NEWS RELEASE

May 14, 2001
IVU-V UPDATE

The Company is pleased to announce pending acquisition of a new Chilean mineral property. The property consists of 10 square kilometers of exploration concessions covering several large titanium, copper and gold bearing alteration systems in northern Chile.

Both mineralized systems, which are separated by 100 metres or less, consist primarily of phyllic alteration with quartz-sericite flooding, silicification and veining associated with aplitic dykes which invade a regional diorite-tonalite intrusive. Mineralization in the form of disseminated and vein rutile, pyrite, chalcopyrite and copper oxides covers surface areas of approximately 200-300 metres by 1000 metres along the top and flanks of a hill with 200 metres of relief.

There are a number of old mine workings in both alteration zones which primarily exploited high grade copper-gold bearing quartz-sulphide veins and mineralised structures. These typically produced "ore" of 2%+Cu and 3+gpt Au and were mined to depths a few to 80 metres.

Sample assays from both zones are being processed and should be available within the next few weeks along with awarding of the claims.

Terence Walker
President

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this Release.

Trading Symbol: IVU - Canadian Venture Exchange