ZULEMA GOLD-COPPER PROPERTY AQUISITION, CHILE
The Company has entered into an agreement
with Sociedad Contractual Minera Pinuno to purchase the Zulema
copper-gold property in Chile. Subject to TSX Venture Exchange
approval of terms of this option, International PBX Ventures
Ltd. can purchase a 100% interest in the property by paying
the vendor's US$ 2,000,000, of which US$ 20,000 has been paid
upon signing, and issuing 400,000 shares of the Company in
stages over a four year period. This interest is subject to
a 1% NSR capped at US$ 2,500,000 and the issuance of 500,000
performance shares should a positive feasibility study be
The 3600 hectare Zulema property is located
700 kilometres north of Santiago and 15 km west of the Pan-American
Highway. Regionally the property is located within the Atacama
Fault Zone in an area of interfingering Bandurias Formation
andesitic volcanics and limy sediments. The Coast Range granodiorite-diorite
batholith lies 1 km to the east and north. This geological
setting is similar to that at the Phelps Dodge Candelaria
Mine (365 million tonnes grading 1.03% copper and 0.25 gpt
gold) situated 40 km to the NE. A number of independent and
major company geologists have examined this property in recent
months and all concur that excellent potential exists here
for the occurrence of a Canderlaria type deposit.
Prior exploration by RTZ and others in the
1960's and as recently as 1995 have outlined a large Induced
Polarization and partially coincident magnetic anomaly with
Candelaria like characteristics. Outcrops are sparse but those
encountered are skarned equivalents of the Candelaria host
rocks and contain disseminated mineralization grading up to
1% copper and 0.9 gpt gold.
The Zulema property sits at the centre of
a huge land package recently staked by the BHP Billiton/Far
West joint venture as one of four prime target areas to be
surveyed with BHP Billiton's proprietary Falcon system. The
stated objective of this survey (Far West news release, 5
September, 2002) is to explore for IOCG (Candelaria, Manto
Verde etc.) type deposits.
This new acquisition follows from extensive
regional studies along this Late Cretaceous metallogenic belt
between Copiapo and La Serena. The Company's wholly owned
Sierra Pintada property (April 26, May 27 news releases) is
the first acquisition to result from this program and induced
polarization surveys over similar geologically selected targets
will be carried out shortly.
BY ORDER OF THE BOARD
"Gary Medford, PhD., P.Geo."
The TSX 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
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