February 26 , 2003
IVU-V UPDATE

DRILLING ON TABACO TO COMMENCE LATE MARCH 2003

The company has initiated road improvement work on the Tabaco project to permit
drill access. It is expected that drilling will commence late March to test the large
induced polarization anomaly recently discovered as well as overlying copper oxide
and possible copper enrichment in a supergene blanket detected at the bottom of
several holes of a 56 hole 1963-64 drill program.

BY ORDER OF THE BOARD

"Gary Medford, PhD., P.Geo."
Director

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

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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