NEWS: PBX To Spin out IOCG Projects to New Company Chilean Metals Exploration
PBX Shareholders to receive 1 share CMX for each 5 shares PBX they hold
View CMX www.chileanmetals.com website

PBX engages in the acquisition, exploration, and development of mineral properties in Chile. The company explores for copper, molybdenum and gold deposits and owns 100% interests in eight properties comprising 25,000 hectares in Chile. Its principal project is the Copaquire, an advanced staged exploration project of some 2,000 hectares covering a major copper-molybdenum porphyry system located in the prolific copper-molybdenum porphyry belt of northern Chile.

2011 drilling in Sulfato South copper zone recognizes the potential additional copper value outside of the Cerro Moly area where a 2009 Preliminary Economic Assessment Report (PEA) by AMEC Engineering provided a mine plan with a 36,000 tonne per day production rate over a 24 year life of mine Cerro Moly resource.

Further copper mineralization located within an area representing only 30% of the surface alteration area that defines the Sulfato South zone has significantly increased the potential for further copper resources.