International PBX Ventures Ltd. ("PBX" or the "Company") (TSX.V:PBX) is pleased to update our shareholders on the ongoing sales process for Copaquire. Senior management recently returned from conducting tours of Copaquire and from meeting with several prospective buyers both onsite and offsite in Chile.
"It would be fair to say that sales process is running smoothly at Copaquire. We are getting a thorough examination by the market. These are not the optimal conditions to be selling mining assets but Management and the Board feel this alternative is better than continued shareholder dilution in the context of the current market. We are in discussions with three final parties at this stage and barring any unforeseen developments, believe we can conclude a deal with one of the groups in the near future." Commented PBX CEO, Terry Lynch.
At the same time PBX is continuing to discuss exploration and development options for our other properties with several Company's in the industry and with Chilean Private Equity firms.
"We met with several of the more active Chilean Private Equity firms who have increased interest in participating in early stage exploration as a result of a Chilean government program that provides significant exploration funds on a long term non-recourse loan basis to qualified entities. While the talks are in the early stages we believe ground work has been laid for future potential arrangements that would be beneficial to both parties. We will be developing work programs for their consideration as a next step."
These remain challenging times for mining companies in general and junior Company's like PBX in particular but we believe these steps will lead us to not only survive but grow in the years to come. We appreciate our shareholders continued support in these challenging times and look forward to updating shareholders as we move towards the end of the Copaquire sales process.
International PBX Ventures Inc. (www.internationalpbx.com) is a junior exploration Company with a strong portfolio of copper, molybdenum and gold projects in Chile. The 100% owned Copaquire copper molybdenum property with in excess of two billion pounds of copper equivalent resource is comprised of three separate projects: Cerro Moly, Sulfato and Marta. Located in Chile's prolific copper porphyry belt, it is the Company's most advanced project. Major producing mines Quebrada Blanca and Collahuasi (the third largest copper mine in the world) are both located within 15 kilometres of Copaquire.
In addition to Copaquire, PBX owns mineral rights through its subsidiary, Chilean Metals Exploration Ltd. ("Chilean Metals") on six 100%-owned properties comprising over 50,000 acres strategically located in the prolific IOCG ("Iron oxide-copper-gold") belt of Chile. Several of these projects are under review by third parties for possible purchase or joint venture.
ON BEHALF OF THE BOARD OF DIRECTORS OF
INTERNATIONAL PBX VENTURES LTD.
Terry Lynch, CEO
Forward-looking Statements: This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that PBX expects to occur, are forward looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this document include statements regarding current and future exploration programs, activities and results. Although PBX believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward looking statements.
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.
Leave a comment...