608
- 475Howe Street
Vancouver, BC Canada V6C 2B3
TEL: (604) 681-7748 • FAX: (604) 681-0568
TSX VENTURE EXCHANGE SYMBOL: PBX
EMAIL: [email protected]
WEB SITE: www.internationalpbx.com
June 16, 2004
TABACO PROPERTY, CHILE
- PURCHASE AGGREEMENT NEGOTIATED
International PBX Ventures Limited is pleased
to report that thanks to the extremely encouraging results
from its exploration programs on the Carmen-Tabaco oxide copper
zone and the copper rich skarn discovered in 2003 it has decided
to proceed with the purchase of the Tabaco exploitation claims.
To facilitate this purchase a new agreement was recently signed
with the owners whereby the company will purchase the claims
over the next four years for US$ 2,000,000. The first US$300,000
is payable in cash in US$ 100,000 instalments by July 15,
2006. At any time after January 15 2006 IPBX will have the
option to pay the then balance of the purchase price from
production at the rate of US$0.10 per pound of copper produced.
This new agreement is in keeping with the Company’s
mission to add real value to its shareholders equity by becoming
an efficient low cost copper and gold producer in the near
future. The Company’s upcoming work programs at Tabaco
will be geared to this objective.
BY ORDER OF THE BOARD
Terry Walker
DIRECTOR, PRESIDENT
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.
For further information contact:
Gary Medford, PhD., P. Geo.
Director
604 681 7748
E mail: [email protected]
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Robert A. Young
Robert A. Young and Associates
Toll Free 1-877 626 2121
E mail: [email protected] |
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