January 14, 2002
After a disappointing 200l , the Company would like its shareholders to know it is looking forward to a revitalization and much more activity in the current year. During 2002 the Company will continue diversifying its portfolio with the acquisition of new projects focused on new age metals similar to its San Pedro titanium property. The Company, in fact, is currently in the process of evaluating four areas in Chile with similar potential to the San Pedro, albeit different minerals, and expects to be able to announce a new acquisition within the next few weeks.
International PBX’s l000 hectare San Pedro property covers two large, structurally controlled titaniferous zones , San Pedro and Colorado. The titanium mineralization is generally clean , free disseminations and aggregates of red to red-brown rutile ranging in grade from 0.35% to 2.34% Ti02. In our opinion , by comparison with nearby intensely explored zones of similar size and grade distribution, the northwestern sector of the San Pedro zone could cover a large deposit capable of supporting a l0-l5 year life open-pit mine. This mine could produce l50,000 tonnes per annum of rutile concentrate at less than 50% of the current market price of around US $500 per tonne. This area covers only 35% of the known length of the San Pedro zone.
In the near future the Company plans to conduct an extensive program of detailed sampling and trenching followed by reconnaissance drilling focusing on the ‘San Pedro’ zone as the next stage in estimation of the Ti02 resource potential of the San Pedro property.
Although the Company is actively pursuing other commodities it still acknowledges the traditional value of copper and gold. To this end it is maintaining its land position in and pursuing financing options for its Tierra de Oro project. In the coming months the joint venture concluded last year on the Lomitas sector of this large high potential property is expected to renew its exploration efforts.
ON BEHALF OF THE BOARD
1) The Canadian Venture Exchange has neither approved nor disapproved the information contained in this release.
2) This release contains “forward looking statements”
within the meaning of Section
INTERNATIONAL PBX VENTURES LTD.
Trading Symbol: IVU - Canadian Venture Exchange