International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

June 16, 2008 11:31 ET

International PBX Ventures Ltd.: Copaquire Drill Results and Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 16, 2008) - George Sookochoff, CEO of International PBX Ventures Ltd. (TSX VENTURE:PBX) announced today the completion of the Copaquire 2006-08 drill program and receipt of the final drill results CQ70 - CQ99.

The Copaquire copper molybdenum property is a potential bulk tonnage and open pit and quarry deposit. The property is located in the productive West Fissure structure of northern Chile that localizes several of the world's largest copper mines, including the nearby Quebrada Blanca (Teck Cominco) and Collahuasi (Xstrata) producing mines approximately 15 kms east of the Copaquire property.

PBX has been drilling continuously on the Copaquire property since August 2006. In this program PBX has drilled a total of 86 drill holes for 25,738m (See attached table for final drill results CQ70 - CQ99).

Sulfato Copper Zone:

The drill program began in August 2006 and focused on testing the Sulfato copper zone. From The results of the 2006 Sulfato drilling has shown that a substantial leachable copper resource may be available near the Sulfato mountain top. Additional in-fill drilling as well as drilling to depth should allow a copper resource estimate to be published upon completion of the next drill program.

Cerro Moly Molybdenum Zone:

Drilling continued into 2007 with the focus on developing a molybdenum copper resource at the Cerro Moly molybdenum zone. The company achieved this goal and in October 2007 released an interim 43-101 compliant resource estimate of the Cerro Moly Deposit:




-------------------------------------------------------------
Cutoff Tonnes Average Grade
Grade greater than -------------------------
(Mo%) Cutoff Mo% Cu% %CuEq(i)
-------------------------------------------------------------
Indicated 0.02 183,200,000 0.046 0.107 0.521
-------------------------------------------------------------
Inferred 0.02 212,800,000 0.041 0.097 0.466
-------------------------------------------------------------

(i) Note: Copper Equivalent herein is based upon metal prices
of US$3.67/lb Cu, US$33.50/lb Mo. (June 8, 2008) The
formula used is Cu Equivalent % equals Cu % + (Mo% x Price
per pound for Mo/Price per pound for Cu
(see October 1, 2007 news release for resource details)


Since the release of the interim resource the company divided the drilling into two separate programs: development and exploration.

Development drilling focused on in-fill drilling of Cerro Moly mountain which hosts a significant portion of the resource in order to upgrade inferred resource categories to measured and indicated. By concentrating on above-valley floor surface mineralization the company emphasized delineating mineralization that should be relatively inexpensive to mine as a quarry relative to an open pit and more quickly moved to the pre-feasibility stage of development.

Exploration drilling focused on expanding the resource to the north, south, west, and to depth. The depth of mineralization has not yet been determined but below the valley floor drill hole CQ-63 terminated in mineralization at a depth of 512 metres (1,680 feet) and in 0.11% Mo.

Across the valley and to the south of Cerro Moly mountain recent drilling has encountered similar mineralization opening up a new area that may contribute additional large tonnage to the mineralized system. Of particular surprise and interest was hole CQ-87 which encountered significant primary copper mineralization. The potential to develop this new area of significant primary copper-mineralized tonnage to the southwest and west of Cerro Moly will be tested in the next drill program.

Marta Moly-Copper Area:

The adjacent Marta molybdenum-copper area, where underground workings indicate the possibility of high grade shears as well as porphyry bulk tonnage molybdenum-copper mineralization, possibly developed in a set of parallel conjugate structures trending east-southeasterly results in a highly prospective area of potential porphyry copper development where it intersects the Cerro Moly trend. The mineralization drilled to date in Cerro Moly and that found structurally controlled at Marta may thus be distal components of a more substantial copper (molybdenum) porphyry in the south. This predominantly copper district (Collahuasi) dictates that exploration for the presence of significant copper metal to balance off the enormous amount of molybdenum drilled to date on the Copaquire is a realistic pursuit.

These latest results will be included in the upcoming resource upgrade as well as the Preliminary Economic Assessment (PEA) currently being produced by AMEC Engineering, Santiago Chile. The resource upgrade is expected to be completed by mid July and the PEA soon thereafter.

