PBX Announces Resource Upgrade on Copaquire Molybdenum-Rhenium-Copper Project, Chile
Monday January 12, 2:40 pm ET
ca.us.biz.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jan 12, 2009 -- International PBX Ventures Ltd. (CDNX:PBX.V - News) is pleased to report a new mineral resource estimate on its 100% owned Copaquire molybdenum - rhenium - copper porphyry project, Chile. This resource estimate is an update to an interim resource estimate provided in an October 1, 2007 news release.
The updated resource contains a 51% increase in Indicated Mineral Resource tonnes to 277.52 Mt and a 35% increase in Indicated Mineral Resource contained metal to 253.7 Mlbs Mo and 562.5 Mlbs Cu at a 0.02% Mo cutoff. The company is also pleased to report for the first time an Indicated Mineral Resource contained metal of 59,939 lbs. Rhenium (Re).
In addition to the Indicated Resources, there are 232.4 Mt of Inferred Resources containing 192.9 Mlbs Mo, 498 Mlbs Cu, and 30,177 lbs. Re, at a 0.02% Mo cutoff.
Mineral Resource Estimate Table
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Cut-
off Re lbs.
Category (Mo%) Tonnage Mo% lbs. Mo Cu% lbs. Cu (ppm) Re
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Indicated 0.02 277,520,000 0.041 253,731,289 0.092 562,531,199 0.098 59,939
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0.03 184,612,000 0.050 203,519,935 0.089 364,063,628 0.118 47,773
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0.04 114,576,000 0.059 149,944,777 0.084 213,101,139 0.131 32,991
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Inferred 0.02 232,396,000 0.038 192,926,547 0.097 498,058,820 0.059 30,177
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0.03 114,822,000 0.051 129,040,786 0.096 241,981,635 0.075 18,951
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0.04 59,370,000 0.067 87,343,380 0.084 110,510,788 0.082 10,734
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These mineral resource estimates were prepared under the supervision of Gino Zandonai,Consulting Mining Engineer, M.Sc., member of SME and Eduardo Videla, Consulting Geologist, M.Sc. member of MAusIMM , both independent Qualified Persons under JORC and NI 43-101.
Mr. Zandonai and Mr. Videla have reviewed and approved the technical information in this release.
The geological resources have been estimated using Ordinary Kriging (OK) geostatistical method. Resource estimation was constrained by a 3-dimensional solid model developed from geological and analytical data. Block size used was 40mx20mx20m and grade estimation was carried out by the ordinary kriging using 2 metre downhole drill composites.
Drill samples for analysis averaged 2 metres in length of split NTW and HQ-size core except for 9 holes from the 2005 program which were sampled on 3 metre intervals. The 2007/08 drill program utilized modern QA/QC practices involving insertion and monitoring of reference standards, duplicates and blanks. 11,456 samples for Mo, 11,439 samples for Cu and Mo and 6,454 samples for Re were analyzed for the resource calculations. All analytical work was conducted by ALS Patagonia Laboratories, Chile, an ISO 9001 registered facility, located in Coquimbo, Chile. Samples for check assays were submitted to Chemex, an ISO 9001 registered facility, located in Vancouver.
George Sookochoff, President & CEO, said that, "Not only have we significantly increased the tonnage of the deposit but we also have defined the geological domains for the first time which has greatly improved the geological interpretation of the deposit. Definition of the geological domains is a significant milestone in the development of any deposit as it adds an enormous level of confidence and accuracy to the 3-D model used for mineral resource estimation. This will provide a strong basis for the current and future studies and represents another step forward in the evaluation of the Copaquire molybdenum-rhenium/copper deposit."
"As significant as the deposit is today there still remains an enormous potential to increase the size of the deposit as the new 3D geological modeling shows the deposit remains open at depth and to the SW and NE along the axis of the mineralized trend."
"I am particularly pleased to report that the Copaquire deposit also contains substantial amounts of rhenium. Rhenium is obtained as a by-product of molybdenum refinement, and is used in hightemperature superalloys that are used to make, among other applications, jet engines. Rhenium allows engines to run at much higher temperatures, making them more fuel efficient. It was the last naturally occurring stable element to be discovered and is among the ten most expensive metals on Earth, recently trading at approximately $5,000/lb."
"The rhenium contained in the Copaquire deposit will have a significant positive impact towards the economics of the Copaquire deposit," said Mr. Sookochoff. "Statistical modeling shows a very strong correlation between molybdenum and rhenium in the Copaquire deposit, so as long as we continue to find more molybdenum we also expect to find more rhenium."
A technical report will be filed on SEDAR within 45 days.
About PBX
International PBX Ventures is a Canadian junior mining and exploration company focused on acquisition and development of molybdenum, copper and gold properties in Chile.
PBX's flagship project is the 100% owned Copaquire moly-rhenium-copper property, a circum- Pacific style porphyry copper - molybdenum open-pittable deposit similar to other Andean porphyry systems in northern Chile. The Copaquire property is unique in that whereas almost all the Chilean molybdenum production comes as a by-product recovery from porphyry copper mines, the Copaquire moly deposit is the only stand-alone moly deposit in Chile.
The property is surrounded by copper giants Rio Tinto, Teck, Codelco, Xstrata and Anglo American. Teck's Quebrada Blanca mine is located 10 km (6 mi) east of Copaquire and the giant Collahuassi mine owned by Xstrata and Anglo American is located a further 7 kms (4 mi) east.
PBX's shares trade on the Toronto Venture Stock Exchange under the symbol PBX.V.
ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD.
George Sookochoff, President & CEO
This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of PBX are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the expectations of PBX are detailed from time to time in the filings made by PBX with securities regulators.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
This news release uses the terms "indicated" and "inferred" resources. We advise U.S. investors that while those terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted to reserves.
The Toronto Venture Stock Exchange has neither approved nor disapproved the contents of this press release.
Contact:
Contacts:
International PBX Ventures Ltd.
George Sookochoff
President & CEO
(604) 681-7748 or Toll Free: 1-877-681-1154
(604) 681-0586 (FAX)
Email: info@internationalpbx.com
Website: internationalpbx.com
Source: International PBX Ventures Ltd. |
