International PBX Ventures Ltd.

International PBX Ventures Ltd.

June 23, 2009 01:23 ET

PBX Files Revised 43-101 Technical Report on its Copaquire Molybdenum-Rhenium-Copper Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2009) - International PBX Ventures Ltd. (TSX VENTURE:PBX) is pleased to report it has submitted a revised NI 43-101 technical report for its 100% owned Copaquire molybdenum - rhenium - copper porphyry project, Chile. The revised report is a revision of a technical report dated April 7, 2009 and expanded on the company's news release of January 12, 2009 which updated the current status of the mineral resources of the Cerro Moly molybdenum-rhenium-copper deposit. The revision was requested by the British Columbia Securities Commission (the "BCSC"), the securities regulatory authority in the Province of British Columbia, Canada who upon conducting a review of the report identified a number of deficiencies and requested the company to file a revised technical report.

The preparation of the April 7, 2009 technical report was carried out by Mr. Gino A. Zandonai. However Mr. Zandonai is not a member of a foreign professional association listed in Appendix A to NI 43-101 and therefore is not a qualified person and cannot co-author the technical report or take responsibility for the Company's disclosure of mineral resources.

The May 10, 2009 revised report is authored by Mr. Eduardo R. Videla, MAusIMM a consulting geologist and a Qualified Person under NI 43-101. Mr. Videla has over 15 years experience calculating mineral resource estimations on a wide variety of porphyry deposits around the world, many similar to the Copaquire deposit.

Mr. Videla's May 10, 2009 revised report uses a base case cutoff grade estimation of 0.03% Mo as a more reasonable prospect for economic recovery. The 0.03% Mo cutoff grade supersedes the 0.02% Mo cutoff grade used in Mr. Zandonai's April 7, 2009 technical report as well as the 0.02% Mo cutoff grade stated in the Company's April 20, 2009 news release.

No change has been made to the resource table in the April 7, 2009 report.

Mineral Resource Estimate Table
Cutoff Re lbs.
Category (Mo%) Tonnage Mo% lbs. Mo Cu% lbs. Cu (ppm) Re
Indicated 0.02 277,520,000 0.041 253,731,289 0.092 562,531,199 0.098 59,939
0.03 184,612,000 0.050 203,519,935 0.089 364,063,628 0.118 47,773
0.04 114,576,000 0.059 149,944,777 0.084 213,101,139 0.131 32,991

Inferred 0.02 232,396,000 0.038 192,926,547 0.097 498,058,820 0.059 30,177
0.03 114,822,000 0.051 129,040,786 0.096 241,981,635 0.075 18,951
0.04 59,370,000 0.067 87,343,380 0.084 110,510,788 0.082 10,734

These mineral resource estimates were prepared under the supervision of Mr. Eduardo R. Videla, MAusIMM an independent Qualified Person under NI 43-101. Mr. Videla has reviewed and approved the technical information in this news release.

The geological resources have been estimated using Ordinary Kriging (OK) geostatistical method. Resource estimation was constrained by a 3-dimensional solid model developed from geological and analytical data. Block size used was 40mx20mx20m and grade estimation was carried out by the ordinary kriging using 2 metre downhole drill composites.

Drill samples for analysis averaged 2 metres in length of split NTW and HQ-size core except for 9 holes from the 2005 program which were sampled on 3 metre intervals. The 2007/08 drill program utilized modern QA/QC practices involving insertion and monitoring of reference standards, duplicates and blanks. 11,456 samples for Mo, 11,439 samples for Cu and Mo and 6,454 samples for Re were analyzed for the resource calculations. All analytical work was conducted by ALS Patagonia Laboratories, Chile, an ISO 9001 registered facility, located in Coquimbo, Chile. Samples for check assays were submitted to Chemex, an ISO 9001 registered facility, located in Vancouver.

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.

The company's principal asset 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. The property is surrounded by copper giants Rio Tinto, Teck, Codelco, Xstrata and Anglo American. Teck's Quebrada Blanca mine is located 10 km (6 mi) east of Copaquire and the giant Collahuassi mine owned by Xstrata and Anglo American is located a further 7 kms (4 mi) east.


George Sookochoff, President & CEO

This news release uses the terms "indicated" and "inferred" resources. We advise U.S. investors that while those terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted to reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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) 681-0586 (FAX)