January 30 , 2003
IVU-V UPDATE

PRIVATE PLACEMENT TO RAISE $500,000 NEGOTIATED


The Company has negotiated a non-brokered private placement to raise $500,000 consisting of units comprising one common share at a price of $0.25 and a share purchase warrant exercisable at $0.35 for a period of one year following the transaction date. The offering is subject to the company filing an Annual Information Form.


Finderís fees and advisory fees are payable in connection with the above transaction.
The funds will be used for general corporate purposes and on the Tabaco copper-gold silver property.


The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful.


Not for distribution to U.S. news wire services or dissemination in the United States.


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


**********************

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