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209 - 475 Howe Street
Vancouver, BC Canada V6C 2B3
TEL: (604) 681-7748 • FAX: (604) 681-0568
Canadian Venture Exchange Symbol: PBX
EMAIL: [email protected]



April 5 , 2005


The company is pleased to report that five diamond drill holes totalling approximately 1700 m have now been completed. Holes 1-4 drilled into the Cerro Moly molybdenum target are mineralised throughout with molybdenum as molybdenite and sections of copper as chalcopyrite.


Drill Hole 5 drilled to 200 metres depth, twins an old Cominco reverse circulation drill hole in the Sulfato copper target 3 kilometres north of Cerro Moly. This hole cut 150 metres of heavy copper mineralization as chalcocite and bottomed in the same mineralization.


Drill Hole 6 currently in progress at Cerro Moly is at 250 metres depth and is also mineralised throughout with molybdenite.


Assays are slow in coming and only partial results have been received to date from drill
Hole #1 however these assays indicate that the top 200m of this drill hole, which twinned an old Placer drill hole averaging 0.11% Mo, grades the same as if not a little higher than the Placer drill hole.


The company is very pleased with the results to date which confirm the presence of a very extensive molybdenum rich porphyry system at Cerro Moly and the reliability of the old Placer assay data. In response to these very favourable results the company has decided to double its current drill program.


Terry Walker M.Sc., P.Geo. is the qualified person under National Instrument 43-101 in charge of the program.


Terry Walker MSc., P.Geo.


Vancouver office 604-681-7748

Bill Koble 604-329-3341
Robert A Young and Associates 604-682-5123
Investor Relations 1-877-626-2121


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

The company relies on “forward- looking” statement litigation protection.