February 11 , 2008
The company is pleased to announce that it has engaged the services of AMEC International (Chile) S.A. to perform a Preliminary Economic Assessment (PEA) to National Instrument 43-101 standards on its Copaquire molybdenum copper porphyry project in northern Chile.
“AMEC was selected because of their know-how to develop and apply creative approaches to the selection and application of mining and processing technologies.” said Mr. George Sookochoff, “AMEC is able to provide PBX with the most complete range of expertise and design services for the development of the Copaquire moly-copper project including mine and mineral plant development, open pit design, material handling systems, mills, process plants and tailings facilities.”
The company will generate an updated 43-101 resource that will be used as the basis for the PEA which will include:
- Preliminary mineable resource.
- Preliminary flowsheet.
- Preliminary estimate of services and infrastructure for the type and size of plant determined by the mine and flowsheet.
- Production Schedule
- Order of Magnitude (OOM) capital and operating cost estimates.
- Financial analysis based on OOM estimates.
- Pit and waste dump outline.
- Tonnage and grade profile.
- Mine equipment list.
- Unit operating costs.
- Preliminary process flow diagram
- Preliminary equipment list
- Preliminary operating cost estimate.
- Preliminary site layout for facilities and tailings dam.
- Order of Magnitude capital cost estimate.
- Financial analysis based on cost estimates and key project indicators.
The study is scheduled to be completed early in the third quarter of 2008.
In October 2007, PBX released a 43-101 compliant resource estimate of the Cerro Moly deposit at a range of cutoff grades:
Resource Category |
Cutoff Grade (Mo%) |
Tonnes > Cutoff |
Average Grade |
Contained Metal |
||
Mo % |
Cu % |
lbs Mo |
lbs Cu |
|||
Indicated |
0.02 |
183,200,000 |
0.046 |
0.107 |
185,800,000 |
432,200,000 |
0.03 |
160,000,000 |
0.049 |
0.106 |
172,800,000 |
373,800,000 |
|
0.04 |
98,000,000 |
0.058 |
0.097 |
125,300,000 |
209,500,000 |
|
Inferred |
0.02 |
212,800,000 |
0.041 |
0.097 |
192,400,000 |
455,100,000 |
0.03 |
193,400,000 |
0.043 |
0.096 |
183,300,000 |
409,300,000 |
|
0.04 |
110,200,000 |
0.049 |
0.094 |
119,100,000 |
228,400,000 |
|
A substantial tonnage is found exposed above grade level in Cerro Moly mountain and should be available with minimal stripping, unlike most other bulk tonnage deposits.
Initial Metallurgical test results show excellent molybdeum recovery levels to be between 85-95% for head grades above the 0.02% Mo cutoff grade.
The Copaquire property is located in the productive West Fissure structure of northern Chile that hosts several of the world's largest copper mines, including the nearby Collahuasi and Quebrada Blanca producing mines within 15 kms east of the Copaquire property.
ON BEHALF OF THE BOARD OF DIRECTORS OF
INTERNATIONAL PBX VENTURES LTD.
George Sookochoff, 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.