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September 30, 2003


The Tabaco property covers a 5 square km NE elongate zone of copper, silver and gold bearing skarned volcanics and sediments as defined by numerous old workings, geochemistry, trenching and geophysics. In 1962-63 forty-five shallow rotary holes drilled in the Carmen-Tabaco sector cut oxidized mineralization reportedly grading 0.46-1.88% copper in widths ranging from 14m-76m.

Induced Polarization (I.P.) geophysical surveys conducted by International PBX Ventures Limited (IPBX) in 2002 defined an open ended NE elongate anomaly 150m-400m wide and 2.2km long flanking and extending a further 700m NE and 800m SW of the area of 1962-63 drilling. The recent IPBX drill program focused on investigating the source of this anomaly, its relationship to the oxide copper zone defined by the 1962-63 drilling and the reliability of these old drill results.

The six IPBX drill holes in the oxide copper zone drilled close enough to the old holes to be directly comparable produced similar results i.e. drill hole 2A cut 22m grading 1.1% copper, the adjacent old hole CMM-1 cut 22.6m grading 0.93% copper. The weighted average for the IPBX oxide holes is 0.81% copper and that of the adjacent old holes is 0.79% copper.

Most of the holes drilled to test the I.P. anomaly intersected significant widths of copper bearing sulphides ranging from 20m to 144m with the higher grade intercepts ranging from 28m grading 1.69% copper to 144m grading 0.43% copper. These holes represent a new discovery and indicate the source of this I.P. anomaly to be one or more open ended sulphide bodies 100m-200m wide, at least 500m long and vertical range of 10m to 240m below surface. The main copper-rich sulphide body intersected to date appears to be developed within both skarns and silicified volcanics to the NW and down dip from the surface oxide copper zone.

IPBX management feel that its recent drill program has substantiated the validity of the 1962-63 drill results and discovered a large copper rich sulphide body which could be in part the source of the copper oxide zone defined by this drilling i.e. an area of 175000 square metres with average depth of 30m and weighted average for 55 holes of 0.97% copper. The core of this mineralisation is open to depth. Prospecting, geochemistry and trenching have traced its surface expression a further 1500m to the NE and 900m to the SW i.e. more than triple the length of the current drilled area.

Data on the copper rich sulphide body is more limited. However in the area of maximum drill intercepts it appears to have a thickness of between 70m-100m, down dip extent of over 200m and strike extent of at least 500m. The I.P. anomaly reflecting this sulphide body extends at least a further 800m to the NE and 300m to the SW. Several deeper penetrating I.P. lines also suggest depths of over 350m in the central core of the zone. Reconnaissance mapping, geochemistry and trenching indicate that there are at least two other copper bearing horizons in the skarns overlying the sulphide body intercepted in drilling that appear to have similar thicknesses and strike lengths.

The Tabaco property is known to have been worked for copper, silver and gold as far back as the late 1800's with ore taken from the Carmen-Tabaco Mine veins reportedly grading over 25% copper, up to 12,500 g/t silver and from 1.5 to 30 g/t gold. Alteration associated with these veins is typical of high level precious metal veins above porphyry copper (gold) systems. This area generally lies to the east of the newly discovered copper sulphide body.

The few IPBX holes drilled in this area indicate that the surface copper oxide zone is proximal exotic, the primary sulphide source having been displaced by one or more faults which appear to terminate the oxide zone.

The company's management feels that whilst the form and distribution of the copper (silver-gold) mineralisation encountered so far on the Tabaco property is more complex than originally thought, the property has excellent potential to contain both large skarn and porphyry type deposits and will therefore continue to explore and refine these targets.


"Terence Walker"
President, Director

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