November 06, 2012
VANCOUVER, B.C. – International PBX Ventures Ltd. (“PBX” or the "Company") (TSX.V:PBX) is pleased to announce the appointment of Mr. Chris Hodgson (Ph.D., P.Eng.) to the position of Vice President, Exploration for the Company.
Terry Lynch, CEO of International PBX Ventures Ltd, stated “We are very pleased to have Chris Hodgson join our team. He has had an outstanding career first at Amax Exploration where he rose to Chief Geologist, than at Canamax Resources where he rose to be VP of Exploration, followed by successful tours as Exploration Manager at Canada Tungsten and Minera Inmet in Chile and most recently as VP of Exploration for a Canadian junior mining company exploring an historic silver district in central Mexico. Chris speaks fluent Spanish and has worked in Chile off and on over the past twenty years. One of the highlights of his time in Chile was his early recognition of the Santo Domingo IOCG (iron oxide-copper-gold) deposit, subsequently developed by Farwest Resources and ultimately sold for $700 million to Capstone Mining. International PBX has extensive holdings in Chile with significant IOCG potential. The Company has compiled an enormous amount of geological data on its extensive land holdings and believes Chris Hodgson with his proven track record as a mine finder has the ideal skill set and experience to turn that geological data and the land holdings into meaningful opportunities for its shareholders.”
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.