PBX Calls Special Meeting of Shareholders to Vote on Spin Out Transaction and Name Change
#209 – 475 Howe St., Vancouver, B.C. Canada V6C 2B3 Tel: (604) 681‐7748 Toll Free: 1‐877‐681‐1154 Fax: (604) 681‐0568 Web: www.internationalpbx.com
NEWS RELEASE
PBX Calls Special Meeting of Shareholders to Vote on Spin Out Transaction and Name Change
November 2, 2011
VANCOUVER, B.C. – International PBX Ventures Ltd. (“PBX” or the "Company") (TSX.V:PBX) is pleased to announce that it has called a special meeting (the “Special Meeting”) of its shareholders for Thursday, December 22, 2011.
The Special Meeting will be held to consider, among other things, the Company’s spin‐out (the “Transaction”) of properties to Chilean Metals Exploration Ltd. (“Chilean Metals”) and an anticipated change of PBX’s name to “Copaquire Copper Inc.” or such other name as may be acceptable to applicable regulatory authorities. All PBX shareholders of record on November 22, 2011, will be eligible to vote at the Special Meeting, and will receive a special meeting package containing an information circular describing the Transaction and a proxy or voting instruction for voting purposes.
The Transaction is intended to allow the Company to focus its resources on its Copaquire property and to facilitate further exploration of the Tierra de Oro property and other properties by Chilean Metals. The Transaction will be completed under a court approved Plan of Arrangement under BC corporate law. Chilean Metals will be separated from PBX under the Plan of Arrangement and shareholders of PBX will maintain their ownership in PBX and also receive shares of Chilean Metals under the Transaction. The implementation of the Transaction is subject to, among other things, shareholder approval, Court approval and other regulatory approvals, including TSX Venture Exchange acceptance.
The information circular in connection with the Transaction will be mailed to shareholders of PBX in accordance with corporate and securities laws and posted to SEDAR and the Company’s website once it is completed. Once the information circular is available, we encourage our shareholders to review the detailed information in its entirety.
About International PBX Ventures Ltd.
International PBX Ventures Inc 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. This arc‐parallel belt includes 30 porphyry Cu‐Mo deposits and prospects with the largest amount of copper concentration in the world, totalling about 220 million tonnes of copper. The Quebrada Blanca and Collahuasi (the third largest copper mine in the world) producers are within 15 kilometres of the property. For more information, please visit the Company’s website: www.internationalpbx.com
ON BEHALF OF THE BOARD OF DIRECTORS OF
INTERNATIONAL PBX VENTURES LTD.
“George Sookochoff”
George Sookochoff, President & 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.
These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors and assumptions include, among others, the effects of general economic conditions, the price of gold, silver, copper and other metals, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgements in the course of preparing forward‐looking information. In addition, there are known and unknown risk factors which could cause PBX’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward‐looking statements. Known risk factors include risks associated with the ability obtain any necessary approvals, waivers, consents and other requirements necessary or desirable to permit or facilitate the Transaction, the risk that any conditions of the Transaction may not be satisfied, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters of PBX with certain other projects; currency fluctuations; competition; dilution; the volatility of PBX’s common share price and volume; tax consequences to U.S. investors; and other risks and uncertainties. Forward‐looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and PBX undertakes no obligation to update forward‐looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law.