International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

August 08, 2011 10:00 ET

PBX Continues to Drill More Copper in Copaquire, Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 8, 2011) - International PBX Ventures Ltd. ("PBX" or the "Company") (TSX VENTURE:PBX) is pleased to report further positive drilling results from ongoing in-fill and resource extension drilling at its 100% owned Copaquire Porphyry Copper Property in northern Chile.

Sulfato South Copper Zone

The 2011 infill drill program continues to show the Sulfato South area to be a consistently well mineralized copper zone of significant dimensions and demonstrates the potential for a major expansion of the copper resources at Copaquire.

Assay result highlights for drill holes CQ-111 and CQ-112 are as follows:

Drill Hole

Total
Length (m)

From
(meter)

To
(meter)

Length
(meters)

Length
(feet)

%Cu %Mo %CuEq1
CQ-111 195 131.4 176.0 44.6 146.3 0.53 0.006 0.55
CQ-112 290 34.0 85.1 51.1 167.4 0.57 0.036 0.71
includes: 34.8 56.0 21.2 69.5 0.82 0.050 1.02
1Metal equivalent data are based on US$ 2.50/lb copper and US$10/lb Moly. In calculating copper equivalencies 100% metal recoveries have been assumed.

Drilling continues on CQ-111 and further results will be announced upon receipt.

"Results of drill holes CQ-111 and CQ-112 enable management to express more confidence that the geological model as set out by our senior porphyry geologists is being validated," said George Sookochoff, President & CEO of PBX.

The new geological model at Copaquire consists of multi-phase intrusions and copper mineralization structurally controlled by north-south trending faults. It is along these north-south fissures that multiple episodes of hydrothermal activity in the form of intrusive and hydrothermal breccias, accompanied by fracture filling (veinlets and veins of quartz-pyrite-chalcopyrite and quartz-pyrite moly) have intruded a porphyritic quartz monzonite (known as the Copaquire Porphyry) and intruded a near surface sequence of metasediments where replacement mineralization has developed as well.

View plan map at: http://www.internationalpbx.com/pdfs/drillplan.pdf

Conceptual modeling of the Sulfato South Zone by PBX geologists suggests there is potential to add up to 300-500 million tons of material averaging 0.4 to 0.6% copper2.

(2 the potential quantity and grade is conceptual in nature; there has been insufficient exploration to define a mineral resource; it is uncertain if further exploration will result in discovery of a mineral resource)

A new resource estimate for the Sulfato South copper zone is scheduled for completion in 4th Quarter 2011 and this will used to update the company's 2009 Preliminary Economic Assessment with planned completion in 1st Quarter of 2012.

In light of the consistent positive copper results in the Sulfato area the Company plans to accelerate the drill program by adding a third drill to be located at Sulfato North copper zone. Negotiations are ongoing to secure the third drill.

QA/QC

A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates is being employed. All drill holes are mostly sampled on a 2 m continuous basis, with samples split on site and one half being transported by ALS Laboratories to the ALS Laboratories in Antofagasta, Chile for preparation. The samples are then transferred to ALS Laboratories in La Serena for analysis. A second half will be stored at a PBX facility for reference.

The 2011 Copaquire diamond drill program is being supervised by Mr. Victor Jaramillo, M.Sc.A., P.Geo. (PBX Project Manager) and who 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.

About International PBX Ventures Inc.

International PBX Ventures Inc is a junior exploration Company with a strong portfolio of copper, molybdenum and gold projects in Chile. The 100% owned Copaquire copper molybdenum property is the Company's flagship project and is located in Chile's prolific copper porphyry belt. This arc‐parallel belt includes 30 porphyry Cu‐Mo deposits and prospects with the largest amount of copper concentration in the world, totalling about 220 million tonnes of copper. The Quebrada Blanca and Collahuasi (the third largest copper mine in the world) producers are within 15 kilometres of the property. For more information, please visit the Company's website: www.internationalpbx.com

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