIONAL PBX VENTURES LTD.
George Sookochoff , President & CEO
The TSX
Venture Exchange does not accept responsibility for the accuracy or adequacy
of this news release.
The company relies on �forward-
looking� statement litigation protection.
#209 - 475 Howe St., Vancouver, B.C. V6C 2B3
Ph: 604-681-7748 Toll Free: 1-877-681-1154
E: info@internationalpbx.com W: http://www.internationalpbx.com
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