Mr. George Sookochoff reports

PBX ANNOUNCES PRIVATE PLACEMENT

International PBX Ventures Ltd., subject to TSX Venture Exchange approval, will raise $300,000 by way of a non-brokered private placement of 1.5 million units at a price of 20 cents per unit. Each unit will consist of one common share and one-half of a warrant. One whole warrant entitles the holder to purchase one additional share at 30 cents per share for one year from the closing date of the private placement. The warrants are subject to an acceleration clause which is triggered when the company's shares trade at 40 cents or more for 10 consecutive trading days. Upon the occurrence of such event, the company reserves the right, at its discretion, to demand exercise of the warrants within a specified period of time, barring which the warrants will expire. The company may pay finders' fees in accordance with the policies of the TSX Venture Exchange in connection with the private placement.

The proceeds of the private placement will be used for continued exploration and working capital on its Copaquire copper-molybdenum-rhenium project located in Chile's copper-molybdenum porphyry belt.