ozl joint venture in chile's copaquire

ANCOUVER, BRITISH COLUMBIA, May 23, 2012 (MARKETWIRE via COMTEX) -- International PBX Ventures Ltd. ("PBX" or the "Company") (tsx venture:PBX) is pleased to announce that it has signed a definitive Joint Venture Option Agreement (the "Agreement") with OZ Exploration Chile Limitada, a wholly owned subsidiary of OZ Minerals Limited of Australia ("OZ Minerals"), on PBX's Copaquire copper molybdenum property ("Copaquire") in northern Chile. The Agreement is subject to shareholder and regulatory approval; a special shareholders meeting will be announced shortly.

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 meters.

http://www.marketwatch.com/story/international-pbx-ventures-signs-copaquire-joint-venture-option-agreement-with-oz-minerals-2012-05-23-91732036