NEWS RELEASE

January 21, 2002
QUEBEC DIAMOND PROPERTY ACQUIRED

The company wishes to inform its shareholders that, further to our January 17th, 2002 news release, the Company has entered into an agreement with vendors Fayz Yacoub, Geologist, and Terra Resource Management Ltd. to acquire a 50 claim property (approximately 2500 Hectares) located 70 km SSW of the Otish Mountains diamond discovery. Subject to receipt of documentation of ownership, the Company will acquire a 100% interest in the property subject to a 2 percent net profits interest payable to the vendors. The Company will pay $15,000 and 200,000 shares in total, $5,000.00 of which has been paid on signing.

ON BEHALF OF THE BOARD

Verna Wilson
Director

1)   The Canadian Venture Exchange has neither approved nor disapproved the information contained in this release. 

2)  This release contains  “forward looking statements” within the meaning of  Section
    27A  of the  securities Act l933 and Section 2lB of the Securities Exchange Act of
    l934.

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INTERNATIONAL PBX VENTURES LTD.
608-475 Howe Street
Vancouver, BC CANADA V6C 2B3
Toll-Free: 888-999-7748
Tel: (604) 681-7748
Fax: (604) 681-0568
www.internationalpbx.com
Email: [email protected]

Trading Symbol: IVU - Canadian Venture Exchange