December 8 , 2003


International PBX Ventures Ltd. is pleased to report the first results from a detailed surface mapping and sampling program initiated in November on the Rosario Zone. International PBX's wholly owned, 4056 hectare Tierra de Oro property covers the Sierra Chanchero gold camp containing over 32 linear km of gold bearing structural zones ranging from 50m to 300m wide.

Surface exploration, including trenching and a few short drill holes, by IPBX in 1996-98, identified 15 targets with surface values ranging from 6m grading 6.98 g/t to 150m grading 0.9 g/t gold. Only four of these zones have been explored in any detail. The Rosario Zone is the first of the other eleven zones to be detailed.

The current surface exploration program indicates that Rosario in fact contains two main northerly trending auriferous structure zones from 50m to 100m wide which to date have been traced for over 1500 metres in length. Both consist of multiple oxidized high grade 'veins' from 0.5m to 3.0m wide with intervening fine veinlets and stringers.

The thirty five 'vein' assays received so far are from a 300m length of the eastern structure zone and range in value from 0.45 g/t to 22.6 g/t gold and in widths from 0.5m to 1.5m. The zone is the locus of numerous shallow pits, trenches and shafts and most of the creeks draining this area have been worked for placer gold. Twelve continuous chip sample assays, across the zone, from old workings along the most actively worked 100m stretch of this zone returned a weighted average grade of 5.6 g/t over 1.5m. Within this section 8 main 'veins' have been worked discontinuously from a 25m wide corridor within the zone. Chip sample assays from the intervening wall rocks (ie. areas between high-grade veins) range in value from 0.15 g/t to 0.46 g/t gold and average 0.3 g/t gold.

Limited chip sampling from the south part of the western structure in 1996 and the reason for initiatiating recent surface work, returned gold values up to 39.4 g/t over 1m and 1.1 g/t over 8m.

All samples were collected by experienced samplers and geologists under the supervision of T. Walker M. Sc. P. Geo., the designated qualified person as defined by National Policy Instrument NI43_101. All the analysis were completed by ALS Chemex at their Coquimbo laboratory in Chile.

The sampling program continues with more results expected soon from this very large gold camp with both underground and open pit potential.


Terence Walker M.Sc. P.Geo.
President and Director

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