International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

February 10, 2011 12:13 ET

International PBX Ventures Ltd.: Airborne Geophysical Survey Confirms Presence of Porphyry Systems at Flagship Copaquire Property, Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 10, 2011) - International PBX Ventures Ltd. (the "Company") (TSX VENTURE:PBX) is pleased to report that it has received preliminary results from the ZTEM geophysical airborne survey conducted on its wholly-owned Copaquire Copper Molybdenum project in Northern Chile. The ZTEM survey has delineated three large anomalous areas which are coincidental with known porphyries in the Sulfato, Cerro Moly and Marta porphyry areas. (view ZTEM maps at: http://www.internationalpbx.com/pdfs/ZTEM.pdf).

Cerro Moly Anomaly
The location of the Cerro Moly geophysical anomaly is coincidental with the Cerro Moly porphyry where the company has completed a 43-101 resource and subsequent Preliminary Economic Assessment (Scoping Study) in 2009. This anomaly bears a positive correlation to the actual limits of the proposed open pit as set out in the Scoping study mine plan by AMEC Engineering.

Sulfato Copper Anomaly
The second anomaly as interpreted from the airborne geophysics is centered on the Sulfato North porphyry area. This geophysical anomaly is strong and again coincides with geological mapping, prospecting and drilling. 2005-07 shallow RC drill results returned copper grades as high as 18m @1.64% copper (DDH CQ-10).

Marta Anomaly
This large geophysical anomaly (5.4 x 2.2 km) lies within and is coincidental with the Marta porphyry intrusive system previously identified by geological field work (mapping and sampling) and satellite image interpretation.

The 2010 field program of prospecting, mapping and chip panel sampling in the southern area of the porphyry identified several areas of copper and molybdenum mineralization with copper oxides, copper silicates and sections with visible chalcopyrite (copper sulphide) along fractures and disseminations. In addition a central core area with quartz-molybdenum veins and stockwork mineralization within a potassic altered intrusive returned grades of up to 0.10% moly across a 3m x 1m panel sample.

In the newly identified north and south copper zones panel samples (2m x 1m) returned copper grades that ranged in the leached zones from 0.1% to 0.3% copper and in the enriched zone in the range of 0.5% to over 1.0% copper. At the bottom of a creek in the south copper zone fractures with coatings, disseminations and veinlets of chalcopyrite were discovered.

A recent Titan Deep Penetration IP survey revealed several large geophysical targets beneath the surface copper and molybdenum mineralization. This area of the Marta porphyry will be the focus of the upcoming drill program which will test the Titan IP and Airborne ZTEM targets. The drill program is anticipated to commence later this month. The Company is currently completing the final phase of construction of its year-round camp on-site facilities at Copaquire.

Mr. George Sookochoff, President & CEO, states: "We are extremely pleased with the results of the ZTEM airborne survey. We have for the first time a picture of the potential of the entire Copaquire property. What is most impressive is how well the ZTEM has clearly identified our known resource at Cerro Moly as well as the large extent of the Sulfato Porphyry to the north. While only limited sampling and mapping in the past has given us an early indication that the Marta may be a large porphyry system, the ZTEM survey has confirmed that this is indeed the case".

Mr. Victor Jaramillo M.Sc.A., P.Geo., and PBX Project Manager is the qualified person under National Instrument 43-101. Mr. Victor Jaramillo has reviewed and approved the scientific and technical information contained in this release.

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

George Sookochoff, President & CEO

All statements and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.

International PBX Ventures Ltd. seeks safe harbor.

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