December 18 , 2003
International PBX Ventures Ltd. (PBX) is
pleased to announce the appointment of Robert Connochie, BSc.,
MBA of Greenwich, CT to the Board of Directors.
Mr. Connochie brings to PBX over 30 years
of senior experience in strategic planning and project evaluation
and development. He has held a number of positions including
Vice-President of Corporate Development for Rio Algom Ltd.,
CEO of Potash Company of America, and President and Director
of Asia Pacific Resources.
"Mr. Connochie will provide a wealth
of expertise that will be invaluable to PBX as the company
pursues the development of its various properties", commented
Terry Walker, President. In particular, emphasis will be placed
on exploring options to fast-track the Tabaco copper deposit
to the pre-feasibility stage.
International PBX Ventures Ltd. (PBX:TSX-V)
is a Canadian company focused on the exploration and development
of its Chilean properties. Current work is concentrated on
TIERRA de ORO
This property,3056 hectares in size, covers an historic (the
Sierra Chanchero) gold mining camp in Chile comprising 35
linear kilometres of major gold-bearing structures up to 300
metres in width.
Recent sampling of the Rosario Zone indicates
that this Zone, one of 15 identified on the property, contains
two structure zones from 50m to 100m wide that to date have
been traced for over 1500m in length. Both consist of multiple
oxidized high grade "veins" from 0.5m to 3.0m wide.
The 25 "vein" sample assays received so far are
from a 200m length of the eastern structure zone and range
in value from 0.45 g/t to 22.6 g/t gold in widths from 0.5m
The fifteen targets identified to date occupy
less than 30 percent of the known structural zones which ,in
turn, cover only 10 percent of the 30 square kilometre camp.
The exploration target is open pit heap leach oxide gold deposits
and, secondarily, underground high grade gold veins.
The Tabaco property covers a 5 sq. km. zone of copper, silver
and gold bearing skarned volcanics and sediments. In 1962-63
forty-five holes cut oxidized mineralization reportedly ranging
from 0.46% to 1.88% copper in widths ranging from 14m to 76m.
During 2003 PBX conducted induced polarization surveys and
drilled 6 holes in close proximity to certain of the previous
holes. PBX believes that this work has validated the previous
results. The oxide zone now defined is approximately 175,000
sq. m. with an average depth of 30m. and weighted average
grade for 55 holes of 0.97% copper. This oxide zone is open
horizontally and at depth. In addition the 2003 drilling discovered
a large copper rich sulphide body that may, in part, be the
source of the oxide zone. Most of the holes drilled to test
the oxide anomaly intersected significant widths of copper
sulphides ranging from 20m to 144m with the
higher grade intercepts ranging from 28m at 1.69% copper to
144m at 0.43% copper.
PBX believes that the property has excellent
potential to contain both large skarn and porphyry-type deposits
and will therefore continue to explore and refine these targets.
The Company has reviewed the drill program conducted by our
joint venture partner (see PHR news release of November 3,
2003) and agrees that Candelaria- type sulphide mineralisation
has been encountered. Candelaria is an open pit mine located
30 km east of Zulema wherein historical production plus reserves
total about 500 million tonnes grading 0.95% copper and 0.22
g/t gold. The geological and geophysical setting of Zulema
indicate a target of comparable potential size. Over the next
several months our joint venture partner plans to complete
induced polarization and magnetic surveys, followed by drilling.
The Company intends to retain a 30% interest in the property.
In addition to continuing exploration on
the above projects, International PBX is actively evaluating
other properties in Chile as potential acquisitions and carrying
out exploration on its other properties in Chile.
BY ORDER OF THE BOARD
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
INTERNATIONAL PBX VENTURES LTD.
608-475 Howe Street
Vancouver, BC CANADA V6C 2B3
Tel: (604) 681-7748
Fax: (604) 681-0568
Email: [email protected]