February 27, 2014 / International PBX Ventures Ltd. ("PBX" or the "Company") (TSX.V:PBX) is pleased to announce that it will change its name to Chilean Metals Inc. ("Chilean Metals") and consolidate the stock 10:1 effective February 28, 2014. Chilean Metals will commence trading on the TSXV under the symbol CMX Friday February 28, 2014. The plan to change the name and consolidate the stock was previously announced (January 20, 2014) and as discussed the target was to complete this process by the end of February.
The Company has been advised that the transfer of title of the mining claims by the Mining Registrar in Chile for the Company's Copaquire project through its wholly owned Chilean subsidiary, Minera IPBX Ltda. ("IPBX") to Teck Resources Chile Ltda. ("Teck"), a subsidiary of Teck Resources Limited is expected to be completed next week and that will enable the previously announced closing of the sale of Copaquire to be completed shortly thereafter. The consideration received for the sale of Copaquire is US$3,033,556 cash plus a 3% net smelter royalty (NSR) payable to IPBX as and when resources from the property are processed. Additionally, Teck will have the option to buy back 1% of the NSR for US$3 million at any time.
Chilean Metals will be exhibited at the upcoming Toronto PDAC conference from March 2-6 at booth 2143 where it will be featuring its extensive long held Chilean land packages with a specific focus on our Tierra De Oro project ('TDO").
"Chilean Metals has been in Chile since 1995 and we have held this acreage located in the heart of Chile's prolific IOCG belt since this time. The Company has spent over $5 million dollars of exploration on TDO. More recent geoscientific analysis has identified three large untested near surface IOCG targets on TDO. Chilean Metals is in discussion with partners to drill these targets and would plan to commence a drill program on TDO in summer of 2014. For under $1 million we expect 10 < 200 metre holes on the three distinct IOCG targets. These are company maker targets and our team is excited to get this exploration underway," commented Terry Lynch CEO.
Chilean Metals will change its corporate website from www.internationalpbx.com to www. chileanmetals.com.
Chilean Metals Inc. owns 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
Chilean Metals Inc.
Terry Lynch, CEO
Forward-looking Statements: This news release may contain 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 CMX 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 CMX 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.
Release ID: 34589