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. 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.” “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.” About PBX 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 Office: 604 681 7748 The Toronto Venture Stock Exchange has neither approved nor disapproved the contents of this press release. 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. ©2009 International PBX Ventures Ltd.
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