PGI Philex Gold

At the request of the Ontario Securities Commission ("OSC"), Philex Gold Inc. (TSX VENTURE: PGI) ("Philex" or "Company") issues the following clarification with respect to its previous press releases issued since June 14, 2004 regarding declared mineral resources for the Boyongan porphyry Cu/Au Deposit in the Philippines; a joint venture with Anglo American Exploration (Philippines) ("Anglo").

The 2004 announcement of an Inferred Mineral Resource of 219Mt at 0.51%Cu and 0.74g/t Au at a 0.60% copper equivalent ("CuEq") cut-off in the oxide zone and 0.4 % CuEq cut-off in the sulfide one were footnoted as not having demonstrated economic viability. It was further noted in the said release, that AMEC Americas Ltd. ("AMEC"), estimated that only 67Mt of the said resources had demonstrated "economic viability" as per CIM Standards. The Company believes that it had made these statements in compliance with NI43-101 Disclosure Rules. The OSC has since recommended that the Company remove any reference to the said Inferred Mineral Resources on the Company's website, which recommendation the Company has duly complied with.

In late 2007, Anglo completed a pre-feasibility study ("PFS") on the Boyongan Deposit that included an updated Mineral Resource estimate. This study included drill hole data up to May 2007 and yielded Indicated Mineral Resources of 83Mt at 0.68%Cu and 1.10g/t Au at a CuEq cut-off of 0.50%.

In June 2008, the Company engaged the services of an independent consultancy, Independent Resource Estimations ("IRES") to complete a Pre- Feasibility Study (PFS) using parameters and assumptions more in tune with current operations within the Philippines. As the initial part of this PFS, IRES has completed a new Mineral Resource estimate using drill hole data up to December 31st, 2007.

The Company is pleased to announce that this study has yielded a Measured Mineral Resource of 104.5Mt at 0.80%Cu and 0.99g/t Au, and an Indicated Mineral Resource of 0.87Mt at 0.80%Cu and 0.08g/t Au; for a total Measured and Indicated Mineral Resource of 105.4Mt at 0.80%Cu and 0.98g/t Au at a Cu cut-off grade of 0.50%. The resources have been compiled down to -400m elevation. Due to the various resource figures out in the public domain, the Company has duly filed a clarifying NI43-101 compliant Technical Report.

In addition, IRES has just completed the PFS using long-term metal prices of $2.75/lb for Cu and $700/oz for Au for the base case. The PFS shows a positive NPV and has yielded a Proved Mineral Reserve of 65.8Mt at 0.87%Cu and 1.39g/t Au, and a Probable Mineral Reserve of 1.9Mt at 0.85%Cu and 0.52g/t Au; for a total Proved and Probable Mineral Reserve of 67.8Mt at 0.87%Cu and 1.37g/t Au; at a 0.60%Cu and 0.80g/t Au cut-offs.

As announced in a recent disclosure, the Company's parent, Philex Mining Corporation, has agreed, in principle, to acquire Anglo's 50% stake in the Boyongan deposit for US$55M giving it full control of the property.

The Boyongan deposit is a porphyry-hosted Cu/Au occurrence located in an island-arc setting. The current model created to estimate the current resources was constructed using geological domains comprising a 0.25%Cu outer shell and a 0.25g/t Au outer shell - a method typically used in the modeling of similar deposits. The objective of the shells is to control the influence of sampling data to areas which are expected to represent and to limit the undue projection of high grades into lower grade areas and vice versa.

Over 85,823m of drilling on the Boyongan deposit has been completed to date and has resulted in the average distance between samples being 45m; IRES conclude that this spacing is sufficiently dense to accurately outline the mineralization of the domains. Grade capping was applied on Cu at 5% and on Au at 10g/t and a block size of 20m x 20m x 10m (XYZ) was used and ordinary kriging was the method of interpolation to estimate grades. A minimum of 3 samples and a maximum of 20 composites were used to generate an estimate. An initial isotropic search ellipsoid of 75m was used as the first search strategy; a range defining approximately two-thirds of the total variance.

Cross validation tests demonstrate the final ordinary kriged model is robust and adequately mimics the trends observed in the original dataset. The data density within the Cu shell is sufficiently great enough, to have a high confidence in the estimated mineral resources. The resources were only tabulated down to the -400m elevation.

These current Mineral Resource and Reserve figures are reported in accordance to NI43-101 guidelines and conform to CIM Standards. The full reports will be published in the Company's website and in SEDAR.

Cautionary Note Concerning Resource Estimates

The mineral resource figures referred to in this press release are estimates and no assurances can be given that the indicated levels of copper or gold will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the resource estimates included in this press release are well established, by their nature resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company.

The Resource and Reserve Estimates and the PFS were prepared by Dexter S. Ferreira of IRES. Mr. Ferreira is a senior geostatistician with over 18 years experience in project evaluation internationally, including extensive involvement with mineral projects throughout Canada, South America and Africa; he is a member of the South African Council for Natural Scientific Professions, and qualifies as a 'Qualified Person 'and 'Competent Person' as defined in National Instrument 43-101, the JORC Code.

Mr. Ferreira has given his consent to the release of this press statement, the contents of which he has reviewed and has found to be consistent with the above technical reports and compliant with the rules and guidelines as set forth in NI 43 101.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts: Philex Gold Inc. Rogelio G. Laraya President (632) 746-8756 (632) 631-9498 (FAX) Email: rglaraya@yahoo.com Website: www.philexgold.com