October 06, 1999

The recent rebound in spot gold prices to around US $325 has brought renewed enthusiasm to junior exploration oriented mining companies like International PBX Ventures Ltd. In these past few weeks all our loyal shareholders must be wondering what has been happening with the Company since this turnaround of gold has not been reflected in our share price considering the gold asset that the Company has in the Tierra de Oro property in Chile.

Due to the poor gold market over the last year the Company has been unable to raise sufficient funds to carry out the scale of continued exploration and development this property justly deserves. However, the property has been maintained in good standing and converted to mining exploitation concessions. To refresh the readers memory the following is a re-cap of Tierra de Oro's highlights:

  • The Tierra de Oro property encompasses a 30 square kilometre gold mining camp which at the turn of this century produced an estimated 200,000 ounces or (at today's prices) US $65 million worth of gold.
  • IPBX's exploration efforts in this camp indicate the presence of at least 32 linear kilometres of, 50 to 300 metre wide, gold bearing structural zones. Surface samples from these have returned mineable widths grading from US $12 to US $385 per ton.
  • To date 15 large, 300,000 to 1,000,000 ounce (US $97.5 million to US $325 million) potentially low cost, leachable gold targets have been discovered along these structural zones.
  • These targets occupy less than 30% of the length of the known gold bearing structural zones.
  • The known structural zones occupy less than 10% of the mineralized intrusives and altered volcanics hosting the 30 square kilometre Sierra Chanchero gold camp on IPBX's 100% owned Tierra de Oro property.

The company believes that the Tierra de Oro property contains the earmarks of a future gold producer, is dedicated to maintaining and advancing this exciting asset and is especially encouraged by the recent, long overdue reversal in the gold market.

In anticipation of this market upturn IPBX has been reviewing other jurisdictions for potentially large and novel precious metals projects and is awaiting confirmatory assays from a large high-grade gold-silver project in a poorly explored but accessible part of Mexico.

On behalf of the Board

"Terence Walker, M.Sc, P. Geo."

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

This release contains "forward looking statements" within the meaning of Section 27A of the Securities Act 1933 and Section 21B of the Securities Exchange Act of 1934.


910-475 Howe Street
Vancouver, BC CANADA V6C 2B3
Toll-Free: 888-999-7748
Tel: (604) 681-7748
Fax: (604) 681-0568
Email: [email protected]

Trading Symbol: IVU - Vancouver Stock Exchange