International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

March 22, 2010 03:01 ET

International PBX Ventures Ltd.: Drilling Begins on Sulfato Copper Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2010) - International PBX Ventures Ltd. (the "Company") (TSX VENTURE:PBX) is pleased to announce that the Phase II drill program has now begun on the Sulfato copper zone on its wholly-owned Copaquire copper-molybdenum-rhenium project in northern Chile. The Copaquire property is located in the prolific copper porphyry belt of Chile which contains the highest concentration of copper in the world.

Phase I was recently completed with the resulting Preliminary Assessment Report (PA) prepared by AMEC Mining and Metals S.A. The PA suggests the Copaquire copper molybdenum resource which encompasses only 15% of the entire porphyry will be mined by open pit and AMEC has developed an ultimate pit and selected a scoping level production plan to process 36,000 tonnes of mill feed per day. The mine will be capable of producing approximately 785.4 million lbs of copper and 166.4 million lbs of molybdenum over a 24-year mine life at an operating cost of $7.15 US$/t.

Phase II will now focus on drilling the surrounding copper porphyry area (Sulfato copper zone). 2005-08 drilling in the Sulfato zone included grades up to 1.40% copper. The infill drill program is intended to bring this zone to resource level which will be incorporated into an expanded ultimate pit.

In addition to drilling the Sulfato Copper zone a number of holes will test for the first time the nearby Marta copper moly porphyry system. The Marta porphyry is a second large mineralized copper porphyry body on the Copaquire property. This zone has not been explored previously using modern exploration methods but historic mining at the Marta adit reveals high grade copper-molybdenum veining. Surface rock alteration and mineralization indicate that the Marta may be a porphyry copper-moly system of significant size.

George Sookochoff, President and CEO, said that "With today's copper and molybdenum prices we have shown the resource at Cerro Moly zone capable of supporting a mine for 24 years. I'm very excited that we are now returning to drill the much larger Sulfato copper zones and add even more value to the project".

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) 681-0568 (FAX) (FAX)
    www.internationalpbx.com