Philex Gold Announces Drilling Results at Vista Alegre Project for the First Quarter of 2008

Philex Gold Inc. (the "Company") (TSX VENTURE:PGI) is pleased to report
significant drill hole intercepts at its Nagtalay Prospect in Negros Island,
Central Philippines. The Nagtalay Prospect is one of several gold prospects
currently being drilled within the Company's Vista Alegre Project. The Vista
Alegre Project is not considered, at this time, to be a property material to the
Company for the purposes of National Instrument 43-101 - Standards for
Disclosure of Mineral Projects.


The Vista Alegre Project comprises several mesothermal and epithermal gold
prospects within a three kilometre by one kilometer gold belt that includes
Nagtalay and the decommissioned Bulawan Mine. Two diamond drill rigs are
currently operating at the Nagtalay Prospect and two reverse circulation (RC)
rigs are drill testing at 200 meters spaced grid the other prospects within the
gold belt. A fifth rig will be mobilized for deeper-hole drilling at the old
Bulawan Mine.


A summary of assay results of holes at Nagtalay are presented in the following
table. All quoted depths are measured in meters (m) downhole, and all assay
results have had a cut off of 1.0 g/t gold applied.




-----------------------------------------------------------
-----------------------------------------------------------
                                         Length of    Gold
Hole No.   Final Depth     Intercept     Intercept    (g/t)
-----------------------------------------------------------
NSD-2             107m       2 - 39m           37m     1.9
-----------------------------------------------------------
NSD-3             100m       5 - 39m           34m     2.4
-----------------------------------------------------------
NSD-6             228m      82 - 98m           16m     1.3
-----------------------------------------------------------
NSD-11            507m    129 - 291m          162m     3.0
-----------------------------------------------------------
             including    209 - 291m           83m     4.0
-----------------------------------------------------------
             including    239 - 276m           37m     6.2
-----------------------------------------------------------
-----------------------------------------------------------



"Hole NSD-11 intersected dacite porphyry breccia characterized by carbonate-clay
alteration and fair to strong sphalerite and galena mineralization which are the
typical geological characteristic of ore at the Bulawan deposit. Results of
drilling at Nagtalay indicated the occurrence of possible open-pittable deposits
within the Vista Alegre Gold Belt but we caution our readers that in our opinion
it is too soon to say if this find will eventually be economic", said Company
Chairman Walter Brown.


All assays were conducted on split core at intervals of one metre, by Intertek
Testing Services at their laboratory in Jakarta. Quality control was monitored
with assay standards and duplicates.

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