International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

January 27, 2011 00:31 ET

Jintian Copper Exercises PBX Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 27, 2011) - International PBX Ventures Ltd. (the "Company") (TSX VENTURE:PBX) is pleased to announce that Ningbo Jintian Copper Co. Ltd. China ("Jintian"), through its wholly owned subsidiary Hong Kong Maytime International Industry Limited ("Maytime"), has elected to exercise its warrants early in regards the expiry date November 30, 2011. This event will add an additional $1.75 million towards advancing the forthcoming drill program on the Copaquire copper project in Chile.

Jintian participated in a $3.8 million non-brokered private placement on November 30, 2010 acquiring 10,000,000 common shares of the Company at a price of $0.25 per share and warrants to acquire 5,000,000 shares of the Company at a price of $0.35 per common share, exercisable until November 30, 2011.

Jintian Copper is the largest copper processing company in China and is ranked in the top 500 of China's largest companies, as well as the 10 biggest Chinese non-ferrous processing companies. Jintian consumes 400,000 metric tons of copper per year from the recovery of copper scrap, copper smelting, construction materials, non-ferrous trade, etc. in turn producing finished products such as copper wire, copper tubing and copper plates. In 2009, Jintian had sales of US$3.2 billion.

George Sookochoff, President & CEO said, "This early exercise of warrants by Jintian is certainly appreciated by PBX and indicates Jintian's firm commitment to advance the Copaquire copper project."

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

George Sookochoff, President & CEO

International PBX Ventures Ltd. seeks safe harbor.

Neither 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 press 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