NEWS RELEASE

June 16 , 2003
IVU-V UPDATE

EL TABACO, CHILE: HOLE 2A:COPPER OXIDE AND STOCKWORK MINERALIZATION

The company has diamond drilled hole 2A vertically and is pleased to report a section of 0.6 percent copper over 52 metres with the following breakdown:

0   - 22 m Oxide 22 m 1.09 percent copper
22 - 24 m Fault zone
24 - 34 m Stockwork, py/cpy 10 m 0.44 percent copper
34 - 38 m barren
38 - 52 m Stockwork, py/cpy 14 m 0.15 percent copper
52 - 68 m Stockwork, py 16 m anomalous copper

This hole confirms the oxide grade reported in the 1963-64 program and may indicate the presence of a porphyry stockwork mineralized with chalcopyrite and pyrite. The stockwork is characterized by one to ten millimeter quartz-sericite-chalcopyrite veinlets and stringers. This mineralization is believed to give rise to the 2.4 km by 300-500 induced polarization anomaly that can now be considered extremely prospective.

BY ORDER OF THE BOARD

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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
The company relies on forward-looking statement litigation protection

Trading Symbol: IVU - Canadian Venture Exchange