PBX EXPANDS COPAQUIRE DRILL PROGRAM
February 14, 2011
Vancouver, B.C.– International PBX Ventures Ltd. (TSX.V: PBX) (the "Company" or "PBX") is pleased to announce that it has expanded its planned drill program on its Copaquire copper molybdenum porphyry project in Chile. The Company has acquired a second drill to ensure an expeditious completion of the expanded drill program on both the Marta Copper Porphyry and the Sulfato Copper zones. Drilling is to commence in late February 2011.
Drill No.1 will test high priority IP targets previously identified in the 2010 Titan IP geophysical survey as announced on Sept.15, 2010. Four of the targets are located in the Marta Copper Porphyry where surface sampling returned copper porphyry panel sampling grades of 0.20-1.0% leached copper in the “Copper South” area, as well as copper porphyry and copper intrusive breccia panel sampling grades of 2.0% copper in the “Copper North” area. The extensive size of the Marta Copper Porphyry was confirmed in the recently completed ZTEM airborne geophysical survey as announced Feb. 10, 2011.
The second drill will be used to fast track resource definition of the Sulfato South and North Zones immediately north of the Cerro Moly Zone. A 2009 AMEC 43-101 resource calculation and scoping study at Cerro Moly recommended that PBX continue drilling in the Sulfato zones to evaluate these extensive but relatively untested zones of copper mineralization.
In the Company’s 2010 drill program, drill hole CQ-100 stepped out 50m outside of the Cerro Moly zone into the Sulfato zone and intercepted 267.6m @ 0.57% copper including 139.6m @ 0.82% copper and included 14.0m @ 2.0% copper. Of the 267m of copper mineralization 247m was within the hypogene zone consisting of chalcopyrite and pyrite disseminations, quartz veinlets and stringers. The exploration program in the Sulfato area will consist of IP surveys and infill drilling to test the extent and grade of the hypogene zone. The hypogene mineralization is similar in nature and geological setting to the recently announced 1.03 Billion tonne @ 0.5% Cu hypogene sulphide resource* by Teck Resource at its Quebrada Blanca mine located 10km south east of Copaquire. View map: http://www.internationalpbx.com/images/Copa3D.jpg
The Company’s President & CEO, George Sookochoff, stated,” We are very pleased about the expansion of the upcoming drill program. Having a second drill allows us to complete all of the planned drill holes without delay.”
PBX is continuing work on the construction of its permanent camp facilities at the Copaquire property. Due to the extremely rainy weather conditions, the completion of the camp has been delayed. However, PBX expects to commence drilling once the camp is completed before the end of the month.
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
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.
All statements and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
International PBX Ventures Ltd. seeks safe harbor.