VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) - International PBX Ventures Ltd. ("PBX" or the "Company") (News - Market indicator) is pleased to announce that Geotech Ltd. has completed its helicopter-borne ZTEM and magnetic surveys on the Company's four Iron Oxide Copper Gold ("IOCG") projects in Chile. These projects are all located in Chile's prolific IOCG belt, one of the most prospective IOCG provinces in the world.
A total of 1,667 line kms were flown over the Company's Tierra de Oro, Sierra Pintada, Palo Negro & Hornitos IOCG properties. Several high priority IOCG targets and mineralized zones have been identified by previously conducted geological, geochemical and ground geophysical programs. The airborne ZTEM survey will be very useful in further delineating the size and depth of these mineralized zones, as well as locating further targets.
The properties are part of the Company's proposed spin-off transaction as announced December 20, 2010 whereby PBX will retain all assets relating to the Copaquire copper-molybdenum and the Huatacondo properties in order to focus on their advancement, and transfer its IOCG projects to a new corporation ("Newco").
The Company's President & CEO, George Sookochoff, stated, "The ZTEM survey is the basis of an aggressive exploration program that "Newco" intends to undertake once the properties are transferred into the new company. In the past two years PBX has focused its resources towards the Copaquire project and we now look forward unlocking the tremendous value of the IOCG group of projects."
The ZTEM system is one of the leading airborne geophysical systems in use today and is particularly suited to identifying large conductive ore bodies. The ZTEM system is renowned for its deep penetration, high spatial resolution and ability to detect and differentiate weak electro-magnetic anomalies at depths up to 1,500 metres.
The Company expects to receive the preliminary results of the ZTEM survey within the next two weeks.
The Company would like to remind its shareholders that its Annual General Meeting will be held at the Four Seasons Hotel in the Aspen room, 791 West Georgia Street, Vancouver, B.C on February 25, 2011, 2:00pm – 5:00pm.
About International PBX Ventures Inc.
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, President & CEO
We seek safe harbour.
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.