With the completion of the latest drill program the company has greatly increased its knowledge of the Copaquire deposit. Geological modeling of the mineralization at Copaquire indicates that the molybdenum resource that has been developed at Cerro Moly may represent a late stage mineralization of a potentially larger porphyry copper system. This system has a northeasterly structural trend of primary mineralization both at Sulfato North and Sulfato South where a moderate enriched and oxidized (leachable) copper zones have been developed. Hole CQ-98 with substantial primary copper content (chalcopyrite) attests to this interpretation as does horizontal hole CQ-87 located across the valley to the south of Cerro Moly which also intercepted significant primary copper grades.

The company is extremely pleased to have acquired the services of consulting geologist Mr. Pablo Uribe Campos. Mr. Uribe has 28 years of experience as an international geological consultant on project appraisal, alteration modeling, target definition and geo-metallurgy characterization for major mining and exploration companies in Chile, Argentina, Peru, Brazil, Mexico and Arab Republic of Yemen. Some of his clients and projects have been Carmen de Andacollo and Quebrada Blanca Mine (Aur Resources) Barrick (Chile, Peru and Argentina), Meridian Gold, Codelco Exploration, Goldfields Chile, Anglo-Collahuasi, Xstrata Copper (El Morro), BHP Escondida, BHP Cerro Colorado, Lumina Copper Chile, Southern Peru, Hoschild Peru, Penoles Peru, Aruntani, Peru.

"I am very pleased to have someone of Mr. Uribe's caliber and expertise contributing to the development of the Copaquire project," said Mr. Sookochoff. "Of particular interest is fact that Mr. Uribe has done a considerable amount of work and has made a significant contribution towards the modeling of the nearby Quebrada Blanca Mine. This experience has already proven to be invaluable in the advancement of the Copaquire project. We now have a new understanding of the relationship of the Cerro Moly zone, Sulfato zone and Marta area which now allows us to view these three areas as one single large related mineralized system."

This document uses the terms "measured" "indicated" and "inferred" resources. We advise U.S. investors that while those terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission do 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 NI43-101, and president and director of the company.

