- 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
NEWS RELEASE- LARGE IP ANOMALY FOUND ON COPAQUIRE
CU-MO PORPHYRY PROPERTY
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
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.
BY ORDER OF THE BOARD
Terence Walker, MSc. P.Geo.
604 681 7748
Robert A Young and Associates 604
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
The company relies on “forward-
looking” statement litigation protection.