Copaquire Project - Chile: 100%
The Copaquire Project is located in the Chilean 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 producers are within 15 kilometres of the property.

The geological setting and mineralization type is similar to that found in the Collahuasi (5 Bt @ 0.83% Cu, 0.02% Mo) and Quebrada Blanca Mines (1 Bt @ 0.62% Cu oxides).

The sedimentary rocks underlying the Copaquire Property are Jurassic pelitic shelf sediments. These Jurassic sediments are intruded by Early Tertiary granodioritic-quartz monzonite porphyry stocks.

The Copaquire contains 2 large mineralized porphyry systems – Copaquire and Marta.

Copaquire Porphyry
The Copaquire porphyry includes three zones: Sulfato North, South and Cerro Moly and covers an area of about 7 square kilometres and encompasses potassic, phyllic, argillic and propylitic phases of alteration and as such possesses all the alteration characteristics ascribed to typical calc-alkaline porphyry copper systems. The porphyry has a leached cap and secondary chalcocite blanket, more typical of Andean porphyry systems like the nearby Collahuasi deposit which is exposed in the Sulfato Zone north of the Cerro Moly ridge.

Most exploration drilling to date has concentrated within a molybdenum stockwork system at the Cerro Moly Zone over an area of approximately 48 hectares. This zone remains open at depth and along the SW-NE long axis of the mineralized trend.

The Cerro Moly Zone is related to the emplacement of a distinct and younger mineralization event (Molybdenum-Rhenium stockwork) within an earlier larger porphyry copper system which hosts mostly copper mineralization.

Between 2005 and 2008 PBX drilled 99 holes totalling 39,689 meters. A majority of the drilling focused on the Cerro Moly zone and in May, 2009 Mr. Eduardo R. Videla, MAusIMM a consulting geologist and a Qualified Person under NI 43-101 completed a Mineral Resource Estimate on the drill results of the Cerro Moly zone.

Resource Cat.	Copper (million lbs.)	Molybdenum (million lbs.)
Indicated	560.4	198.9
Inferred	622.8	110.9

Subsequent to Mr. Videla’s resource estimate PBX commissioned AMEC International (Chile) S.A. (AMEC) to perform a Preliminary Assessment (Scoping Study) of the Cerro Moly Deposit. On December 17, 2009 AMEC delivered to PBX the results of its positive Preliminary Assessment report.

The Preliminary Assessment (“PA”) report which focused only on the Cerro Moly zone defined a resource of 203.5 million pounds Mo and 364 million pounds Cu in the indicated resource category and 129 million pounds Mo and 242.3 million pounds Cu in the inferred resource category.

The PA provides preliminary mine plans for an optimized selected option which included mining and metallurgical plant designs, capital costs, operating costs and financial evaluation at a scoping level.

The resources at Copaquire will 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. The PA suggests a mine capable of producing approximately 785.4 million lbs of copper and 166.4 million lbs of molybdenum over a 24-year mine life at an operating cost of $7.15 US$/t.

2010 Drill Program

In June 2010 PBX completed a limited drill program in the Sulfato south copper zone adjacent to the Cerro Moly deposit. The purpose of the drill program was to locate higher grade copper which would enhance the economics of the resource and to test for the first time the deeper hypogene zone.
Results are as follows:

The wide intervals of hypogene copper mineralization (CQ-100: 240.0m @ 0.56% Cu including 14.0m @ 2.0% Cu in hypogene zone) intersected during the current resource expansion program in the Sulfato South area have re-defined the exploration model at Copaquire. In addition to the drill indicated resource defined within the Cerro Moly Zone (combined molybdenum and copper mineralization) there is clearly potential for significant copper rich mineralization as well elsewhere on the Copaquire property.

Marta Porphyry
The Marta Porphyry in the western area of the property, high grade copper veins have been identified in historic workings at the abandoned Marta mine. Recent bulldozer exploration has revealed a series of significant mineralized zones. These zones include a mineralized stockwork zone located near to historic underground workings which exhibit stockwork type molybdenum mineralization similar to that developed at Cerro Moly and areas of porphyry copper and copper skarn mineralization that are similar to the nearby Quebrada Blanca deposit owned by Teck Resources.

The Marta porphyry copper zone is intermittently exposed over several hundred meters and is characterized by potassic altered intrusive with quartz stockwork veins and thin coatings of copper oxides along fracture surfaces. Within this zone an intrusive breccia pipe is exposed which exhibits angular intrusive with impregnations and flooding of chrysocolla (hydrated copper silicate). A chip panel sample (3.0m x 1.0m) taken from the copper intrusive breccia on the Marta assayed at 2.04 % copper. Approximately 150 more surface samples have been taken in the area (results pending).

Titan Deep Penetration IP Survey
In July 2010 the company announced the commencement of a “Titan Deep Penetration IP Survey”.

The survey will define the Titan 24 response associated with the currently defined resource area (Cerro Moly) and a detailed evaluation of the response associated with a series of known and recently discovered mineralized zones within the Marta Porphyry as well as the extensive copper skarn mineralization located between the Marta and Copaquire porphyries.

The Titan 24 DCIP & MT is a multi parameter distributed ground geophysical survey system designed to collect large volumes of highly accurate subsurface physical property information to depths of 750 metres with IP Chargeability and DC resistivity as well to depths of 1500 metres with MT (magnetotelluric resistivity).
The Titan 24 survey is designed to:

• Detect and discriminate targets related to potential mineralization and alteration associated with copper deposits.
• Discriminate large targets with potentially greater tonnage from small non economic targets.
• Compliment near surface information for integrated drill targeting.
• Provide thorough property evaluation in less overall time than previously possible.

The Titan IP Survey results are pending.