“Copaquire’s considerable value at today’s prices is obviously welcome news for PBX shareholders, but what is of even greater importance for our company’s future is the significant upside for the Copaquire Project’s economic potential.”

Copaquire: Copper- Molybdenum- Rhenium

• Project highly leveraged to both Copper & Molybdenum price.
• Phase I Completed (Moly core).
  Recent Scoping Study values project at $336,000,000 NPV *.
• Current Market Cap only $13,800,000**.
• Phase II to commence.
  Infill drilling in Sulfato South copper zone projected to increase NPV significantly .
• Potential synergies with 2 nearby operating mines.
• Size of project makes it suitable for major partner or takeover.

*Mar. 1, 2010: Moly price $17.50/lb: Infomine.com; Copper price $3.37/lb: Kitco.com; NPV @8% (AMEC Engineering Economic Evaluation)
** Market closing price March 1, 2010: $0.18
*** Projected NPV 8% value with addition of 40MT @ 0.5% Cu
(AMEC Engineering Economic Evaluation)
For the 2009 Preliminary Assessment Report - Click here (2.1Mb)

With the completion of the Preliminary Assessment the company is now moving forward to add even more value to the Copaquire project.

Plans are underway to infill drill the Sulfato South copper zone which is adjacent to the Cerro Moly resource area. The drill program will follow up on the 2008 drill program where the final hole intercepted Grades from previous drilling in the Sulfato zone ranged from 0.50% to 1.40% copper, with a thickness range between 10 to 40 meters approximately indicating the presence of a copper supergene enriched zone in the porphyry system.

The Infill drill program is expected to bring this higher grade copper area to resource level which will be added to the Copaquire copper moly resource. The program is estimated to commence in the first week of March.

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