December 18 , 2003

International PBX Ventures Ltd. (PBX) is pleased to announce the appointment of Robert Connochie, BSc., MBA of Greenwich, CT to the Board of Directors.

Mr. Connochie brings to PBX over 30 years of senior experience in strategic planning and project evaluation and development. He has held a number of positions including Vice-President of Corporate Development for Rio Algom Ltd., CEO of Potash Company of America, and President and Director of Asia Pacific Resources.

"Mr. Connochie will provide a wealth of expertise that will be invaluable to PBX as the company pursues the development of its various properties", commented Terry Walker, President. In particular, emphasis will be placed on exploring options to fast-track the Tabaco copper deposit to the pre-feasibility stage.

International PBX Ventures Ltd. (PBX:TSX-V) is a Canadian company focused on the exploration and development of its Chilean properties. Current work is concentrated on three projects:

This property,3056 hectares in size, covers an historic (the Sierra Chanchero) gold mining camp in Chile comprising 35 linear kilometres of major gold-bearing structures up to 300 metres in width.

Recent sampling of the Rosario Zone indicates that this Zone, one of 15 identified on the property, contains two structure zones from 50m to 100m wide that to date have been traced for over 1500m in length. Both consist of multiple oxidized high grade "veins" from 0.5m to 3.0m wide. The 25 "vein" sample assays received so far are from a 200m length of the eastern structure zone and range in value from 0.45 g/t to 22.6 g/t gold in widths from 0.5m to 1.5m.

The fifteen targets identified to date occupy less than 30 percent of the known structural zones which ,in turn, cover only 10 percent of the 30 square kilometre camp. The exploration target is open pit heap leach oxide gold deposits and, secondarily, underground high grade gold veins.

The Tabaco property covers a 5 sq. km. zone of copper, silver and gold bearing skarned volcanics and sediments. In 1962-63 forty-five holes cut oxidized mineralization reportedly ranging from 0.46% to 1.88% copper in widths ranging from 14m to 76m. During 2003 PBX conducted induced polarization surveys and drilled 6 holes in close proximity to certain of the previous holes. PBX believes that this work has validated the previous results. The oxide zone now defined is approximately 175,000 sq. m. with an average depth of 30m. and weighted average grade for 55 holes of 0.97% copper. This oxide zone is open horizontally and at depth. In addition the 2003 drilling discovered a large copper rich sulphide body that may, in part, be the source of the oxide zone. Most of the holes drilled to test the oxide anomaly intersected significant widths of copper

sulphides ranging from 20m to 144m with the higher grade intercepts ranging from 28m at 1.69% copper to 144m at 0.43% copper.

PBX believes that the property has excellent potential to contain both large skarn and porphyry-type deposits and will therefore continue to explore and refine these targets.

The Company has reviewed the drill program conducted by our joint venture partner (see PHR news release of November 3, 2003) and agrees that Candelaria- type sulphide mineralisation has been encountered. Candelaria is an open pit mine located 30 km east of Zulema wherein historical production plus reserves total about 500 million tonnes grading 0.95% copper and 0.22 g/t gold. The geological and geophysical setting of Zulema indicate a target of comparable potential size. Over the next several months our joint venture partner plans to complete induced polarization and magnetic surveys, followed by drilling. The Company intends to retain a 30% interest in the property.

In addition to continuing exploration on the above projects, International PBX is actively evaluating other properties in Chile as potential acquisitions and carrying out exploration on its other properties in Chile.


Gary Medford

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


608-475 Howe Street
Vancouver, BC CANADA V6C 2B3
Toll-Free: 888-999-7748
Tel: (604) 681-7748
Fax: (604) 681-0568
Email: [email protected]