Mr. Glenn Mullan, an investor, reports

Glenn J. Mullan, of 152 chemin de la Mine Ecole, Val d'Or, Que., J9P 7B6, has acquired ownership of an aggregate four million of International Prospect Ventures Ltd., having an office at 2772 chemin Sullivan, Val d'Or, Que., J9P 0B9, under a private placement offering by the issuer, sold at a price of five cents per unit. Each unit comprised one common share in the capital of the issuer and one non-transferable share purchase warrant, with each whole warrant entitling the purchase of one common share in the capital of the issuer at a per share price of seven cents until Oct. 14, 2028, which increased Mr. Mullan's percentage of common shares held by approximately 3.73 per cent and his securityholding percentage on a postconversion beneficial ownership basis by approximately 7.69 per cent. The securities were issued by the issuer from its treasury.

Immediately before the transactions that triggered the requirement to file this news release, Mr. Mullan owned, directly and indirectly, an aggregate 6,312,634 common shares of the issuer, representing approximately 10.41 per cent of the issuer's then issued and outstanding common shares, and owned options entitling the purchase of an aggregate 650,000 common shares of the issuer and warrants entitling the purchase of an aggregate two million common shares of the issuer, or, assuming exercise of the options and the warrants, a total of 8,962,634 common shares or approximately 14.17 per cent of the issuer's common shares on a postconversion beneficial ownership basis.

Immediately after the transactions that triggered the requirement to file this news release, Mr. Mullan owns, directly and indirectly, an aggregate 10,312,634 common shares of the issuer, representing approximately 14.14 per cent of the issuer's now issued and outstanding common shares and owns options entitling the purchase of an aggregate 1.2 million common shares of the issuer and warrants entitling the purchase of an aggregate six million common shares of the issuer, or, assuming exercise of the options and warrants, a total of 17,512,634 common shares or approximately 21.86 per cent of the issuer's common shares on a postconversion beneficial ownership basis.

The securities were acquired for investment purposes by Mr. Mullan, and he will evaluate his investment in the issuer, and will increase or decrease his investment by future acquisitions or dispositions of securities of the issuer at his discretion, as circumstances warrant. As of the date hereof, Mr. Mullan has no immediate future intention to acquire additional securities of the issuer or dispose of securities of the issuer that he owns. Mr. Mullan may, in the future, exercise warrants that he owns and, thus, acquire further common shares in the capital of the issuer.

A report respecting this acquisition, which is incorporated herein by reference, will be electronically filed with regulators in Alberta, British Columbia, Ontario and Quebec, and will be available for viewing through the Internet on SEDAR+ under the issuer's issuer profile. To obtain a copy of the report, contact Mr. Mullan at 819-824-2808.

This news release is issued pursuant to National Instrument 62-104 Take-Over Bids and Issuer Bids and National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.