International PBX Ventures Ltd.

International PBX Ventures Ltd.

July 09, 2007 09:01 ET

Annual and Special General Meeting of International PBX Ventures Ltd. Held 29 June, 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2007) - International PBX Ventures Ltd. (TSX VENTURE:PBX) -

The meeting was held on June 29, 2007 with 18 people in attendance. The formal meeting was concluded in the first 10 minutes and the proposed slate of directors elected with 8,179,486 votes cast representing 31 shareholders.

During the following two hours, director George Sookochoof presented a summary of the company's properties based on his compilation of all the data that has been collected in past years. This compilation is a major step forward and resolves a situation that has impeded the company's progress. His contribution, as well as that of some new team members who officially will be joining the company in the next little while, will provide a well-balanced team capable of efficiently moving the company's projects forward.

The primary objective at present is to produce a 43-101 compliant molydenum- copper- rhenium resource at Copaquire by early September 2007 based on the drill holes completed to about mid-August. The drill program is expected to continue many months beyond the first resource estimate as the mineralized area is very much larger than the area of current drilling.

The company also received permission by way of special resolutions to create one or more new companies to develop the Tabaco copper oxide property to production and continue with the exploration of the company's gold properties without further dilution of PBX. These properties are overshadowed by the immensity of the Copaquire project, yet are sufficiently large and prospective to support their own public companies. The company intends to create the new companies by way of a share dividends to existing International PBX shareholders. The company is currently working on the legal and tax implications of dividing Minera IPBX Chile Limitada into several entities and will proceed once these details and personnel issues are resolved.


Dr. Gary Medford, P.Geo., President and CEO

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

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

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