International Barytex Resources Ltd.
TSX VENTURE : IBX

International Barytex Resources Ltd.

December 15, 2006 10:20 ET

International Barytex Resources Ltd. Announces Completion of Phase 1 Drill Program

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 15, 2006) -

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

International Barytex Resources Ltd. ("IBX") (TSX VENTURE:IBX) is pleased to announce it has completed Phase 1 of its drill program on the Shituru Copper-Cobalt deposit located near the town of Likasi in the Democratic Republic of Congo (DRC).

The Phase 1 program is intended to characterize the mineral potential of the Shituru deposit. This program has explored the down-dip extension of the high grade oxide mineralization historically mined and also tests the mineralization along an estimated strike length of 800 metres. Drilling as part of Phase 2 is on-going with Hole SM-06-42 now complete.

With the completion of the Phase 1, SRK of Johannesburg has started work on developing an Inferred Mineral Resource estimate. On completion of this estimate in Q1-2007, Bateman Engineering of Johannesburg and sub-consultants will develop an initial technical assessment, or Preliminary Assessment, for the Shituru Mineral Resource.

In addition to the 16 holes previously announced, IBX is pleased to announce the results of an additional 3 holes which are part of the Phase 1 drilling.



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ESTI-
MATED
TRUE
SECTION NORTH FROM TO WIDTH WIDTH
HOLE NO. Zone DEP. LAT. DIP (m) (m) (m) (m) %Cu %Co
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SM-06-17 U2 283,350 277,121 -45 34.1 39.5 5.4 5 2.4 0.02
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U1 90.5 127.0 36.5 33 3.5 0.03
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Upper 141.8 161.9 20.1 19 2.4 0.02
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SM-06-23 Upper 283,200 277,316 -45 15.0 50.2 35.2 34 4.8 0.12
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Lower 50.2 69.5 19.3 18 10.4 0.07
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SM-06-34 Upper 383,600 277,185 -45 7.9 18.7 10.8 11 1.6 0.02
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Lower 49.8 75.9 26.1 26 4.6 0.05
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Hole SM-06-17, located on section 350 E, intersected oxide copper mineralization in a new zone, named U2, which assayed 2.4 % Cu and 0.02 % Co over 5.4 m (true width 5 m). The U2 Zone is situated above previously intersected mineralized zones and indicates an apparent stacking of mineralized zones. The previously named 'New Zone', now renamed U1, returned 3.5 % Cu and 0.03 % Co over 36.5 m (true width 33 m). The Upper Zone returned 2.4 % Cu and 0.02 % Co over 20.1 m (true width 19 m). The Lower Zone appears to be cut at depth by a fault on this section.

Hole SM-06-23, located on section 200 E, intersected oxide copper mineralization in the Upper Zone which assayed 4.8 % Cu and 0.12 % Co over 35.2m (true width 34m). The Lower Zone returned 10.4 % Cu and 0.07 % Co over 19.3m (true width 18m). The thickness of the zones and their higher grade appears related to a north-south, cross-cutting structure. A similar north-south structure also occurs at surface on section 350 E.

Hole SM-06-34, located on section 600E, intersected oxide copper mineralization in the Upper Zone which assayed 1.6 % Cu and 0.02 % Co over 10.8 m. (true width 11 m). The Lower Zone returned 4.6 % Cu and 0.05 % Co over 26.1 m (true width 26m).

Holes SM-06-23 and SM-06-34 are shallow holes intended to test zones higher up in the deposit where historic trenches have returned higher grades. Additional similar holes are planned as part of the Phase 2 program.

Commenting on the Shituru Project, Leo King, IBX President said, 'We are pleased to have reached the completion milestone for Phase 1 drilling and are looking forward to a determination of a Mineral Resource estimate. We believe that the African Copperbelt hosts exceptional high grade copper opportunities and enjoys a growing international interest as evidenced by Freeport McMoran's announcement of the offer to acquire Phelps Dodge and its Tenke-Fungurume deposit.'

Turnaround for assays has been slow, and IBX is working with the commercial lab it uses to shorten this time. IBX has also engaged a second accredited lab, ALS/Chemex, to provide assaying services.

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.

Phase 2

Phase 2 drilling, currently underway, is designed to complete fill-in drilling in the upper portion of the deposit and to continue testing for down-dip and strike extensions. To date about 6500 metres have been drilled of an estimated 9000 metre program. A second drill is currently being assembled on site to facilitate the drilling of deeper, down-dip holes.

