PBX Announces Resource Estimate of 378 Million lbs of Contained Molybdenumand 887 Million lbs of Contained Copper at the Cerro Moly Zone, Copaquire Chile Property
October 1 , 2007
The company is pleased to report an interim indicated and inferred resource estimate that will be augmented by continued drilling.
At a cut-off grade of 0.02% molybdenum (Mo), estimated indicated resources of 183.2 million tonnes with an average grade of 0.046% Mo and 0.107% Cu and contained metals of 185.8 million pounds Mo and 432.2 million pounds Cu . Estimated inferred resources of 212.8 million tonnes with an average grade of 0.041% Mo and 0.097% Cu and contained metals of 192.4 million pounds Mo and 455.1 million pounds Cu.
At a cut-off grade of 0.03% molybdenum (Mo), estimated indicated resources of 160.0 million tonnes with an average grade of 0.049% Mo and 0.106% Cu and contained metals of 172.8 million pounds Mo and 373.8 million pounds Cu. Estimated inferred resources of 193.4 million tonnes with an average grade of 0.043% Mo and 0.096% Cu and contained metals of 183.3 million pounds Mo and 409.3 million pounds Cu.
At a cut-off grade of 0.04% molybdenum (Mo), estimated indicated resources of 98.0 million tonnes with an average grade of 0.058% Mo and 0.097% Cu and contained metals of 125.3 million pounds Mo and 209.5 million pounds Cu . Estimated inferred resources of 110.2 million tonnes with an average grade of 0.049% Mo and 0.094% Cu and contained metals of 119.1 million pounds Mo and 228.4 million pounds Cu.
Note. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
These mineral resource estimates were prepared under the supervision of R. Simpson P.Geo., an independent Qualified Person under NI 43-101, pursuant to Canadian Institute of Mining (CIM) Standards on Mineral Resources and Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council December 11, 2005 and published in the CIM Bulletin of November 2005 and compliant with National Instrument 43-101 – Standards of Disclosure for Mineral Exploration and Development and Mining Properties. Numbers have been rounded subsequent to calculation.
Resource estimation was constrained by a 3-dimensional solid model developed from geological and analytical data. Block size was 24x24x24 metres and grade estimation was carried out by the ordinary kriging using 12 metre downhole drill composites. Blocks were estimated in three passes using incremental search distances of 50, 100 and 200 metres. Composites containing sample grades exceeding 0.36% Mo or 1% Cu were limited in influence to the first pass. Tonnes were calculated using median specific gravity values for the major lithologies based on 126 measurements of drill core.
No blocks were classified as measured due to wide sample spacing and lack of precise topographic data. In order to be classified as indicated, a block was required to have at least 5 composites within a radius of 100 metres which was the maximum variogram range. If the distance to the nearest composite was greater than the block dimension then more than one hole was also required. All other estimated blocks were assigned to the inferred category which required a minimum of 4 composites within a 200 metre search distance with a maximum of 4 composites permitted from a single drill hole.
Exploration on the Copaquire Project is being conducted under the supervision of Tor Bruland, MSc, PGeo.,the Company’s Qualified Person as defined under NI 43-101. Drill samples for analysis averaged 2 metres in length of split NTW and HQ-size core except for 9 holes from the 2005 program which were sampled on 3 metre intervals. The 2007 drill program utilized modern QA/QC practices involving insertion and monitoring of reference standards, duplicates and blanks. 49 drill holes with average drill fence spacing at 100 meters were used in the resource calculations.
All analytical work was conducted by ALS Patagonia Laboratories, Chile, an ISO 9001 registered facility, located in Coquimbo, Chile. Samples for check assays were submitted to Chemex, an ISO 9001 registered facility, located in Vancouver.
The company will initiate a preliminary economic assessment study based on the resource obtained to date while continuing to expand the mineralization. A technical report will be filed on SEDAR within 45 days.
The drill program at the Copaquire molybdenum-copper porphyry property in Chile continues.
ON BEHALF OF THE BOARD OF DIRECTORS
Dr.Gary Medford, 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.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources
This technical report uses the terms 'measured resources', 'indicated resources' and 'inferred resources'. The company advises United States investors that while these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the United States Securities and Exchange Commission does not recognize them. United States investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, 'inferred resources' have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a Preliminary Assessment as defined under 43-101. United States investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mine-able
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