International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

June 28, 2011 17:03 ET

PBX Drills 300 Meters of 0.48% Copper Equivalent at Copaquire, Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 28, 2011) - International PBX Ventures Ltd. ("PBX" or the "Company") (TSX VENTURE:PBX) is pleased to provide an update on the Company's 2011 diamond drill program at its 100% owned Copaquire Porphyry Copper Property in the Collahuasi District, northern Chile.

Copaquire Summary

As previously announced step out drilling in 2010 within the Sulfato Zone (DDH CQ-100 intersected 267 meters averaging 0.57% copper located immediately north of the Cerro Moly deposit) and results of a Titan Deep penetration IP Survey completed by Quantec demonstrated potential for the discovery of additional mineralized zones at Copaquire.

The objectives of the Company's planned 5,000 meter drill program are to continue delineating the extent of the copper mineralization within the Sulfato Zone and to assess the target areas identified by Quantec in the south central and southwestern part of the Copaquire Property (referred to as the Marta Porphyry).

2011 Drill Program

To date the company has completed two infill drill holes in the Sulfato Zone and two exploration drill holes in the new target areas identified by Quantec within the Marta porphyry for a total of 2,676 meters.

To view the Copaquire 3D Model: http://www.internationalpbx.com/images/Copa-3D-Porphs.jpg

COPAQUIRE PORPHYRY

Sulfato South Zone

Initial 2011 drilling results continue to demonstrate that the Sulfato Zone has potential for a major expansion of the copper resources already defined at the Cerro Moly deposit in the southeastern part of the Copaquire Property. Conceptual modeling of the Sulfato South Zone by PBX geologists suggests there is potential to add up to 500 million tons of material averaging 0.4 to 0.6% copper1.

(1 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)

CQ-107A was designed to infill mineralization as well as further extend mineralization to depth. CQ-107A was drilled vertically 80 meters SE off 2010 drill hole CQ-100 which intercepted 267 metres @ 0.57% copper, including 139.60m @ 0.82% copper. CQ-107A was successful in showing the Sulfato South zone continues to be a consistently well mineralized copper zone of significant dimensions.

Assay result highlights for Sulfato South Zone include:

Drill HoleAreaFromToLength%Cu%Mo%CuEq2
Number(meters)(meters)(meters)
CQ-107ASulfato South883843000.370.0270.48
includes:1022521500.510.0220.60
119160410.570.0330.70

2Metal equivalent data are based on US$ 4.00/lb copper and US$16.00/lb Moly. In calculating copper equivalencies 100% metal recoveries have been assumed.

Sulfato North Zone

CQ-110 was designed to test for comparative grade and recoveries between current diamond drill and previous RC drill results (2005-06) as well as testing the deeper hypogene zone of the porphyry system for mineralization. This hole will help in planning a future infill drill and resource definition program for the Sulfato North Zone. Positive assay results have been received to a depth of 254 meters with the remaining sample assays pending. Preliminary assay results and core logging show a very well copper mineralized zone within a very similar system as that identified in Sulfato South. CQ-110 intercepted hydrothermal and intrusive mineralized breccia zones within metasediments and a quartz porphyry at lower depths. Company geologists believe Sulfato North to host similar mineralization as that found to date in Sulfato South.

Assay result highlights for Sulfato North Zone include:

Drill HoleAreaFromToLength%Cu%Mo%CuEq2
Number(meters)(meters)(meters)
CQ-110Sulfato North90137470.520.0050.54
includes:114137230.770.0060.79

MARTA PORPHYRY

The first drill holes ever completed at Marta have confirmed the presence of porphyry style copper mineralization associated with the target areas defined by Quantec's Titan Survey Completed in 2010. Drill holes CQ-106 and CQ-108 were targeted in the central part of the Marta Zone, based primarily on the Quantec geophysics. Both drill holes intersected widely spaced veinlets of quartz-pyrite-chalcopyrite-moly mineralization within altered granodiorite.

The PBX geologists that are onsite believe that the presence of widely spaced veinlets in both holes are typical of the mineralization encountered peripheral to major porphyry copper centers in the Collahuasi mining district.

Initial results are considered encouraging and management has decided to complete detailed IP surveys to better define drill targets in the Marta area before proceeding with further drilling. Two D-8 bulldozers have started cutting roads to new areas of the porphyry to provide access for geophysical survey crews. IP surveys are scheduled to commence in late July.

Both drills are now working on the Sulfato South zone to accelerate the Sulfato resource expansion program.

The best mineralized intervals from CQ-108 include:

Drill HoleAreaFromToLength%Cu%Mo%CuEq2
Number(meters)(meters)(meters)
CQ-108Marta36126900.100.0010.10
352396440.130.0040.15

To view photographs of chalcopyrite veinlets in CQ-108: http://www.internationalpbx.com/images/CQ108Core.jpg

The Company plans to update the 2009 NI 43-101 resource estimate by November 2011 and update the Preliminary Economic Assessment by Q1 2012 which will incorporate additional copper resources defined by the Sulfato South resource expansion program and utilize improved metal prices for NPV calculations.

"We are certainly very pleased with the long intervals of copper mineralization which continue to contribute to our Copaquire resource expansion program," said PBX President & CEO, George Sookochoff. "Also with the confirmation of the Marta being a mineralized porphyry system the goal now is to locate the core source of mineralization within this significantly large porphyry. This is why we are particularly pleased at this time to have acquired the services of some of the best senior porphyry copper geologists in Chile. They bring with them a tremendous amount of experience in developing large copper porphyry deposits in Chile. The fact that the Copaquire project is able to retain porphyry geologists of this high caliber makes a very strong statement towards the project's quality and significance."

PBX Adds Senior Porphyry Geologists to PBX Team

Mr. Hugo Becerra is a Professional Geologist with over 20 years' experience in porphyry copper (mainly in Codelco and BHP), and stratabound copper deposits (Antofagasta Minerals-Luksic Group). Expertise in 3D modelling and resource estimation of porphyry copper deposits. Previous assignment was at the Spence Mine for BHP Chile.

Mr. Demetrio Rojas is a Professional Geologist with over 25 years' experience in the exploration of porphyry copper deposits along the Chile and Peru copper belts. Demetrio was among the first geologists to explore (1985-1987) what is in now the Collahuasi Copper Mine. During 1988 to 1994 he worked for Lac Minerals throughout Chile and Argentina. Later on with Codelco (1994-2000) he explored several projects along the Domeyko Fault System, and was part of the exploration team that discovered the Gabriela Mistral (Gaby) Copper Deposit in Chile. Demetrio was in the team that recommended the acquisition of the Regalito Project, in the Maricunga Belt of north of Chile while working for Pan Pacific Copper (Nippon and Mitsui Mining). This project is now known as the Caserones Porphyry Copper Deposit, in which he contributed in the generation of the first geologic model. The Caserones Mine is currently under construction and has resources of 1 billion tonnes with 0.40% copper and 0.02% moly. Mr. Rojas has worked for Shell Billiton, Cía Minera Doña Inés de Collahuasi, Lac Minerals, Codelco Chile, Pan Pacific Copper, among several other companies.

Mr. Marcelo Gomez is a Senior Exploration and Mine Geologist with over 20 years' experience in porphyry copper deposits. Marcelo has worked for many years as senior geologist for Codelco in the Chuquicamata Mine, the Radomiro Tomic Mine and was in the exploration team that defined the Ministro Hales Mine, currently in construction. More recently Marcelo worked as Senior Supervising geologist in charge of a large group of geologists doing core logging for the Escondida Mine Exploration Area. Marcelo specializes in resource estimation and geological modelling.

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