May 15 , 2003
EL TABACO, CHILE DRILL PROGRAM PROGRESSING WELL
The first hole tested copper oxide mineralisation and an induced polarization target obtained by the company last year. This hole passed through 22 metres of surface leached rock followed by 40 metres of oxide copper mineralisation, 10 metres of secondary sulphides (chalcocite and bornite) with minor primary sulphide (chalcopyrite and pyrite) and then 68 metres of primary sulphides (chalcopyrite and pyrite) occurring as coarse blebs and patches in a silicified matrix and associated with quartz-feldspar veinlets. This hole was stopped at 140 metres due to water and did not penetrate to the heart of the IP anomaly. This IP anomaly is at least 2.4 km long and this hole demonstrates that it is in part caused by primary copper sulphide (chalcopyrite) mineralization.
The three remaining holes were drilled to test known copper oxides from previous drilling and all three cut intervals of readily visible green copper oxides; 36metres in hole 2, 38 metres in hole 3 and 22 metres in hole 4.
Samples from the four holes have been delivered to ALS-Bondar Clegg in Chile and assay results for copper, gold and silver are expected next week
Drilling continues and will shift to diamond drilling to obtain deeper tests of the IP anomaly. Management is very pleased with the results thus far.
BY ORDER OF THE BOARD
"Gary Medford, PhD., P.Geo."
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accept responsibility for the adequacy or accuracy of this release.
INTERNATIONAL PBX VENTURES LTD.
Trading Symbol: IVU - Canadian Venture Exchange