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



OCTOBER 13, 2004


The company would like to thank shareholders for their patience throughout the summer while the company proceeded with its sampling programs on its gold properties, Tierra de Oro and Sierra Pintada, as well as the Tabaco property wherein the precious metal component of the property, which was not drilled in our last program in 2003, was assessed. These projects are all now drill ready.

The Tabaco property was acquired because of an historic resource (non NI43-101) of 18 million tonnes of over 1 per cent leachable copper based on a 57 hole program in 1963-64. Subsequent bench and bulk testing in 1990 indicated very good recovery and unusually low acid consumption in comparison with the usual Chilean oxide operation. Access is excellent and the property elevation is only 6000 feet. Power and water are all available nearby. The strip ratio in this deposit is minimal with all oxide present from surface to 30 metres, on average. The company acquired the property when copper was trading at less than $US.70 in management’s belief that, at that level, the deposit had the potential to produce a healthy profit.

The drill program carried out in 2003 had two main objectives. The first was to evaluate the veracity of the original drill holes and this has been done to management's satisfaction. The second was to test the underlying rock which produced a moderate induced polarization anomaly over 2.5 km long. The first hole, a discovery hole, intersected over 80 metres of 1 per cent copper as coarse chalcopyrite in a skarn setting. The original historic drilling was carried out over a strike length of only 600 metres but the oxide development is, in fact, present over 3km as might be expected from the IP response. The original drilling did not penetrate the underlying chalcopyrite mineralization in part responsible for the IP response.

This deposit has the potential to be very much larger than suggested by the original drilling. The company has received joint venture proposals, has been negotiating with private mining group and is now being approached by major mining companies. At $US1.45 per pound copper this property is a valuable asset of the company that will be drilled off to NI43-101 standards by the company barring an agreement extremely beneficial to our shareholders.



Gary Medford Phd. PGeo.

604 681 7748


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

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The company relies on “forward- looking” statement litigation protection.