Int’l Barytex cuts high-grade copper at Shituru (July 10, 2006)

Vancouver — A couple of hot stepout holes at International Barytex Resources’ (IBX-V, IBYXF-O) Shituru project, near Likasi in the Democratic Republic of the Congo (DRC), have delivered high-grade copper values over significant widths.

Drilling tapped the steeply dipping zones of stratiform copper-cobalt mineralization, and included the following holes:

* SM-05-06 intersected 10.2 metres (from 10 metres depth) of 3.3% copper and 0.11% cobalt in a newly defined zone, followed by 80.7 metres (from 30 metres downhole) grading 6.1% copper and 0.03% cobalt (in both the upper and lower zones) including high-grade sections of 13.5% copper over 18.2 metres; and

* SM-06-06 returned a 10.4-metre interval in the new zone (from 16.8 metres) averaging 2.1% copper, then cut 58.2 metres (from 38 metres) of combined upper and lower-zone mineralization running 5.6% copper, including a 16.8-metre portion at 10.8% copper.

Copper mineralization at Shituru is primarily composed of malachite with minor chrysocolla and chalcocite hosted in calcareous sediments and volcaniclastics forming an anticlinal structure. Zones of higher-grade copper are associated with a sheared contact between the volcanics and dolomitic units.

About 5,000 metres of planned drilling will test 800 metres of strike at Shituru. Barytex also plans metallurgical testing on a composite of core samples. A second drill will be added to the program to test the mineralized zone that remains open to depth and along strike.

Situated near the city of Likasi, the project is close to good infrastructure, including power, water and an operating hydrometallurgical plant. Historic mining at Shituru is reported to have extracted about 85,000 tonnes of copper ore averaging 10.5% copper from surface pits. Recently, artisanal miners have worked the surface of the deposit for visible copper mineralization.

In mid-2005, Barytex entered its option to earn an indirect 65% interest in Shituru for staged payments of US$5 million, issuance of 6.95 million shares and funding the project to production. It is acquiring up to 86.67% of East China Capital, which holds an option to acquire 75% in the property from DRC state-owned company Gnrale des Carrires et des Mines (Gcamines), which will retain a 25% interest.

With 31.8 million shares outstanding, International Barytex posts a $92-million market capitalization based on its recent jump to the $2.90 level following the high-grade copper results.