209 - 475 Howe Street
Vancouver, BC Canada V6C 2B3
TEL: (604) 681-7748 • FAX: (604) 681-0568
Canadian Venture Exchange Symbol: PBX
EMAIL: [email protected]
WEB SITE: www.internationalpbx.com

OCTOBER 18, 2004


The company is pleased to announce completion of an induced polarization-resistivity survey on its Copaquire Copper-Molybdenum property consisting of four east-west lines spaced approximately 1 km apart and trending west from the adjacent Collahuasi mine property a distance of 1.5 to 2 km. A strong chargeability anomaly has been found which increases in magnitude to the west and especially southwest and is accompanied by moderate to high resistivity. The 1433 ha Copaquire property is located 20 kilometers west of the mega-copper-molybdenum Collahuasi Mine but at lower elevations (3500-3900m) and workable year around. The company has the option to earn a 100 percent interest in the property over a four year period.

The property has been drilled and surface sampled by major mining companies in 1977 and 1993 but remarkably has not received serious attention in recent times. In 1977 five 250m holes were drilled coincident with the southernmost IP line just completed by the company. Grades reported were in the range of 0.1% to 0.2 % MoS2 in sections 95m to 250m thick accompanied by copper at .04% to .12 %. Prior chip sampling of leached outcrop in the vicinity of and up to 700m north and 300m south of this line of holes gave values ranging from 1075m with weighted average grade of 0.21% Mo to 300m grading 0.1% Mo. The drill holes in combination with the surface chip sampling and the new IP survey leads management to consider 0.5 to 1.3 billion tons as the target potential for this zone. Further surface work and diamond drilling will be carried out to establish grade and tonnage as this is, indeed, a compelling target.

The 1993 drilling in a more copper rich part of the system, about 2 km northeast of the above target, indicated the presence, below an intensely leached capping, of significant secondary sulphides over an area of 1.25 million square metres and vertical depth of 350m. The better holes bottomed in secondary sulphides and assayed in the range of 0.3% to 0.6% copper. This target is open to the west of the 1993 drilling, where the Companies IP survey records increasing chargeability values. This area also merits a substantial drill program.

In summary, the company has acquired a property of great merit to add to its large portfolio of Chilean copper and gold property holdings and plans to proceed with exploration as soon as possible.


Terence Walker, MSc. P.Geo.

604 681 7748


Robert A Young and Associates 604 682 5123
Investor Relations 1 877 626 2121

The TSE 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.