NEWS RELEASE |
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March 30, 1998 NEW GOLD ZONE - UNDERGROUND POTENTIAL- "TIERRA DE ORO", CHILE The Company is pleased to announce that on-going detailed surface exploration in the Central Gold Zone has resulted in delineation of a new system of high grade gold veins. This new "Escondida Vein System" is located 500 metres east of the "Andacollo Vein System", which in previous reports constituted the "Central Gold Zone". In common with Andacollo, Escondida is a 100 to 150 metre wide zone of strong argillic alteration containing numerous, multi-directional, gold-bearing quartz-iron oxide veins. A central, 15-20 metre wide core zone, containing five persistent 1-3 metre wide veins contains numerous old workings over a 450-metre strike length. Assays from recent chip sampling of these workings returned values ranging from 1.21 gpt gold over 3 metres to 27.0 gpt gold over 2.5 metres. Based on the weighted average gold content of twelve samples from the zone and assuming the host rock carries no gold, the average grade of the central part of the zone is about 5.24 gpt gold over a 15 metre width. The Escondida Vein System has been traced for a further 200 metres to the south and appears to join a strong NE trending vein system 300 metres to the north for a total strike length of approximately 1 km. The NE system has previously returned similar gold values to the above. Trenching to further sample these zones will be carried out. Current Chilean underground mining plus milling cost for 2-3 metre wide veins ranges from US$11.00- 15.00 per tonne (i.e. 1 to 1.5 gpt gold). Hence even at today's low gold prices these early results from the Escondida Vein System indicate good potential for a bulk underground mine in addition to the open pit potential identified elsewhere on the property. The "Tierra de Oro" project is 100% owned by INTERNATIONAL PBX VENTURES LTD. and no royalties are payable. On behalf of the Board of Directors of
"Gary A. Medford",
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this Release.
This is not an offer to buy or sell, nor a solicitation of an offer to buy or sell these securities.
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For further information please contact John Gomez.
INTERNATIONAL PBX VENTURES LTD.
Trading Symbol: IVU - Vancouver Stock Exchange
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