International Barytex Resources Ltd.
TSX VENTURE : IBX

International Barytex Resources Ltd.

January 18, 2007 08:30 ET

International Barytex Resources Ltd. Announces Initial Phase 2 Drill Results for Shituru Copper-Cobalt Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 18, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES.

International Barytex Resources Ltd. ("IBX") (TSX VENTURE:IBX) is pleased to announce assay results of 10 diamond drill-holes completed as part of its Phase 2 drill program at the Shituru Copper-Cobalt deposit located near the town of Likasi in the Democratic Republic of Congo (DRC).

Phase 2 drilling is designed to complete fill-in drilling in the upper portion of the Shituru deposit and to continue testing for down-dip and strike extensions.



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ESTI-
MATED
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Zone SECTION NORTH FROM TO WIDTH WIDTH
HOLE NO. DEP. LAT. DIP (m) (m) (m) (m) %Cu %Co
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SM-06-22 Upper 283,050 277,370 -45 40.3 62.3 22.0 19 7.0 0.35
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Lower 67.7 76.1 8.4 7 2.6 0.02
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SM-06-19 283,150 277,190 -42 15.0 No Significant Intersection
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SM-06-20 Upper 283,150 277,283 -65 73.3 98.7 25.4 20 4.3 0.17
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SM-06-21 Upper 238,150 277,283 -84 95.9 96.9 1.0 1 4.4 0.12
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SM-06-18 U1 283,250 277,139 -44 116.9 128.0 11.1 10 2.5 0.15
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Upper 146.1 165.4 19.3 18 3.4 0.03
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Lower 170.6 190.8 20.2 19 1.7 0.03
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SM-06-24 U2 283,300 277,176 -42 2.4 9.7 7.3 7 5.8 0.04
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U1 12.4 21.0 8.6 8 2.2 0.02
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Upper 26.2 86.5 60.3 54 4.5 0.06
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Lower 91.5 97.2 5.7 5 2.3 0.03
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SM-06-27 Upper 283,400 277,176 -65 27.7 69.1 41.4 33 1.7 0.05
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Lower 98.1 159.3 61.2 55 4.0 0.02
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SM-06-38 Upper 283,500 277,203 -44 12.7 33.1 20.4 20 1.6 0.02
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Lower 51.4 83.3 31.9 31 8.4 0.09
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SM-06-37 Lower 283,550 277,202 -42 48.8 76.6 27.8 27 7.9 0.06
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SM-06-33 Upper 283,650 277,225 -43 3.6 12.7 9.1 9 2.8 0.01
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Lower 42.3 66.4 24.1 24 3.1 0.07
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Hole SM-06-22, on section 283,050, tested the western strike extensions and near surface grades of the deposit. This hole, which is the western-most hole drilled to date, returned 7.0% Cu and 0.35% Co over 22.0 metres (True Width 19m (TW)) in the Upper Zone and 2.6% Cu and 0.02% Co over 8.4 metres (TW 7m) in the Lower Zone.

Holes SM-06-19 and 21, on section 283,150, identified a fault zone which limits the down-dip extension of mineralization on this section. Hole 20, also on section 283,150, but positioned to intersect the mineralized zone up-dip from holes 19 and 21, returned 4.3% Cu and 0.17% Co over 25.4 metres (TW 20m).

SM-06-18 located on section 283,250, confirmed the down-dip extension of a wide zone of oxide copper mineralization. The U1 zone assayed 2.5% Cu and 0.15% Co over 11.1 metres (TW 10m). The Upper Zone returned 3.4% Cu and 0.03% Co over 19.3 metres (TW 18m) and the Lower Zone returned 1.7% Cu and 0.03% Co over 20.2 metres (TW 19m).

Hole SM-06-24, a fill-in hole in the upper part of the deposit on section 283,300, intersected mineralization in four separate zones, including 59.4 metres (TW 54m) assaying 4.5% Cu in the Lower Zone.

Hole SM-06-27, on section 283,400, confirmed the down-dip extension of the mineralization on this section. This hole intersected a wide zone of copper mineralization in both the Upper Zone and Lower Zone. The Lower Zone assayed 4.0% Cu over 61.2 metres (TW 55m) and the Upper Zone returned 1.7% Cu over 41.4 metres (TW 33m).

Hole SM-06-38, located on section 283,500, a fill-in hole, tested the upper portion of the deposit and intersected two broad zones of mineralization including one of the best copper intersections to date with the Lower Zone assaying 8.4% Cu over 31.9 metres (TW 31m).

Hole SM-06-37 located on section 283,550, a shallow fill-in hole, also intersected a broad zone of high grade copper mineralization assaying 7.9% Cu over 27.8 metres (TW 27m) in the Lower Zone.

As noted in previous releases the deposit is currently interpreted as consisting of zones of broadly stratabound mineralization typical of the Congo Copper Belt with dips varying from 60 to 85 degrees.

Commenting on the Shituru Project, Leo King, IBX President said, 'Phase 2 drilling continues to support our interpretation of a geologically simple high grade copper deposit with substantial mineralized intersections. We look forward to the completion in Q1-2007 of the Phase 1 Mineral Resource estimate currently being carried out by SRK Johannesburg. We are pleased with the Phase 2 drilling results to date and remain optimistic about the re-emergence of the Congo Copperbelt as a significant world copper producer'

Core samples were sent to Alfred H. Knight (Zambia) Limited laboratories located at Kitwe, Zambia and to ALS/Chemex located in Johannesburg for preparation and analysis. Alfred H. Knight (Zambia) Limited has ISO/IFC 17025 accreditation for analysis of minerals and metals and is SANAS accredited for Cu and Co.

All samples were prepared to normal industry standards and assayed for total copper, acid soluble copper, total cobalt and acid soluble cobalt and CaO. In addition to the laboratories' internal quality control measures, the Company has implemented a quality assurance and quality control program which includes insertion of appropriate standards and blanks into the sample stream.

About Phase 2

The Phase 2 program currently has completed 3200 metres of drilling in 23 holes including those reported above. The Phase 2 program is currently expected to consist of about 9000 metres of drilling. Deeper down-dip holes will be drilled when assembly of a second drill, currently on-site, is complete.

A summary of drillhole intersections, a drillhole plan and cross-sections are available on the IBX website www.barytex.com(1)

Bruno Barde, P. Geo, Exploration Manager for the Company, is supervising the program. Mr. Barde is a Qualified Person as defined under National Instrument 43-101.

The Company entered into an Option Agreement in May 2005 to acquire a major interest in the Shituru copper-cobalt deposit located within the Congo Copper Belt near the city of Likasi in the DRC. When fully exercised, the Company will hold an indirect 65% interest, the optionors a 10% indirect interest and Gecamines a 25% interest in Shituru Mining Corporation, sprl (SMCO), a joint venture corporation established to serve as the vehicle for the exploration and development of the Shituru property

(1)See www.barytex.com for previously reported drill results and program description for the Shituru property.

On behalf of the Board of Directors

INTERNATIONAL BARYTEX RESOURCES LTD.

Leo King, President and Director

The TSX Venture Exchange does not accept responsibility for the adequacy of this 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: ibx@telus.net
    Website: www.barytex.com