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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]



FEBRUARY 16, 2005


The company is pleased to report that drilling of the Copaquire Molydenum-Copper porphyry has commenced on schedule.
The company recently has obtained additional historic drill-hole information in the molybdenum rich sector of the property which significantly enhances this target’s quality. Three additional well-mineralised holes drilled to depths of 500 metres are located 400m north of the five molybdenum rich holes already described (see news of October 18, 2004). Considered together, these eight holes define an area of 400 by 500 metres within which molybdenum-rich mineralization has been continuously drilled to at least 625m depth. Using a conservative depth of only 250m, this give us an open-ended target of approximately 125 million tonnes at a weighted-average grade of about .08 per cent (1.76 lb/tonne) molybdenum. In addition the new holes also contain copper intercepts averaging about .25 per cent (5.5 lb/tonne) over 100 to 300m widths.
The current drill program is designed to confirm the results of these 1977 drill holes as well as extend the system to the north and at depth.

Terry Walker MSc., P.Geo. is the qualified person under NI 43-101 who is in charge of the program.


Terry Walker MSc., P.Geo.


Vancouver office 604 681 7748
Bill Koble 604 329 3341

Investor Relations
Robert A Young and Associates 604 682 5123

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