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

George Sookochoff, CEO

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



Copaquire Drill Program - Final Results CQ-70 - CQ-99
--------------------------------------------------------------------------
Hole # From (m) To (m) Width (m) % Mo % Cu g/t Re CuEq%(i)
--------------------------------------------------------------------------
CQ70 0.0 250.0 EOH 250.0 0.029 0.16 0.11 0.43
--------------------------------------------------------------------------
including 4.0 30.0 26.0 0.003 0.39 0.03 0.42
--------------------------------------------------------------------------
including 104.0 250.0 146.0 0.043 0.16 0.16 0.54
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ71 12.0 252.0 240.0 0.024 0.09 0.05 0.31
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ72 0.0 578.2 EOH 578.2 0.040 0.07 0.10 0.43
--------------------------------------------------------------------------
including 480.0 578.2 98.2 0.090 0.05 0.27 0.86
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ73 0.0 418.3 EOH 418.3 0.024 0.11 0.05 0.32
--------------------------------------------------------------------------
including 146.0 212.0 66.0 0.061 0.14 0.11 0.68
--------------------------------------------------------------------------
including 342.0 354.0 12.0 0.079 0.07 0.10 0.78
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ74 110.0 478.9 EOH 368.9 0.004 0.08 0.00 0.12
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ75 7.9 556.4 EOH 548.6 0.033 0.07 0.05 0.37
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ76 0.0 363.0 EOH 363.0 0.017 0.11 0.05 0.26
--------------------------------------------------------------------------
including 158.0 220.0 62.0 0.025 0.06 0.06 0.29
--------------------------------------------------------------------------
including 220.0 236.0 16.0 0.056 0.04 0.10 0.55
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ77 0.0 326.8 EOH 326.8 0.003 0.08 0.03 0.11
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ78 4.3 352.6 EOH 348.3 0.004 0.06 0.00 0.10
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ79 0.0 370.0 EOH 370.0 0.020 0.12 0.08 0.30
--------------------------------------------------------------------------
including 72.0 258.0 186.0 0.028 0.12 0.12 0.37
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ80 0.0 210.0 210.0 0.016 0.10 0.03 0.24
--------------------------------------------------------------------------
256.0 376.8 120.8 0.013 0.05 0.02 0.17
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ81 138.0 364.0 226.0 0.025 0.16 0.08 0.38
--------------------------------------------------------------------------
including 138.0 196.0 58.0 0.039 0.17 0.17 0.52
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ82 0.0 326.0 no assays
--------------------------------------------------------------------------
CQ82 326.0 483.0 EOH 157.0 0.020 0.07 0.03 0.25
--------------------------------------------------------------------------
including 438.0 483.0 45.0 0.033 0.09 0.05 0.39
--------------------------------------------------------------------------
0.0
--------------------------------------------------------------------------
CQ83 5.0 318.7 EOH 313.8 0.021 0.13 0.04 0.32
--------------------------------------------------------------------------
including 5.0 68.0 63.1 0.052 0.16 0.08 0.63
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ84 0.0 634.8 EOH 634.8 0.042 0.15 0.09 0.53
--------------------------------------------------------------------------
including 318.0 576.0 258.0 0.057 0.06 0.10 0.58
--------------------------------------------------------------------------
including 528.0 566.0 38.0 0.075 0.05 0.13 0.73
--------------------------------------------------------------------------
including 122.0 282.0 160.0 0.034 0.31 0.09 0.62
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ85 4.6 510.0 EOH 505.5 0.031 0.17 0.05 0.45
--------------------------------------------------------------------------
including 406.0 432.0 26.0 0.077 0.25 0.09 0.94
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ86 6.0 336.0 330.0 0.026 0.10 0.05 0.34
--------------------------------------------------------------------------
including 6.0 50.0 44.0 0.052 0.13 0.09 0.60
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ87 0.0 177.0 EOH 177.0 0.017 0.24 0.03 0.40
--------------------------------------------------------------------------
including 58.0 114.0 56.0 0.012 0.40 0.03 0.51
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ88 0.0 421.5 EOH 421.5 0.037 0.11 0.07 0.44
--------------------------------------------------------------------------
including 40.0 148.0 108.0 0.072 0.10 0.15 0.75
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ89 0.0 96.5 EOH 96.5 0.012 0.11 0.02 0.22
--------------------------------------------------------------------------
including 80.0 96.5 16.5 0.036 0.34 0.08 0.66
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ90 0.0 472.0 EOH 472.0 0.033 0.12 0.06 0.42
--------------------------------------------------------------------------
including 0.0 140.0 140.0 0.046 0.14 0.08 0.55
--------------------------------------------------------------------------
including 28.0 48.0 20.0 0.049 0.40 0.09 0.85
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ91 0.0 228.0 EOH 228.0 0.023 0.16 0.04 0.36
--------------------------------------------------------------------------
including 142.0 176.0 34.0 0.045 0.32 0.06 0.73
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ92 0.0 332.0 EOH 332.0 0.027 0.13 0.07 0.37
--------------------------------------------------------------------------
including 140.0 168.0 28.0 0.050 0.30 0.14 0.75
--------------------------------------------------------------------------
including 300.0 326.0 26.0 0.054 0.09 0.09 0.57
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ93 92.0 119.0 27.0 0.004 0.39 0.01 0.42
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ94 148.0 180.0 32.0 0.052 0.26 0.03 0.73
--------------------------------------------------------------------------
including 54.0 92.0 38.0 0.002 0.30 0.00 0.32
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ95 0.0 247.0 EOH 247.0 0.018 0.10 0.04 0.26
--------------------------------------------------------------------------
including 4.0 12.0 8.0 0.002 0.86 0.01 0.87
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ96 0.0 42.7 EOH 42.7 0.008 0.10 0.03 0.17
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ97 58.0 122.0 EOH 64.0 0.009 0.356 0.03 0.44
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ98 0.0 246.2 EOH 246.2 0.009 0.375 0.02 0.46
--------------------------------------------------------------------------
including 50.0 162.0 112.0 0.013 0.572 0.02 0.69
--------------------------------------------------------------------------
including 50.0 76.0 26.0 0.022 0.743 0.02 0.94
--------------------------------------------------------------------------

--------------------------------------------------------------------------
CQ99 0.0 32.8 EOH 32.8 0.009 0.03 0.01 0.11
--------------------------------------------------------------------------
hole abandoned due to drill breakdown
--------------------------------------------------------------------------

(i) Note: Copper Equivalent herein is based upon metal prices of
US$3.67/lb Cu, US$33.50/lb Mo. (June 8, 2008) The formula used
is Cu Equivalent % equals Cu % + (Mo% x Price per pound for
Mo/Price per pound for Cu.
Re has not been used in copper equivalent calculation


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

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