Pbx Closes Private Placement Raising Gross Proceeds of $1,056,000

#209 – 475 Howe St., Vancouver, B.C. Canada   V6C 2B3 Tel: (604) 681‐7748 Toll Free: 1‐877‐681‐1154 Fax: (604) 681‐0568 Web: www.internationalpbx.com

PBX CLOSES PRIVATE PLACEMENT RAISING GROSS PROCEEDS OF $1,056,000 

October 27, 2011

VANCOUVER, B.C. – International PBX Ventures Ltd. (“PBX” or the "Company") (TSX.V: PBX) is pleased to announce that the Company has closed a non-brokered private placement previously announced on October 11, 2011. The private placement consists of 5,280,000 units at a price of $0.20 per unit raising gross proceeds of $1,056,000. Each unit consists of one common share and one-half of a warrant. One whole warrant entitles the holder to purchase one additional share at $0.30 per share for 24 months 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 $0.40 or more for ten 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. In connection with the private placement, finders' fees totaling $32,500 were paid. The Private Placement is subject to regulatory acceptance.

In accordance with securities legislation currently in effect, the securities issued will be subject to a "hold period" of four months plus one day from the date of closing.

The proceeds of the private placement will be used for the completion of the current phase of drilling and resource calculation on its Copaquire copper molybdenum rhenium project located in Chile

For additional information on International PBX Ventures and its projects, please visit us at www.internationalpbx.com or call 1-877-681-1154.

ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD.

“George Sookochoff”

George Sookochoff, President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

We seek safe harbour.