NEWS RELEASE

June 10 , 2003
IVU-V UPDATE

EL TABACO, CHILE: HOLES 3-7: MORE OXIDE: PORPHYRY SYSTEM AT DEPTH

Holes 3 and four have been completed at the southeast margin of the known oxide system. Hole 3 has intersected 10 metres of 0.76 percent copper between 30 and 40 metres and hole 4 cut a section from surface to 15 metres of 0.57 percent copper excluding a 3 metre section drilled through old underground workings. The grade of material removed is unknown but is likely in excess of 3 percent copper based on assays of dump material. These holes compare favourably with the 1963-64 drilling. The objective of this work is to substantiate the results of the early program.

Holes 5-7 were driven from the outside of the original copper oxide boundary to follow up on shallow induced polarization (IP) features. Hole 5 was highly anomalous in copper from top to bottom at 160 metres and also intersected 18 metres of 0.42 percent copper as chalcopyrite between 50 and 68 metres. This hole also cut traces of chalcopyrite (12m) between 128 and 140 metres and is otherwise in pyritic skarn. Holes 6 and 7 were also anomalous in copper but predominantly pyritic skarn.

The above holes, including well-mineralized hole 1, are believed to be peripheral shallow level tests of a much larger more coherent IP target at depth that has been defined by a recently completed deeper penetration IP survey. Evidence of porphyry style mineralization has been observed in holes yet to be reported and the company believes that we have thus far only tested upward reaching fingers of a deeper seated main mineralized body with minimum dimensions 2.4 km by 300-500 m.

We have completed 1800 metres of drilling and will continue with the deeper drilling required to fully evaluate the property.

BY ORDER OF THE BOARD

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

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Trading Symbol: IVU - Canadian Venture Exchange