January 3 , 2003
IVU-V UPDATE

Int'l PBX completes Tabaco IP survey

Mr. Gary Medford reports

ZULEMA JOINT VENTURE; TABACO GEOPHYSICAL SURVEY
In order to move ahead with drilling in the new year, the company has entered into a joint venture agreement with Pathfinder Resources Ltd. wherein Pathfinder can earn a 70-per-cent interest in the Zulema property by making total cash payments of $2.01-million (U.S.) and issuing 400,000 shares of Pathfinder to the company as well as 500,000 shares upon completion of a positive feasibility study, subject to regulatory approval. International PBX has received $12,500 (U.S.) on signing and refers readers to the Pathfinder news release in Stockwatch of this date for further details. (SEE BELOW)

The company has also just completed 15 line kilometres of induced polarization surveying on the Tabaco copper-gold-silver property. Preliminary data indicate the presence of a substantial anomaly underlying the known gold, silver and copper mineralization on surface and in previous shallow drilling on the property, that may be indicative of an underlying porphyry. Upon receipt of the final report and interpretation the company will issue a more detailed news release.

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