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May 27 , 2003
IVU-V UPDATE


EL TABACO, CHILE DRILL PROGRAM ON TENTH HOLE

The company has completed nine holes to date, two of which are diamond drill holes. Reverse circulation samples have been sent for copper- gold- silver assay and the drill core is being split and logged prior to assay.

All holes have cut copper oxide, and secondary and primary sulphides in some cases, and have been drilled on approximately 100 metre centres.

No assays have been received yet, but results from the first four holes should be ready very shortly

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