November 08, 2012
VANCOUVER, B.C. – International PBX Ventures Ltd. (“PBX” or the "Company") (TSX.V:PBX) is pleased to announce that Oz Minerals has commenced its drilling program on Copaquire.
Terry Lynch, CEO of International PBX Ventures Ltd, stated “Oz Minerals has advised us that they have begun drilling at Copaquire. The initial drilling program is being done underneath a water permit and the focus of the program is to explore for water. Water will be critical to the ultimate development of Copaquire and Oz has commenced drilling by exploring for water targets on our property. In many cases the holes drilled will also be assayed for mineral value and will contribute to the overall geological understanding of the property. Oz is continuing to work with the various Chilean authorities to receive approval on its exploration drilling program and expects this will be granted in due course. As part of our option agreement with Oz they will provide PBX a monthly report on progress on the drilling and we in turn will communicate these results to our shareholders on a timely basis. We would expect the first such report to occur early in 2013.”
International PBX Ventures Inc. (www.internationalpbx.com) is a junior exploration Company with a strong portfolio of copper, molybdenum and gold projects in Chile. The 100% owned Copaquire copper molybdenum property is the Company’s flagship project and is located in Chile’s prolific copper porphyry belt. The Quebrada Blanca and Collahuasi (the third largest copper mine in the world) producers are within 15 kilometres of the property. Copaquire and its 3.8 Billion pounds of Copper Equivalent resource is now under option by Oz Minerals, an Australian based mining company with a multi-billion dollar market capitalization. Oz Minerals can earn a 90% interest in Copaquire by paying in two parts $90 million dollars. The first option period entitles Oz Minerals to drill up to 20,000 metres by Oct 31 2014, the second phase occurs if Oz Minerals makes a payment of $10 million dollars to acquire a 10% interest in Copaquire and enables Oz Minerals to drill up to 15,000 metres in the following 18 months after which it must pay an additional $80 million to earn an additional 80% interest in Copaquire.
In addition to Copaquire International PBX owns through its subsidiary Chilean Metals (www.chileanmetals.com ) six 100% owned property packages comprising over 53000 acres strategically located in the prolific IOCG belt of Chile. Detailed exploration and development plans are now being completed on Palo Negro, Hornitos, Tierra Del Orro and Sierra Pintada with work expected to commence through out 2013.
ON BEHALF OF THE BOARD OF DIRECTORS OF
INTERNATIONAL PBX VENTURES LTD.
Terry Lynch, CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.