Copaquire Drill Results and Update

June 16 , 2008

(Vancouver) – George Sookochoff, CEO of International PBX Ventures Ltd.  (TSX.V - PBX) announced today  the completion of the Copaquire 2006-08 drill program and receipt of the final drill results CQ70 – CQ99.

The Copaquire copper molybdenum property is a potential bulk tonnage and open pit and quarry deposit.  The property is located in the productive West Fissure structure of northern Chile that localizes several of the world's largest copper mines, including the nearby Quebrada Blanca (Teck Cominco) and Collahuasi (Xstrata) producing mines approximately 15 kms east of the Copaquire property.

PBX has been drilling continuously on the Copaquire property since August 2006.  In this program PBX has drilled a total of 86 drill holes for 25,738m. (See attached table for final drill results CQ70 – CQ99)

Sulfato Copper Zone:
The drill program began in August 2006 and focused on testing the Sulfato copper zone. From The results of the 2006 Sulfato drilling has shown that a substantial leachable copper resource may be available near the Sulfato mountain top.  Additional in-fill drilling as well as drilling to depth should allow a copper resource estimate to be published upon completion of the next drill program.

Cerro Moly Molybdenum Zone:
Drilling continued into 2007 with the focus on developing a molybdenum copper resource at the Cerro Moly molybdenum zone. The company achieved this goal and in October 2007 released an interim 43-101 compliant resource estimate of the Cerro Moly Deposit:


Cutoff Grade (Mo%)

Tonnes >   Cutoff

    Average Grade


Mo %

Cu %














*Note: Copper Equivalent herein is based upon metal prices of US$3.67/lb Cu, US$33.50/lb Mo. (June 8, 2008) The formula used is Cu Equivalent % = Cu % + (Mo% x Price per pound for Mo/Price per pound for Cu
(see October 1, 2007 news release for resource details)

Since the release of the interim resource the company divided the drilling into two separate programs: development and exploration.  

Development drilling focused on in-fill drilling of Cerro Moly mountain which hosts a significant portion of the resource in order to upgrade  inferred resource categories to measured and indicated.  By concentrating on above-valley floor surface mineralization the company emphasized delineating mineralization that should be relatively inexpensive to mine as a quarry relative to an open pit and more quickly moved to the pre-feasibility stage of development.

Exploration drilling focused on expanding the resource to the north, south, west, and to depth. The depth of mineralization has not yet been determined but below the valley floor drill hole CQ-63 terminated in mineralization at a depth of 512 metres (1,680 feet) and in 0.11%Mo.

Across the valley and to the south of Cerro Moly mountain recent drilling has encountered similar mineralization opening up a new area that may contribute additional large tonnage to the mineralized system. Of particular surprise and interest was hole CQ-87 which encountered significant primary copper mineralization. The potential to develop this new area of significant primary copper-mineralized tonnage to the southwest and west of Cerro Moly will be tested in the next drill program.

Marta Moly-Copper Area:
The adjacent Marta molybdenum-copper area, where underground workings indicate the possibility of high grade shears as well as porphyry bulk tonnage molybdenum-copper mineralization, possibly developed in a set of parallel conjugate structures trending east-southeasterly results in a highly prospective area of potential porphyry copper development where it intersects the Cerro Moly trend. The mineralization drilled to date in Cerro Moly and that found structurally controlled at Marta may thus be distal components of a more substantial copper (molybdenum) porphyry in the south. This predominantly copper district (Collahuasi) dictates that exploration for the presence of significant copper metal to balance off the enormous amount of molybdenum drilled to date on the Copaquire is a realistic pursuit.

These latest results will be included in the upcoming resource upgrade as well as the Preliminary Economic Assessment (PEA) currently being produced by AMEC Engineering, Santiago Chile. The resource upgrade is expected to be completed by mid July and the PEA soon thereafter.

With the completion of the latest drill program the company has greatly increased its knowledge of the Copaquire deposit. Geological modeling of the mineralization at Copaquire indicates that the molybdenum resource that has been developed at Cerro Moly may represent a late stage mineralization of a potentially larger porphyry copper system. This system has a northeasterly structural trend of primary mineralization both at Sulfato North and Sulfato South where a moderate enriched and oxidized (leachable) copper zones have been developed.  Hole CQ-98 with substantial primary copper content (chalcopyrite) attests to this interpretation as does horizontal hole CQ-87 located across the valley to the south of Cerro Moly which also intercepted significant primary copper grades.

The company is extremely pleased to have acquired the services of consulting geologist Mr. Pablo Uribe Campos. Mr. Uribe has 28 years of experience as an international geological consultant on project appraisal, alteration modeling, target definition and geo-metallurgy characterization for major mining and exploration companies in Chile, Argentina, Peru, Brazil, Mexico and Arab Republic of Yemen.  Some of his clients and  projects have been Carmen de Andacollo and Quebrada Blanca Mine (Aur Resources) Barrick (Chile, Peru and Argentina), Meridian Gold, Codelco Exploration, Goldfields Chile, Anglo-Collahuasi, Xstrata Copper (El Morro), BHP Escondida, BHP Cerro Colorado, Lumina Copper Chile, Southern Peru, Hoschild Peru, Peñoles Peru, Aruntani, Peru.

“I am very pleased to have someone of Mr. Uribe’s caliber and expertise contributing to the development of the Copaquire project” said Mr. Sookochoff. “Of particular interest is fact that Mr. Uribe has done a considerable amount of work and has made a significant contribution towards the modeling of the nearby Quebrada Blanca Mine. This experience has already proven to be invaluable in the advancement of the Copaquire project. We now have a new understanding of the relationship of the Cerro Moly zone, Sulfato zone and Marta area which now allows us to view these three areas as one single large related mineralized system.”

This document uses the terms "measured" "indicated" and "inferred" resources. We advise U.S. investors that while those terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission do not recognize them. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories would ever be converted to reserves.

This news release has been reviewed by G. Medford, a qualified person under NI43-101, and president and director of the company.


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.

©2008 International PBX Ventures Ltd.