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March 07 , 2003
IVU-V UPDATE


ZULEMA PROPERTY AGREEMENT CLOSES
:PRIVATE PLACEMENT CLOSES


The agreement described in the news release dated September 20, 2002 has closed with the issuance of 100,000 common shares of the company to the vendors. The shares are subject to a 4 month hold which expires July 8, 2003.


The private placement announced January 30 and amended January 31 2003 has also closed with the issuance of 2.4 million common shares with a 4 month hold period which expires July 8, 2003 and 2.4 million warrants, exercisable into 1 common share, which expire March 8, 2004.

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