NEWS RELEASE

July 24 , 2002
IVU-V UPDATE

GOLD CONCESSION OPTION AGREEMENT: TIERRA DE ORO, CHILE

International PBX Ventures Ltd. , in connection with its news release dated May 1, 2002, has been informed by the private company that it has successfully completed its due diligence, including a field examination, of the Tierra de Oro gold concessions and intends to continue with the option agreement. The public vehicle , required to proceed, will be announced by 15th August 2002. International PBX has received a payment today of $US 7500 as part of the $US 15000 due and has agreed to defer $US 7500 until August 15, 2002. All other terms of the agreement remain the same and the option agreement commences 30 June 2002.

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