August 29 , 2007
The company is pleased to report that the three-drill program at Copaquire is continuing and that it expects the first 43-101 resource calculation on the Cerro Moly molybdenum zone to be ready by the end of September. To date a total of 12,375 meters of drilling has been completed on the Cerro Moly zone. This is in addition to 2,100 meters previously drilled in the 2005 program. The drilling will continue as thus far only a small part of the total mineralized system has been tested.
Copaquire is a large porphyry-mineralized body of rock, a situation generally amenable to low-cost bulk-tonnage open pit mining, that at present is open to the north, south, west, and to depth. The depth of mineralization has not been determined but below the valley floor drill hole CQ-63 terminated in mineralization at a depth of 530 metres (1700 feet). Above the valley floor Cerro Moly mountain rises approximately 250 metres (800 feet) giving a vertical mineralized dimension of a minimum of 780 metres (2500 feet). Across the valley and to the south of Cerro Moly recent drilling has encountered similar mineralization in the mountain to the south opening up a new area that may contribute additional large tonnage to the mineralized system.
A very large volume of copper-molybdenum-rhenium mineralized rock has been outlined but this represents only a small part of the total area of the property with other centres such as the Marta and Sulfato zones providing additional blue sky.
The company has engaged the services of Eagle Mapping Survey of Vancouver& Santiagoto fly aerial photographic surveys over the Tabaco and Copaquire properties. The high resolution photographs will be used to create high definition three-dimensional topographic contour mapping necessary for accurate resource definition and open pit mine design.
The company plans to engage the services of SJ Geophysics to carry out “Deep 3D Induced-Polarization (IP)” surveys on the Sierra Pintada, Tabaco and Copaquire properties. SJ Geophysics is a leader in this leading edge method of geophysical surveying. The Deep 3D survey along with the use of the 3D IP algorithms developed at The University of British Columbia Geophysical Inversion Facility provides substantial additional benefits over the traditional 2D surveys such as the ability to define subsurface targets at a much higher degree of accuracy and at greater depths.
On the Copaquire the 3D IP will help in defining drill targets in new areas of the Cerro Moly Molybdenum and the Sulfato Copper zones. On the Tabaco property the 3D IP will help in expanding the current size of the copper deposit by testing the depth extensions of the copper sulphide mineralization and at the Sierra Pintada property the 3D IP will survey three strongly mineralized copper-gold zones, the Gloria and and Vina zones in the northern portion of the claim and the Totora zone in the south east. It is possible that these districts are centered above deeper Andacollo style porphyry systems.
The company is currently proceeding with the spin-off of all properties into new public vehicles leaving Copaquire in International PBX.
Finally, the company has no exposure to sub-prime paper. All funds are in Bank of Montrealterm deposits.
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.