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
2) This release contains “forward looking
statements” within the meaning of Section
27A of the securities Act l933 and Section 2lB of the Securities
Exchange Act of
INTERNATIONAL PBX VENTURES LTD.
608-475 Howe Street
Vancouver, BC CANADA V6C 2B3
Tel: (604) 681-7748
Fax: (604) 681-0568
Email: [email protected]
Trading Symbol: IVU - Canadian Venture