NEWS RELEASE

May 1 , 2003
IVU-V UPDATE

INDUCED POLARIZATION TARGET ON EL TABACO ENLARGED

The company has completed additional geophysical surveying to extend the open
anomaly reported in our news release of January 21, 2003 from a strike length of 1.5 kilometers to a strike length of 2.4 kilometers with a width of 400 to 500 meters. Additional crosslines to test the anomaly at greater depths of 250 to 300 meters indicate excellent continuity along strike and at depth.

The anomaly is generally overlain by visible oxide copper development with residual chalcopyrite (primary copper sulphide) occurring occasionally as coarse clots. A central portion of the anomaly measuring about 800 by 300 meters was previously drilled (1963-64) and reported a weighted average of 1.03% leachable copper in 48 holes mineralized from surface to about 30 metres . One hole, only, was drilled to 75 meters and also reported 1.03% leachable copper with grades up to two percent near bottom where associated with chalcocite (secondary copper sulphide). No holes were drilled deep enough to test the induced polarization anomaly.

A structural feature cutting through the drilled area was formerly high graded for gold and silver and there is evidence of elevated gold distributed in the oxide
mineralisation. The target is a large copper-gold-silver mineralised system that merits further attention.

BY ORDER OF THE BOARD

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

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