NEWS RELEASE

July 17, 2001
IVU-V UPDATE

The company announces that the private placement announced June 12, 2001 has been amended. The Private Placement now consists of 3,000,000 Special Warrants at a price of $0.10 per Special Warrant, subject to the approval of the Canadian Venture Exchange. Each Special Warrant consists of one Unit, each Unit convertible into one common share and one non-transferable share purchase warrant. Each share purchase warrant will entitle the holder to purchase one additional common share of the Company for a period of two years at a price of $0.13 per share in the first year and at a price of $0.15 per share in the second year. The common shares issuable on conversion of the Special Warrants will be subject to a twelve month hold period unless the Company files an Annual Information Form. The Company intends to file an Annual Information Form within 120 days following the closing of the private placement to allow for a four month hold period on the common shares.

The proceed of the private placement will be used for exploration on our recently acquired and wholly owned San Pedro property in Chile and for general working capital purposes.

Verna Wilson
Director

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