NEWS RELEASE

January 21 , 2003
IVU-V UPDATE

TABACO GEOPHYSICAL SURVEY YIELDS BIG TARGET

Management has just completed a field review of its large Chilean gold, silver and copper property holdings and prioritized its exploration efforts. With receipt of the final induced polarization report on the Tabaco property the company believes that a drill program should be mounted as an immediate priority to test a substantial induced polarization anomaly present at a minimum depth of about 125 metres and wth a strike length of 1500 metres and a width of about 500 metres. The anomaly is well defined to a depth of about 300 metres where tested on one crossline and is open along strike. In light of the extensive copper gold and silver mineralization present on the property at surface and in previous shallow drilling, management believes the possibility of intersecting a copper-gold-silver primary sulphide body is exceptional. The survey confirms the company's interpretation gained from geological mapping that a porphyry system underlies the area.

BY ORDER OF THE BOARD

"Gary Medford, PhD., P.Geo."
Director

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The company relies on forward-looking statement litigation protection

Trading Symbol: IVU - Canadian Venture Exchange