International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

August 07, 2008 09:01 ET

PBX Makes Final Option Payment on Its Copaquire Copper Moly Property, Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 7, 2008) - International PBX Ventures Ltd. (TSX VENTURE:PBX) 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 NI 43-101, and director of the company.

ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD.

George Sookochoff, President & CEO

The company relies on "forward-looking" statement litigation protection.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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