port can't find package Pextlib 1.0

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When I run port at the terminal prompt I get the following:

can't find package Pextlib 1.0

while executing

"package require Pextlib 1.0"

(procedure "mportinit" line 365) invoked from within

"mportinit ui_options global_options global_variations" Error: /opt/local/bin/port: Failed to initialize MacPorts, can't find package Pextlib 1.0

When I search with spotlight I find pextlib 1.0 in: /opt/local/var/macports/sources/rsync.macportsorg/release/base/src/pextlib1.0 as well as in: /opt/local/share/macports/Tcl/pextlib1.0

Can anyone tell me why port might not be able to find it?

I installed version 1.5.0 from the package installer from the disk image MacPorts-1.5.0-10.4.dmg