International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

April 20, 2009 17:05 ET

PBX Files NI 43-101 Resource Estimate Report for Copaquire Molybdenum-Rhenium-Copper Project, Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 20, 2009) - International PBX Ventures Ltd. (TSX VENTURE:PBX) is pleased to announce it has filed the report "Mineral Resource Estimate Copaquire Project" by Gino Zandonai, Consulting Mining Engineer, M.Sc., at www.SEDAR.com. The report which can be viewed on the company's website www.internationalpbx.com expands on the company's news release of January 12, 2009 and defines the current status of the mineral resources of the Cerro Moly molybdenum-rhenium-copper deposit located in the northern part of Chile about 1,450 kilometres north of Santiago and approximately 15 kilometres west of the Collahuasi and Quebrada Blanca producing mines.

The Cerro Moly deposit is now estimated to host an Indicated Mineral Resource of 277.5 million tonnes averaging 0.041% molybdenum, 0.098 ppm rhenium and 0.092% copper. The contained metal in this Indicated Mineral Resource is estimated at 254.7 million pounds of molybdenum, 60,000 lbs rhenium and 562.5 million lbs of copper. An additional Inferred Mineral Resource for this area is estimated at 232.4 million tonnes grading 0.038% molybdenum, 0.059 ppm rhenium and 0.097% copper, containing 232.4 million pounds of molybdenum, 30,000 lbs rhenium and 498 million lbs of copper. Both the Indicated and Inferred Mineral Resources are at a cutoff grade of 0.02% molybdenum. The Indicated and Inferred Mineral Resources for Mo, Cu and Re at incremental cutoffs are shown as follows:



Mineral Resource Estimate Table

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Cut-
off Re lbs.
Category (Mo%) Tonnage Mo% lbs. Mo Cu% lbs. Cu (ppm) Re
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Indicated 0.02 277,520,000 0.041 253,731,289 0.092 562,531,199 0.098 59,939
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0.03 184,612,000 0.050 203,519,935 0.089 364,063,628 0.118 47,773
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0.04 114,576,000 0.059 149,944,777 0.084 213,101,139 0.131 32,991
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Inferred 0.02 232,396,000 0.038 192,926,547 0.097 498,058,820 0.059 30,177
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0.03 114,822,000 0.051 129,040,786 0.096 241,981,635 0.075 18,951
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0.04 59,370,000 0.067 87,343,380 0.084 110,510,788 0.082 10,734
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These mineral resource estimates were prepared under the supervision of Gino Zandonai, Consulting Mining Engineer, M.Sc., member of SME and Eduardo Videla, Consulting Geologist, M.Sc., member of MAusIMM, both independent Qualified Persons under JORC and NI 43-101.

Mr. Zandonai has reviewed and approved the technical information in this release.

The Copaquire project is a copper porphyry property hosting a discrete molybdenum intrusion called Cerro Moly. Whereas almost all of the Chilean molybdenum production comes as a by-product recovery from its large porphyry copper mines, the Copaquire Cerro Moly deposit is the only stand-alone moly deposit in Chile.

The Copaquire is expected to be very amenable to low-cost quarry/open-pit mining as over 25% of the deposit is contained above grade level within the Cerro Moly mountain. High grade material on face of mountain may potentially facilitate rapid recovery of capital costs during the early years of production. Metallurgical testing produces 90-95% moly recoveries. Rhenium content may provide significant economic credits.

"With base metal prices projected to remain moderate for the next couple of years the key for success is in developing a low-cost mining project," commented George Sookochoff, President & CEO. "I am confident that the Copaquire project will prove to be the right project for the new economy. We are continuing to advance the project through a Preliminary Economic Assessment (PEA) study. The PEA is designed to generate Order of Magnitude (OOM) capital and operating cost estimates, financial analysis based on OOM estimates, pit and waste dump outline and production schedules. A project of this size would require a major partner to move it forward to feasibility and on to production and a positive PEA would enable us to attract such a partner."

About PBX

International PBX Ventures is a Canadian junior mining and exploration company focused on acquisition and development of molybdenum, copper and gold properties in Chile.

PBX's flagship project is the 100% owned Copaquire moly-rhenium-copper property, a circum-Pacific style porphyry copper-molybdenum open-pittable deposit similar to other Andean porphyry systems in northern Chile.

PBX's shares trade on the Toronto Venture Stock Exchange under the symbol PBX.V.

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

George Sookochoff, President & CEO

This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of PBX are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the expectations of PBX are detailed from time to time in the filings made by PBX with securities regulators.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release and the information contained herein.

Contact Information

  • International PBX Ventures Ltd.
    George Sookochoff
    President & CEO
    (604) 681-7748 or Toll Free: 1-877-681-1154
    (604) 681-0586 (FAX)
    Web: www.internationalpbx.com