April 12 , 2007
International PBX Ventures Ltd. is pleased to report excellent continuing results from the molybdenum-copper first phase resource definition program comprising 5000 metres of diamond drilling. The current hole was also submitted for RHENIUM assay with spectacular results as shown in the table.
| Hole # | From (m) | To (m) | Width (m) | % Mo | % Cu | Comments |
CQ 42 |
20.0 |
410.5 |
390.5 |
0.048 |
0.09 |
Primary sulphide |
including |
20.0 |
76.0 |
56.0 |
0.037 |
0.32 |
|
|
128.0 |
190.0 |
62.0 |
0.112 |
0.15 |
|
Also |
130.0 |
160.0 |
30.0 |
0.143 |
0.21 |
plus 0.481g/t Rhenium |
Note 0.1% Mo=2 lb/short ton 1%copper=20 lb/short ton
Hole locations are posted on www.internationalpbx.com
Rhenium prices are currently $5,850 (US) per troy ounce or $188 (US) per gram. Rhenium is rare and used in catalysts and electronics. The company is encouraged that the potential exists to add significant value to the mineralization at Copaquire and will proceed to assay all significant molybdenum sections for the metal.
Mr. Len DeMelt, chairman, commented “If we are successful in maintaining this level of rhenium in our check samples we may have a rhenium situation with molybdenum credits rather than the other way around!”
All analyses were carried out at ALS Patagonia Laboratories, Coquimbo, Chile.
Terence Walker MSc, PGeo is the qualified person under National Instrument 43-101 in charge of the program and the company’s exploration manager in Chile. The results should be considered preliminary exploration data.
Copaquire is located in northern Chile on the west fissure which hosts some of the largest copper-molybdenum porphyry mines in the world. It is the last well-exposed major porphyry system in Chile yet to be fully explored. The company has an option to purchase a 100 per cent interest in the property.
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
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.