PBX Announces Resignation of President and CEO George Sookochoff

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NEWS RELEASE

PBX Announces Resignation of   President and CEO George Sookochoff 

October 11, 2012

VANCOUVER, B.C. – International PBX Ventures Ltd. (“PBX” or the "Company") (TSX.V:PBX) announces the resignation of Mr. George Sookochoff as President and CEO effective immediately. Mr. Jeremy Caddy, currently a director of the Company, has been appointed interim president. The Board will immediately begin a search for a replacement president.

Mr. Sookochoff will remain as a member of the board and will continue to work with and support management on a consulting basis.

Ian Pirie, Chairman of PBX, commented, “the Board wishes to thank Mr. Sookochoff for four years of dedicated service as President and CEO. George was instrumental in the development of the Copaquire copper molybdenum project in Chile and in successfully negotiating the recent Copaquire option-joint venture agreement with OZ Minerals Ltd. While PBX moves forward to maximize the value of its other quality assets in Chile, we wish George the best in his future endeavors.”

ON BEHALF OF THE BOARD OF DIRECTORS OF

INTERNATIONAL PBX VENTURES LTD.

“Verna Wilson”

Verna Wilson, Director

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.