608 - 475Howe Street
Vancouver, BC Canada V6C 2B3
TEL: (604) 681-7748 • FAX: (604) 681-0568
TSX VENTURE EXCHANGE SYMBOL: PBX
EMAIL: [email protected]
WEB SITE: www.internationalpbx.com

MAY 27, 2004

NEW COPPER-GOLD-SILVER ZONES ON TABACO PROPERTY, CHILE

International PBX Ventures Ltd. is pleased to report extremely encouraging copper, silver and gold results from recently completed detailed surface mapping, sampling and ground magnetic surveys along the Carmen-Tabaco oxide zone as well as both strike extensions of the copper-rich skarn partially drilled in 2003. A summary of this discovery and prior drilling can be found in the company’s September 30, 2003 news release.

The 300 to 500 metre wide Main altered skarn horizon hosting the bulk of the copper oxide and sulphide body has now been traced for over 3 km in length and is generally reflected by enrichment in soils of up to 0.5 per cent copper. Starting from 300 metres north of the northern edge of the prior work area, the eastern edge of this soil anomaly shows a strong increase in gold content from 0.13 g/t to a high of 3.09g/t. An irregular magnetic high is generally coincident with this zone and reflects disseminated to massive magnetite which commonly occurs with the copper sulphide body discovered by drilling.

In addition to the Main skarn horizon extensions, at least two other mineralized horizons with similar geological, geochemical and magnetic signatures have been discovered up slope to the west. The uppermost or western zone contains gold in soils up to 10 g/t on its northern edge and this remains open to further expansion.

Continuous chip sampling (3 metre samples) carried out southeast of the 2003 drilling area, that crosses the north trending Carmen-Tabaco copper oxide zone in two places, 150 metres apart, has reported very significant results.
The weighted average grade of the 63 metres of outcrop exposed in the southernmost crosscut is 1.03 per cent copper, 26.3 g/t silver and 0.03 g/t gold. This includes a 27 metre core zone through the Carmen structure grading 1.97 per cent copper, 56.8 g/t silver and 0.042 g/t gold. The best 3 metre sample here is 5.09 per cent copper, 300 g/t silver and 0.24 g/t gold.

The weighted average grade of the 150 metres of outcrop exposed in the northernmost cut is 0.51 per cent copper, 5 g/t silver and 0.042 g/t gold. This includes a 63 metre core zone through the Carmen structure grading 0.98 per cent copper, 9 g/t silver and .084 g/t gold. The best 3 metre sample here is 3.93 per cent copper, 19.2 g/t silver and 1.15 g/t gold.

The above zone is believed to be over 200 m wide but it has not been completely exposed by the above two cuts.

The company is remobilizing a crew to follow up on these excellent results prior to initiating further drilling. The number, size and economic potential of the copper, silver and gold zones on Tabaco continues to expand.

All samples were collected by experienced samplers and geologists under the supervision of T. Walker, MSc.,P.Geo, the designated qualified person as defined by NI 43_101. All samples were analysed in Chile at the ALS Chemex Laboratory, Coquimbo.

BY ORDER OF THE BOARD

Terry Walker

PRESIDENT, DIRECTOR

The TSE Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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