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.

With completion of the Phase 1 program, a summary of drillhole intersections for the Shituru deposit is provided below. Summary drillhole intersections, a drillhole plan and cross-sections are available on the IBX website www.barytex.com(1)



---------------------------------------------------------------------------
ESTI-
MATED
Inter- TRUE
SECTION NORTH preted FROM TO WIDTH
DEP. LAT. HOLE DIP Zone (m) (m) (m) %Cu %Co
---------------------------------------------------------------------------
000 - - - - - - - - -
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100 - - - - - - - - -
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150 277,289 SM-06-07 -45 U1 36.2 57.8 20 1.9 0.26
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Upper 67.7 102.1 33 1.1 0.05
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200 277,315 SM-06-23 -45 Upper 14.9 50.2 34 4.8 0.12
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Lower 50.2 69.5 18 10.4 0.07
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250 277,250 SM-06-06 -45 U1 16.8 27.2 10 2.1 0.02
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Upper 37.9 96.1 58 5.6 0.03
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300 - - - - - - - - -
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350 277,200 SM-06-05 -45 U1 10.2 20.4 8 3.3 0.11
---------------------------------------------------------------------------
Upper 30.0 110.7 72 6.1 0.03
---------------------------------------------------------------------------
277,121 SM-06-17 -45 U2 34.1 39.5 5 2.4 0.02
---------------------------------------------------------------------------
U1 90.5 127.0 33 3.5 0.03
---------------------------------------------------------------------------
Upper 141.8 161.9 19 2.4 0.02
---------------------------------------------------------------------------
450 277,210 SM-06-03 -45 Upper 14.4 27.0 12 2.2 0.02
---------------------------------------------------------------------------
Lower 62.6 94.2 30 3.6 0.05
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277,160 SM-06-04 -45 Upper 57.0 63.5 6 2.4 0.15
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Lower 110.9 155.0 40 4.8 0.07
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277,159 SM-06-08b -70 Upper 69.6 74.9 5 8.8 0.04
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Lower 132.6 179.8 40 2.5 0.04
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500 277,174 SM-06-01 -45 Upper 39.5 46.5 7 1.5 0.02
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Lower 79.6 112.0 30 5.6 0.08
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277,121 SM-06-02 -51 Upper 85.1 91.2 6 0.7 0.02
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Lower 134.8 178.3 41 1.5 0.03
---------------------------------------------------------------------------
550 277,201 SM-06-15 -60 Upper 11.5 12.3 1 0.6 0.20
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Lower 56.8 94.0 30 4.1 0.05
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277,150 SM-06-16 -44 Upper 49.7 52.4 2 0.7 0.05
---------------------------------------------------------------------------
Lower 90.3 112.4 20 6.9 0.11
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600 277,154 SM-06-09 -45 Upper 31.3 36.3 5 1.3 0.02
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Lower 45.4 95.6 50 2.1 0.02
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277,113 SM-06-10 -60 Upper 46.9 51.3 4 0.5 0.05
---------------------------------------------------------------------------
Lower 109.7 136.3 20 1.1 0.01
---------------------------------------------------------------------------
277,185 SM-06-34 -45 Upper 7.9 18.7 11 1.6 0.02
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Lower 49.8 75.9 26 4.6 0.05
---------------------------------------------------------------------------
650 277,141 SM-06-14 -44 Upper 30.1 42.2 12 0.5 0.02
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Lower 56.9 87.6 30 2.1 0.11
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700 277,118 SM-06-11 -44 Upper 1.8 5.4 4 1.1 0.02
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Lower 51.8 65.9 14 1.1 0.15
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277,065 SM-06-13 -55 Upper 35.0 44.0 8 0.8 0.04
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Lower 121.3 127.6 5 0.7 0.22
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750 - - - - - - - - -
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800 277,110 SM-06-12 -55 Lower 17.9 27.6 10 0.2 0.18
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---------------------------------------------------------------------------
Sample Average
Grades weighted by True Width U2 5 2.4 0.10
-------------------------------------------
U1 18 2.8 0.10
-------------------------------------------
Upper 17 3.9 0.04
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Lower 27 3.5 0.06
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Total 67 3.3 0.07
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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