International PBX Ventures Ltd. (the "Company" or "PBX") (TSX VENTURE: PBX) is pleased to announce that it is in the advanced planning stage for its upcoming diamond drill program on its wholly-owned Copaquire copper-molybdenum-rhenium project in northern Chile.

The Company is currently accepting bids from drilling companies and making preparations for a camp to accommodate approximately 30 personnel required for the drill program. The planned drill program is expected to consist of 5,000 meters of drilling.

On December 17, 2009 PBX filed a positive Preliminary Assessment (PA) report by AMEC Engineering. The PA focused exclusively on the material contained within the molybdenum rich Cerro Moly zone of the Copaquire property. This area covers approximately 15% of the entire copper porphyry mineralized zone.

The economic model within the PA shows that the overall value of the project is highly sensitive to both copper and molybdenum prices. It also shows that, with only slight increases in copper grades in the early stages of the 24 year projected mine life, the Net Present Value (NPV) can be increased significantly.

Previous drilling in the adjacent Sulfato South copper zone indicates that higher copper grade material is available. As significant drilling has already been completed in the Sulfato South copper zone, PBX will concentrate its efforts only in infill drilling to bring this copper material to resource level. The company expects the results of this drill program to substantially boost the current NPV in follow-up PA's.

George Sookochoff, President and CEO, states that, "With copper prices projected to remain strong and molybdenum making a strong comeback earlier than anticipated, the Copaquire project offers an excellent opportunity to leverage both of these metal prices."

The drill program will also test the extents of the high grade primary copper intercepted in drill hole CQ-98. CQ-98 was the final drill hole of the 2007-08 drill campaign. It was stopped due to mechanical problems but ended in mineralization.