VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct 25, 2012) - Shareholders of International PBX Ventures Ltd. (TSX VENTURE:PBX) overwhelmingly elected the slate of directors nominated by Terry Lynch, PBX''s former president, at the company''s annual meeting today.
The vote was approximately two-to-one in favour of Mr. Lynch''s slate of highly-qualified and experienced nominees.
"We are thrilled to have such a decisive mandate for change at PBX," Mr. Lynch said. "The vote shows how passionate our shareholders are about the value of our assets, and how strongly they felt about the previous management''s poor record in executing a coherent business plan." The new board has re-appointed Mr. Lynch as president and chief executive officer.
Mr. Lynch added: "Investors clearly did not trust the previous management team to actually see the end of Oz Mineral''s option to buy 90% of our flagship Copaquire copper and molybdenum mine in Chile for $90 million. Hence our market capitalization has languished at less than $8 million.
"We are confident we can demonstrate that we have the resources to move the company forward benefiting from Oz Minerals'' drilling program that will start this quarter, and from developing three additional large-scale Chilean exploration plays in Palo Negro, Tierra Del Orro and Sierra Pintada."
Mr. Lynch expressed special gratitude to PBX''s largest shareholders, notably Jintian Copper, China''s largest copper trading company, and to PBX''s chairman, Ian Pirie, for their support and advocacy.
"Victory was possible only with our shareholders'' generous and passionate support. We could not have achieved this opportunity for renewal at PBX without all of you. My pledge is to capitalize on that support by unlocking the true value of PBX and putting the company back on a solid financial footing."
The new board includes Mr. Lynch, Mr. Pirie, Mr. Peter Kent, Mr. Dan Gosselin and Mr. Zhangliang Lou, representing Jintian. "We look forward to quickly getting to work and restoring market confidence in PBX," Mr. Lynch said.
About International PBX Ventures Ltd.
International PBX Ventures Ltd. engages in the acquisition, exploration and development of mineral properties in Chile. We explore for copper, molybdenum and gold deposits, and own a 100% interest in eight properties covering a total area of 25,000 hectares.