NEWS RELEASE

Sept. 27, 2001

SAN PEDRO TITANIUM (GOLD COPPER) PROPERTY, CHILE

The Company is pleased to announce encouraging results from a recently completed geological mapping and rock sampling program carried out on its wholly owned San Pedro titanium (gold-copper) property.  The San Pedro Property consists of four exploration concessions totalling approximately 1,000 hectares located 58 kilometres by road west of Vallenar, Region III, northern Chile.

The property covers the northerly trending contact between late Cretaceous granodiorites to the west and a diorite-gabbro-tonalite complex to the east.  Reconnaissance geological mapping and surface rock sampling completed to date has outlined two large, structurally controlled, titaniferous zones, San Pedro and Colorado, which alter and mineralize the diorite-gabbro-tonalite complex close to its contact with the granodiorites.  Both mineralized zones consist primarily of phyllic alteration with quartz-sericite flooding, silicification and veining associated with aplitic dykes.

The titanium mineralization is generally clean, free disseminations and aggregates of red to red-brown Rutile. Widely spaced reconnaissance style mapping and rock sampling indicates that the easternmost “San Pedro” zone carries the highest grade. Assays from 30 representative outcrop chip samples taken from the better exposed northwestern sector of this zone range from 0.35% to 2.34% TiO2 and averaged 1.1%TiO2.

This northwestern sector of the San Pedro covers an area of approximately 300,000 sq. metres along the top and flanks of a hill with 200 metres of relief.  This area represents only 35% of the known length of the San Pedro zone.

In the near future the Company plans to conduct an extensive program of detailed sampling and trenching followed by reconnaissance drilling focusing on the “San Pedro” zone as the next stage in estimation of the TiO2 potential of the San Pedro property.

On behalf of the Board

“Terence Walker”
President

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

**********************

INTERNATIONAL PBX VENTURES LTD.
608-475 Howe Street
Vancouver, BC CANADA V6C 2B3
Toll-Free: 888-999-7748
Tel: (604) 681-7748
Fax: (604) 681-0568
www.internationalpbx.com
Email: [email protected]

Trading Symbol: IVU - Canadian Venture Exchange