International PBX Ventures updates on spin out and other items

March 8, 2012

VANCOUVER, B.C. – International PBX Ventures Ltd. (the "Company") (TSX.V:PBX) announces that it is still working towards completing its spinout of the Company’s copper-gold projects into Chilean Metals Exploration Ltd. (“Chilean Metals”). As disclosed in the Company’s January 3, 2012 news release, the Company’s shareholders approved the spinout that is structured under a plan of arrangement.  The Company received final court approval from the British Columbia Supreme Court for the spinout on January 13, 2012.  The spinout is conditional on Chilean Metals receiving conditional listing approval as a newly listed issuer on the TSX Venture Exchange.  Such approval depends on, among other things, Chilean Metals raising sufficient funds to meet its general and administrative expenditures and complete a recommended work program on the Tierra de Oro project located in Chile and filing a Form 2B listing application with the Exchange.  Further details about the spinout transaction are disclosed in the Company’s comprehensive information circular dated November 22, 2011 and filed under the Company’s SEDAR profile. The Company is working to complete the spinout transaction by the end of April, 2012.

On September 22, 2011, the Company announced that it had retained the services of Windward Global of Charlotte, NC to provide assistance with the Company’s investor relations and public relations efforts. On November 30, 2011, the agreement was mutually terminated.

“George Sookochoff”
George Sookochoff, President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.