PBX Update: OZ Minerals strengthens positive outlook on Copaquire project
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NEWS RELEASE
PBX Update: OZ Minerals strengthens positive outlook on Copaquire project
June 4, 2012
VANCOUVER, B.C. – International PBX Ventures Ltd. (“PBX” or the "Company") (TSX.V:PBX) is pleased to announce OZ Minerals Ltd.’s (“OZ Minerals”) optimistic outlook for the long‐term success of the Copaquire joint venture. As announced in a news release on May 23, 2012, PBX has entered into a definitive Joint Venture Option Agreement (the “Agreement”) with OZ Minerals on the Company’s Copaquire project in northern Chile. Under the Agreement OZ Minerals can earn a 90% interest in Copaquire by making cash payments of $90 million and drilling up to 30,000 meters.
In his address to the shareholders of OZ Minerals at the company’s AGM held in Melbourne, Australia on May 28, 2012, Chairman Neil Hamilton outlined OZ Minerals’ strategy, “Our expertise and therefore our focus is in copper and we see the opportunity for long term value creation, by focusing on this base metal. We continue to believe we remain in the right commodities for OZ Minerals and that the outlook for the copper market is positive.” According to the Chairman’s speech, the company’s business development team has assessed a number of projects of which many have not met the very rigorous assessment in regard to value. OZ Minerals acknowledges that pricing will be aggressive in a competitive market for copper assets and that it will have to pay a fair price for an asset that fits into its strategy.
Terry Burgess, Managing Director & CEO of OZ Minerals stated, “(…) The area of the exploration license for our Copaquire joint venture is near to a number of major copper operations and the region has attracted the attention of most of the major copper companies. We have been in discussion with PBX for a number of years and were pleased to sign an agreement with them last week. (…) This is an illustration of some of the projects that we are reviewing that will build our pipeline for the future.”
The Company is also pleased to announce that OZ Minerals personnel have arrived at the Copaquire property to commence site and logistic planning by sourcing drill equipment and site personnel for their upcoming drill program.
George Sookochoff, President and CEO of International PBX Ventures Ltd states, “ We are pleased to see OZ Minerals’ aggressive work schedule. Once the shareholder and regulatory approvals have been obtained, OZ Minerals will start its planned drill program this fall.”
About OZ Minerals Limited
OZ Minerals is an Australian based mining company with a focus on copper. The company owns and operates the high quality Prominent Hill copper‐gold mine in South Australia.
A market cap of $2.6 billion, $886 million cash on hand and a team of highly skilled mining industry professionals allow the OZ Minerals to maximize the value of its projects and makes it a sought‐after exploration partner. http://www.ozminerals.com
About International PBX Ventures Ltd.
International PBX Ventures Ltd. engages in the acquisition, exploration and development of mineral properties in Chile. The company explores for copper, molybdenum and gold deposits and owns 100% interests in eight properties comprising 25,000 hectares in Chile. Six of these properties are currently undergoing a spin‐ out process into Chilean Metals Exploration Ltd., which is owned 100% by PBX shareholders.
The Copaquire property is an advanced staged exploration project of more than 2,000 hectares covering a major copper‐molybdenum porphyry system located in the prolific copper‐molybdenum porphyry belt of northern Chile. OZ Minerals has signed an agreement with PBX (subject to shareholders approval) which allows OZ Minerals to earn a 90% interest in Copaquire by making cash payments of $90 million and drilling up to 30,000 m. http://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.