Mr. George Sookochoff reports

PBX ANNOUNCES GRANT OF OPTIONS

International PBX Ventures Ltd., pursuant to its stock option plan, approved by the Toronto Stock Exchange, will be granting options to purchase 1.2 million shares to directors and officers for a three-year term, at an exercise price of 27 cents per common share. Also, International PBX Ventures Ltd., pursuant to its stock option plan, approved by the Toronto Stock Exchange, will be granting an option to buy 200,000 shares to a consultant for a one-year term, at an exercise price of 27 cents per common share.