Mr. Glenn Mullan reports

INTERNATIONAL PROSPECT VENTURES PROPOSES ISSUING SHARES IN SETTLEMENT OF DEBT AND ANNOUNCES $300,000 PRIVATE PLACEMENT FINANCING

Subject to acceptance by the TSX Venture Exchange and with the intent of preserving its cash resources for operations, International Prospect Ventures Ltd. has proposed to issue 1.26 million common shares at a deemed per-share price of five cents in settlement of an aggregate of $63,000 in accrued debt owing as to $15,000 to 2973090 Canada Inc., a company controlled by Glenn J. Mullan, the president, chief executive officer and a director of the company; $15,000 to 9184-0876 Quebec Inc., a company controlled by Jens Zinke, a director of the company; $15,000 to Caracle Creek International Consulting Inc., a company controlled by Scott Jobin-Bevans, the vice-president exploration and a director of the company; $12,000 to Rico De Vega, the chief financial officer and corporate secretary of the company; and $6,000 to Robert Valliant, a director of the company.

The debt owing to the debt settlers relates to consideration payable under the terms of consulting agreements entered into between the company and each of 2973090, 9184-076, Caracle and Mr. De Vega and director fees owing to Mr. Valliant. Each of 2973090, 9184-076 and Caracle forgave an additional $15,000 owed to each of them by the company for consulting services rendered to the company.

Shares proposed to be issued by the company in settlement of the debt will be issued at a deemed per-share price of five cents in accordance with the policies of the TSX-V and will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities legislation.

The proposed issuance of shares by the company to the debt settlers constitutes a related party transaction pursuant to TSX-V Policy 5.9 and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company will avail itself of exemptions contained in Section 5.5(c) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(b) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the securities to be distributed in the transaction and the consideration to be received by the company for those securities, insofar as the transaction involves interested parties, did not exceed $2.5-million.

The company will conduct a non-brokered private placement offering, pursuant to which it will issue up to six million units at a per-unit price of five cents for gross proceeds of up to $300,000. Each unit will consist of one common share in the capital of the company and one-half of one non-transferable share purchase warrant, with each whole warrant entitling the purchase of one common share at a per-share price of seven cents for two years from the date of issuance of the securities.

The offering is subject to acceptance by the TSX-V. Directors and/or officers of the company will participate in the offering. Finders' fees in amounts to be determined may be payable to persons who introduce the company to subscribers to the offering. The proceeds raised from this offering will be used by the company for general corporate purposes. All securities issued will be subject to a hold period of four months and one day from the date of closing of the offering in accordance with applicable securities legislation and the policies of the TSX-V.

About International Prospect Ventures Ltd.

International Prospect Ventures is a junior mineral exploration company that holds interests in mining claims (and is continuing to acquire additional interests) located in the Pilbara region in Western Australia, within an area southeast of Karratha, where early-stage gold discoveries have been reported.

The company also has a 100-per-cent interest in the Porcupine Miracle gold prospect, consisting of four mineral claims located in Langmuir township, Ontario.

We seek Safe Harbor.