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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]



May 2 , 2005


The company is pleased to report that 2500m (8200ft) of diamond drilling has now been completed and the current program has been extended to 5000m. Most of the drilling was at the Cerro Moly target however, one drill hole was drilled at the Sulfato target 3 kilometres (1.9miles) north of Cerro Moly. Results from the first hole at Cerro Moly were released April 7. Additional assays and checks are still awaited from the other holes but complete assay results have now been received from the Sulfato drill hole and reported here.


This diamond drill hole was drilled to 191 metres (627ft) depth and had to be stopped in mineralization due to technical problems. After penetrating 67 metres of leached rock the hole cut 30meters (98.4ft) grading 0.41 % copper (US$ 14/ton gmv) followed by a 28m low grade fault zone and then 66m (216.5ft) grading 0.25% copper plus 0.05% molybdenum (US$ 44/ton gmv) to the hole bottom. (gross metal value, gmv, is based on Cu at $1.52/lb and Mo at $32.50/lb)


The assay results from lower half of this hole are similar to those encountered in the upper sections of the Cerro Moly system and indicate that the Sulfato target is a similar very large molybdenum-copper porphyry system. The surface alteration and copper-molybdenum distribution patterns suggest that Sulfato and Cerro Moly are in fact parts of the same much larger system.


The IPBX hole plus the previous drilling by Cominco also show that the Sulfato target has the added bonus of a thick overlying leach-able copper rich blanket as at the huge Collahuasi Mine (mine-able reserve of 1800 million tons @ 0.9% Cu) 15 kilometers to the north. Additional drilling will be directed to further evaluation of the Sulfato target in the extended program currently underway.


The company expects final assays from the remaining holes this week. The IPBX and the historic Placer drill holes will then be incorporated to produce a deposit model for Cerro Moly. This model can then be used to plan and direct future work programs with the objective of developing a pre-feasibility study by year end.

All samples were collected, processed and shipped by experienced personnel under the direction and supervision of Terry Walker M. Sc, P. Geo. the qualified person under National Instrument 43-101 in charge of the program. All assaying has been done at ALS Chemex Laboratories in their Coquimbo facility in Chile.


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.