The company's executive directors Dr. Gary Medford, President and CEO, Lorenzo Marchionda, Executive Vice President and Len De Melt, Vice President Production have spent the last ten days in Chile reviewing the company’s activities and plans.
The company's immediate objectives include obtaining a resource report on the Tabaco oxide copper property from its consultants, working up an inferred resource report on the Copaquire Sulfato secondary copper 5000m drill program recently completed and developing a substantial molybdenum resource on the Cerro Moly portion of the Copaquire property with the 5000 m drill program now underway.
The data from the recent drilling on the Sulphato copper area is being analyzed and compiled by the company’s vice president exploration, Terence Walker P.Geo., with a deadline of December 7 to produce a 43-101 compliant report. The area drilled in the last campaign represents less than half the area available for copper resource development.
The directors met with the company's contractors in particular SRK Consultants to obtain the long awaited Tabaco report. A signed off preliminary report has been promised for 28 November 2006 with a 43-101 compliant report for filing to be received two weeks later. The directors also met with engineering consultants it believes capable of moving the project to bankable feasibility and production in a one year time-frame. A production rate of approximately 150 thousand tonnes per month is envisioned. The direct shipping test results will not be available until December 8, however in the last few months the unloading times at the government processing plant have grown to 72 hours and this has further encouraged the construction of our own plant at Tabaco. A new processing plant is expected to open next March and the company will re-evaluate the direct shipping model at that time.
With the move to produce at Tabaco the company expects to change its profile from exploration to exploration and development with Copaquire next in its sights. Mr. Len De Melt will head up this process and has been appointed Chairman of the board. It is expected production-oriented directors will be added to the board and reflecting this change Mr. Terence Walker has resigned as a director but will remain vice president exploration.
Presently, the company is singly focused on developing a molybdenum resource at Cerro Moly, Copaquire. At the end of the current 5000 metre program the company is targeting a 200-300 million tonne resource at a grade of .05 to .08 per cent Mo. This is approximately one third the potential target at Cerro Moly as indicated in the news release of 18 March, 2004 with additional drilling required to develop the larger target. A second drill has been requested if available and the program may be increased by at least 2500 meters.
The company's subsidiary, Minera IPBX Limitada, has opened an office in La Serena, Chile which has good air service to Santiago. Mr. Marchionda will head up the office as General Manager and will coordinate the company's exploration and development of Tabaco and maintain a close liason with the Vancouver Office.
The company will be employing a new investor relations group to broaden its shareholder distribution and would like to thank the RAYA group for its committed efforts in the last few years.
With the able assistance of director George Sookochoff, the company's drill data will be quickly posted on the company's site so investors can view the development of the mineralized bodies from the drill hole information.
ON BEHALF OF THE BOARD OF DIRECTORS OF
INTERNATIONAL PBX VENTURES LTD.
Gary Medford, Ph.D., P.Geo.
PRESIDENT AND CEO
| Office: | 604 681 7748 |
| Toll Free: | 1 877 681 1154 |
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The company relies on "forward-looking" statement litigation protection.