December 13 , 2007
The company is pleased to announce that it has received positive initial metallurgical test results on its 100% owned Copaquire Molybdenum - Copper Project, located in northern Chile. A preliminary test program is being conducted at Process Research Associates Ltd., of Richmond BC, under the direction of Frank Wright, P.Eng., of F. Wright Consulting Inc. Flotation studies are being performed on several drill core composites from the Cerro Moly Zone. The results are as follows:
Head Grade |
Bulk Recovery |
||||
Drill Hole |
depth(m) |
%Mo |
%Cu |
%Mo |
%Cu |
CQ-61 |
72-90 |
0.059 |
0.060 |
85-90% |
65-80% |
CQ-62 |
88-108 |
0.094 |
0.160 |
~95% |
~92% |
CQ-65 |
186-206 |
0.009 |
0.180 |
~65% |
~92% |
“This is our first look at the level of recoveries for this project and management is very pleased with the results” said Gary Medford, President of International PBX. “These numbers will go a long way in contributing to the economics of the Copaquire moly-copper deposit”.
Except for samples from drill CQ-65 all moly recoveries are above 85%. The sample from CQ-65 had a low recovery of ~65% due to the fact that the head grade sample had a very low value of 0.009% Mo which is well below the cutoff grade of 0.02% Mo.
Flotation cleaning studies for upgrading and separation of the molybdenum and copper concentrates will commence in early 2008. Additional metallurgical testing is also planned for the adjacent Sulfato Copper Zone. The work to date shows that the mineralized samples tested from Copaquire responded readily to conventional bulk sulfide flotation. These results will be used as part of the Preliminary Economic Assessment, which the company is planning to have undertaken in 2008.
On October 1, 2007 PBX announced a mineral resource estimate for the Copaquire Moly-Copper deposit using a 0.02% molybdenum (Mo)cut-off grade of 183.2 million tonnes of indicated resources at 0.046% Mo and 0.107% Cu and an additional 212.8 million tones of inferred resources at 0.041% Mo and 0.097% Cu.
Results from an additional 28 drill holes completed since the announced mineral resource will be included in an updated resource estimate and used for the Preliminary Economic Assessment.
The deposit remains open at depth, to the south west and north east. Other boundaries are not clearly identified at this time.
To date more than 22,400 meters (73,490 feet) of diamond drilling in 71 holes has been completed.
Results are pending for 21 drill holes which are either being prepared for analysis or are currently in the process of being assayed.
Sulfato Copper Zone Update
A 5,500 meter drill program has started on the adjacent Sulfato Copper Zone.
The Sulfato zone is part of the same system as the Cerro Moly but farther north and about 200 metres higher topographically. This is the more copper rich level of the system which has been converted from primary copper to secondary (leachable) copper by groundwater action. Drilling suggests that the Sulfato and Cerro Moly zones are in fact parts of the same much larger system similar in size to the Rosario system at the neighbouring Collahuasi Mine with published resources of 3.1 billion tones grading 0.8% Cu and 0.015% Mo.
With the results of the new program along with those from a previous 5,900 meter drill program completed in 2005-06 the company plans to bring the Sulfato Copper Zone to mineral resource category.
Tierra de Oro Gold, Copper, Cobalt Property Update
Drilling is well underway on the Tierra de Oro (TDO) gold property with 10 holes of a 65 drill hole program (5,000 meters) completed thus far. The Tierra de Oro property is located 48 km south of the Candelaria Mine (400 million tonnes 1 per cent copper, 0.25 grams per tonne gold) discovered by drill-testing induced polarization (IP) anomalies. The Chanchero zone, one of twenty of the large targets on the TDO property, presents a similar opportunity as it hosts an intense IP anomaly which is currently being upgraded with leading edge 3-D IP to test at greater depths and higher definition.
Tabaco Copper Property Update
A 43-101 mineral resource estimate completed in 2007, based on 6,637 metres of drilling in 2006 demonstrated to the Company that a readily leachable copper oxide deposit exists within and beyond the area of the historic Carmen zone which is underlain by high grade copper sulphides which may be accessible by open pit mining. A recently completed 3D IP survey will provide management with information as to the extension of the deposit both laterally and at further depth. The survey results will be used for the selection of further drill targets in 2008.
The Prelimiary Economic Assessment of the Tabaco deposit continues and mining engineer Mr. Jorge Alvarez is expected to return to Canada over the Christmas holidays and deliver to management a progress report.
Sierra Pintada Gold, Copper Property Update
Management is very pleased with the high quality results received from the recently completed 3D IP survey. The survey was a quick and cost efficient way of bringing the property to a drill ready stage. The survey produced several large quality targets and management is currently evaluating and prioritizing these targets for a 2008 drill program.
The Board and Management of International PBX Ventures Ltd. would like to wish everyone a very merry Christmas and we are looking forward to a successful and prosperous new year for all.
ON BEHALF OF THE BOARD OF DIRECTORS OF
INTERNATIONAL PBX VENTURES LTD.
George Sookochoff
DIRECTOR
Office: 604 681 7748
Toll Free: 1 877 681 1154
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The company relies on “forward- looking” statement litigation protection.