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Developing Copper Resources In Chile

PBX Signs JV option agreement to allow OZ Minerals to earn a 90% interest in Copaquire by making cash payments of $90 million and drilling up to 30,000 meters.

OZ Minerals Now Drilling Multiple Targets

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. Its principal project is the Copaquire, an advanced staged exploration project of some 2,000 hectares covering a major copper-molybdenum porphyry system located in the prolific copper-molybdenum porphyry belt of northern Chile. 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. Teck's Quebrada Blanca and Xstrata/Anglo American's Collahuasi mines are within 15 kilometres of the Copaquire property.

The Copaquire project is one of the most unique copper-moly projects in all of South America containing both high grade molybdenum and copper. A molybdenum rich core (Cerro Moly) surrounded by a large porphyry copper system (Sulfato) with grades of up to 2% copper.

OZ MINERALS OPTION AGREEMENT

In May 2012 PBX signed a definitive Joint Venture Option Agreement with OZ Exploration Chile Limitada, a wholly owned subsidiary of OZ Minerals Limited of Australia, on PBX's Copaquire copper molybdenum property. The terms of the Agreement allow OZ Minerals to earn a 90% interest in Copaquire by making cash payments of $90 million and drilling up to 30,000 m.

COPAQUIRE HIGHLIGHTS

• Large Copper/Moly porphyry in the prolific copper belt of Chile.
• Chile copper porphyry belt contains highest concentration of copper in the world.
• Property completely surrounded by majors - Teck, Rio Tinto, Xstrata, Anglo American.
• Potential synergies with 2 nearby operating mines – Quebrada Blanca & Collahuasi (3rd largest copper mine in the world).
• Jintian Copper (largest consumer of copper in China) invests (13+%) in PBX.
• Copaquire contains to large copper porphyry systems: Sulfato & Marta
• Sulfato porphyry: 2.6 Blbs CuEq in situ (Inferred) & 1.2 Blbs CuEq in situ (Indicated)