International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

January 26, 2010 09:20 ET

PBX Prepares Drill Program for its Copaquire Copper Molybdenum Rhenium Project in Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2010) - International PBX Ventures Ltd. (the "Company" or "PBX") (TSX VENTURE:PBX) is pleased to announce that it is in the advanced planning stage for its upcoming diamond drill program on its wholly-owned Copaquire copper-molybdenum-rhenium project in northern Chile.

The Company is currently accepting bids from drilling companies and making preparations for a camp to accommodate approximately 30 personnel required for the drill program. The planned drill program is expected to consist of 5,000 meters of drilling.

On December 17, 2009 PBX filed a positive Preliminary Assessment (PA) report by AMEC Engineering. The PA focused exclusively on the material contained within the molybdenum rich Cerro Moly zone of the Copaquire property. This area covers approximately 15% of the entire copper porphyry mineralized zone.

The economic model within the PA shows that the overall value of the project is highly sensitive to both copper and molybdenum prices. It also shows that, with only slight increases in copper grades in the early stages of the 24 year projected mine life, the Net Present Value (NPV) can be increased significantly.

Previous drilling in the adjacent Sulfato South copper zone indicates that higher copper grade material is available (Click here to view diagram). As significant drilling has already been completed in the Sulfato South copper zone, PBX will concentrate its efforts only in infill drilling to bring this copper material to resource level. The company expects the results of this drill program to substantially boost the current NPV in follow-up PA's.

George Sookochoff, President and CEO, states that, "With copper prices projected to remain strong and molybdenum making a strong comeback earlier than anticipated, the Copaquire project offers an excellent opportunity to leverage both of these metal prices."

The drill program will also test the extents of the high grade primary copper intercepted in drill hole CQ-98. CQ-98 was the final drill hole of the 2007-08 drill campaign. It was stopped due to mechanical problems but ended in mineralization.

In a recent interview by Wall Street Reporter, George Sookochoff, President and CEO, discusses the highlights of the recent Preliminary Assessment report and the opportunities is presents to investors. The audio interview can be accessed at www.wallstreetreporter.com.

About PBX

International PBX is a junior exploration company with several Copper, Molybdenum and Gold projects in Chile. The company's flagship 100% owned Copaquire Copper Molybdenum project is located in Chile's prolific copper-molybdenum porphyry belt. This copper rich belt hosts some of the largest copper mines and contains the highest concentration of copper in the world.

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

George Sookochoff, President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • International PBX Ventures Ltd.
    George Sookochoff
    President & CEO
    (604) 681-7748 or Toll Free: 1-877-681-1154
    (604) 681-0586 (FAX)
    www.internationalpbx.com