International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

March 21, 2011 15:01 ET

PBX Starts Drilling on the Copaquire Copper-Moly Porphyry Project, Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 21, 2011) - International PBX Ventures Ltd. (TSX VENTURE:PBX) is pleased to announce that the 2011 drill program is now underway on its Copaquire copper-molybdenum porphyry project in northern Chile.

The objectives of the drill program are to delineate copper resources in the South and North Sulfato Copper zones. The South Sulfato zone is adjacent to the Cerro Moly zone where the company announced in Dec. 2009 a 43-101 resource of 229 MT Indicated @ 0.07% MoEq (197 million pounds molybdenum & 560 million pounds copper) and 194MT Inferred @ 0.07% Moly Eq (111 million pounds molybdenum & 623 million pounds copper). The Cerro Moly zone is a younger molybdenum-copper-rhenium mineralization event within a larger porphyry copper system (Sulfato) in contact with meta-sedimentary rocks. A 2009 Preliminary Assessment (PA) report completed by AMEC Engineering indicates the resources at Cerro Moly can be mined by open-pit, and AMEC has developed an ultimate pit and selected a scoping level production plan to process 36,000 tonnes of mill feed per day over a 24-year mine life.

A limited 2010 drill program outside the immediate perimeter of the Cerro Moly zone and within the South Sulfato zone intercepted 267 metres @ 0.57% Cu including 140 metres @ 0.82% Cu and 14 metres @ 2.0% Cu. Follow-up drilling in this area will continue this year.

A further objective of this year's program is to test geophysical and geological targets in the largest porphyry complex identified thus far at Copaquire (the Marta porphyry system), which has never been drilled before. A recent Titan Deep Penetration IP survey (NR Sept. 15,2010) revealed several large geophysical targets beneath the surface copper and molybdenum mineralization in the Marta area and a 2011 Airborne ZTEM survey confirmed the presence of a large porphyry system.(NR Feb.10,2011).

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

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.

We seek safe harbour.

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