International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

December 20, 2010 12:39 ET

PBX to Undertake Spin-Off Transaction to Create Two Independent Companies

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 20, 2010) - International PBX Ventures Ltd. ("PBX" or the "Company") (TSX VENTURE:PBX) announces that its Board of Directors has unanimously approved a proposal for a spin-off transaction ("Transaction") pursuant to which the assets of PBX will be separated into two companies. The proposal will result in each PBX shareholder of record, as of the effective date of the transaction, receiving one share in the new company for each share held in PBX.

Under the terms of the proposed Transaction, PBX will retain all assets relating to the Copaquire copper-molybdenum and the Huatacondo properties in order to focus on their advancement, and transfer its Iron Oxide Copper Gold ("IOCG") projects to a new corporation ("Newco"). These six projects, Tierra de Oro, Sierra Pintada, Palo Negro, Hornitos, Tabaco and Zulema are all located in the IOCG belt of Chile, which is one of the most prospective IOCG provinces in the world and hosts numerous copper-gold deposits including Candelaria (470Mt @ 0.95% Cu) and Manto. The transaction is designed to create value for PBX shareholders by unlocking the value of these projects in Chile.

PBX shareholders will receive an information circular setting out further details of the proposed Transaction and will be asked to vote on the proposal at its next annual general meeting expected to be convened on February 25, 2011. The proposal to be presented to shareholders will result in each PBX shareholder of record, as of the effective date of the Transaction, receiving one share in Newco for each share held in PBX. There will be no change in shareholders' holdings in PBX.

Newco intends to go public on a Canadian stock exchange and obtaining the conditional approval for the listing of its common shares will be a condition to the closing of the Transaction.

About International PBX Ventures Ltd.

International PBX Ventures Ltd. is a junior exploration company with a strong portfolio of copper, molybdenum and gold projects in Chile. The Company has recently completed a positive preliminary economic assessment by AMEC Mining and Metals S.A. on its flagship 100% owned Copaquire Copper Molybdenum project located in Chile's prolific copper porphyry belt. This copper rich belt hosts some of the largest copper mines and contains the highest concentration of copper in the world.

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

George Sookochoff, President & CEO

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