Pbx Files New Technical Report on the Copaquire Copper Molybdenum Project, Chile
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NEWS RELEASE
PBX FILES NEW TECHNICAL REPORT
ON THE COPAQUIRE COPPER MOLYBDENUM PROJECT, CHILE March 02, 2012
VANCOUVER, B.C.– International PBX Ventures Ltd. (the "Company") (TSX.V:PBX) is pleased to announce that it has filed on SEDAR (www.sedar.com) an amended technical report “The Copaquire Property Sulfato Copper – Moly Porphyry NI 43-101Technical Report (Region I, Chile)” (“Technical Report”) for its 100% owned Copaquire Copper Molybdenum project in Chile. The Technical Report was prepared by Independent Consultant Mr. Diego Charchaflie, M.Sc., P.Geo. and Geological Consultant Mr. Victor Jaramillo, M.Sc.A., P.Geo.
The “Technical Report” provides an update on the Copaquire property and an inferred mineral resource for the Sulfato South copper zone of the Copaquire copper-molybdenum property.
2012 Sulfato South Zone Inferred Resource
| Cutoff %CuEq* 0.20 | Tonnes | % Copper Grade | lbs Copper | % Mo Grade | lbs Mo | % CuEq Grade | lb CuEq |
|---|---|---|---|---|---|---|---|
| 103,401,506 | 0.32 | 720,252,661 | 0.016 | 35,408,432 | 0.40 | 914,999,037 |
*Metal equivalent data are based on US$ 2.50/lb. copper and US$13.50/lb. molybdenum. In calculating copper equivalencies 100% metal recoveries have been assumed. The contained metal figures shown are in situ.
The resource statement contains tonnage and grades for all in-situ blocks. The geological resources have been estimated in accordance with international standards, based on the NI 43-101 classification. The geological resources have been estimated using Ordinary Kriging (OK) geostatistical method in a single pass within the zone domain. A block model was created in Gemcom Software using a block size of 20 x 20 x 20 meters using 1.5 metre downhole drill composites.
The optimal block size was set at 20m x 20m x 20m for a 4x4x4 discretization and a 2-50 min-max number of samples used in estimating a block. The Model verification included a comparison of krigged to nearest neighbor (NN) and Inverse of Distance Square (ID2) estimates by columns, rows and levels.
The resource model is not constrained by a pit shell.
The identified Sulfato inferred resources are located within an area representing only 30% of the surface alteration area that defines the Sulfato South zone and the ultimate depth of mineralization has not yet been drill tested. PBX expects that with more diamond drill holes to the east, south and north of the current resource block, the probabilities of incrementing the current resources are excellent.
George Sookochoff, President & CEO of PBX, stated: “We are certainly very pleased with the results of the 2011 drill program and the subsequent first copper resource from the Sulfato South copper zone. The drill program and report validates our geologic interpretation of the Sulfato deposit and demonstrates the Sulfato zone continues to have significant upside potential.”
The 2012 Sulfato South inferred resource is in addition to a previous 2009 resource estimation by AMEC Mining and Metals S.A. for the Cerro Moly zone (NR Dec. 17, 2009)
2009 Cerro Moly Zone Resource
| Case | Cut-Off MoEq (%) | Category | Tonnage (kt) | Mo | lb Mo | Cu | lb Copper | Re (ppm) | MoEq (%) |
|---|---|---|---|---|---|---|---|---|---|
| (%) | (%) | ||||||||
| Base Case | 0.028 | Indicated | 229,474 | 0.039 | 197,246,671 | 0.111 | 561,394,373 | 0.104 | 0.069 |
| Inferred | 193,888 | 0.026 | 111,105,580 | 0.146 | 623,900,562 | 0.063 | 0.066 | ||
| 0.032 | Indicated | 181,374 | 0.042 | 167,894,284 | 0.118 | 471,702,989 | 0.116 | 0.074 | |
| Inferred | 141,595 | 0.027 | 84,260,353 | 0.162 | 505,562,116 | 0.065 | 0.071 | ||
| 0.036 | Indicated | 141,848 | 0.045 | 140,684,846 | 0.126 | 393,917,570 | 0.125 | 0.079 | |
| Inferred | 105,675 | 0.028 | 65,214,156 | 0.179 | 416,904,783 | 0.068 | 0.077 |
*Molybdenum equivalent (MoEq) grades are calculated using the following formula:
MoEq (%) = Mo(%) + 1.35*(Cu (%)*2.3 / (Mo(%)*12.65-1.14))
Note: AMEC designated the 0.028% MoEq as the base case based on the economic conditions at that time.
The 2009 Cerro Moly resource was used for AMEC’s “Preliminary Assessment on the Copaquire Property, Region I, Chile National Instrument 43-101, Technical Report” (“PA”) dated December 13, 2009 which performed Preliminary Assessment on the Copaquire Property, Region I, Chile.
The preliminary economic analysis of the Cerro Moly deposit in the “PA” is now considered no longer current due to changes in commodity prices, escalating mining and processing costs, sales, revenue, and other assumptions and projections since the writing of the “PA” and therefore should not be relied upon. However the 2009 Cerro Moly resource remains current and valid.
Mr. Diego Charchaflie, M.Sc., P.Geo., a qualified person under National Instrument 43-101 has reviewed and approved the technical disclosure in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD.
“George Sookochoff”
George Sookochoff, President & CEO
ABOUT COPAQUIRE:
The Copaquire property hosts a large porphyry copper-molybdenum system located in the productive Chilean porphyry belt of northern Chile that includes 30 porphyry Cu-Mo deposits and prospects with the largest copper concentration in the world. Nearby mines include Teck Resources Quebrada Blanca mine (9km SE), (1 billion tonnes of 0.5% sulphide copper with 0.02% Molybdenum) and Xstrata/Anglo American’s Collahuasi mine (15km E) (mineable reserve; 5.2 billion tonnes at 0.8% copper and 0.02% molybdenum).
This press release includes Inferred Mineral Resources that are considered too speculative, geologically, to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that the conclusions reached in the Technical Report will be realized.
This press release also contains “forward looking statements” which are subject to risks, both known and unknown, which may affect the outcome of such forward looking statements. Known risks include, but are not limited to, financing risks, commodity price risks, scheduling risks and engineering risks.
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.