Philex Gold Inc. (the "Company") (TSX VENTURE:PGI) is pleased to report that six
additional infill drill-holes, TSD-124, TSD-125, TSD-126, JSD-27, JSD-28 and
JSD-29 have been competed while five holes, TSD-127, TSD-128, JSD-30, JSD-31 and
JSD-32 are currently in progress at the Bayugo Project. In addition a deep-hole
rig is currently preparing to drill a deep deflected hole TSD-123A at the
Western Hypogene Zone.


Complete assay results of hole TSD-123, TSD-124, TSD-126 and JSD-28 and partial
results of holes TSD-127 are presented in the following table. All quoted depths
are measured in metres (m) downhole, and all assay results have had a cut off of
0.1% copper applied.




---------------------------------------------------------------------
                                                        Grades
                                       Length of --------------------
Hole No.     Final Depth    Intercept  Intercept Copper(%) Gold (g/t)
---------------------------------------------------------------------

TSD-123            1607m    241-1607m      1366m     0.29       0.34
                             692-764m        72m     0.42       0.57
                             954-996m        42m     0.53       0.67
                           1040-1052m        12m     1.05       1.14
                           1112-1238m       126m     0.53       0.67
                           1279-1319m        40m     0.48       0.70

TSD-124            1080m    379-1080m       701m     0.59       0.58
                             433-731m       298m     1.03       0.88
                             761-792m        31m     0.59       0.72

TSD-126             371m     177-371m       194m     0.00       0.00

JSD-28              690m     410-687m       277m     1.04       0.58
                             459-614m       155m     1.57       0.77

TSD-127           954m(i)    384-605m       221m     0.38       0.24
                             557-584m        27m     0.60       0.63

---------------------------------------------------------------------
(i) Hole in progress



"Holes TSD-124 and JSD-28 confirm the potential of the Bayugo deposit to host
significant high grade copper-gold porphyry mineralization, but it will probably
take two to three years for us to prove the tonnage and grade of this deposit",
said Company Chairman, Walter Brown.


Detailed geologic information on holes TSD-123 to TSD-128 and JSD-27 to JSD-32
follows:


TSD-123

The hole was collared at the site of TSD-111 and drilled southwards at -75o to
test the "Exotic Copper Zone" and extended to test the deep seated Western
Hypogene Zone at depth. The hole intersected unaltered cover from collar to a
depth of 246m.


From 246m to a depth of 1482m weakly to strongly potassic altered and variably
argillic overprinted, mineralised diorite porphyry, diorite breccia and
localized hydrothermal breccia was intersected. The base of oxidation was noted
at 410m and supergene mineralisation comprises cuprite, limonite, chalcocite and
native copper. Hypogene sulphide mineralisation consists of chalcopyrite,
bornite and pyrite occurring as fracture fillings and within minor
quartz-magnetite-sulphide stockworks. The intensity of alteration,
mineralisation and quartz veining are increasing significantly with depth,
especially the zone from 850m to 1400m depth. Weakly altered and mineralized
inter-mineral Diorite Porphyry was intersected from 1482m to hole end at 1607m
depth.


The hole intersected several dark grey, matrix supported hydrothermal breccias
from 851m to 940m and from 1020m to 1052m depth. Clasts are dominantly
cream-brown highly silicified and intensely potassic altered diorite with
abundant magnetite and host quartz-bornite-magnetite-chalcopyrite veinlets. The
matrix is highly silicified, biotite-rich, containing abundant magnetite and
minor bornite and chalcopyrite. The source of the mineralised hydrothermal
breccia clasts and the hydrothermal matrix is presumed to be a blind progenitor
intrusive possibly topping out at approximately 1100m depth to the west of hole
TSD-123. A Navi-drill deflection will be drilled from a depth of 950m westwards
in an attempt to locate the presumed progenitor porphyry.


TSD-124

The hole was collared 115m northeast of TSD-77 and drilled westwards at -70o to
test the high grade mineralisation within the eastern portion of the Bayugo
previously intercepted in TSD-122. The hole intersected unaltered cover from
collar to a depth of 378m.


From 378m to the final depth of 1080m moderately to strongly potassic altered
and variably argillic overprinted, mineralised diorite porphyry was intersected.
Intense quartz stockworks are developed from 415m to a depth of 815m within a
progenitor, diorite porphyry. The base of oxidation was noted at 493m depth and
supergene mineralisation comprises hematite, cuprite, azurite, malachite,
chalcocite and native copper. Hypogene sulphide mineralisation consists of
chalcopyrite, bornite and pyrite occurring as disseminations and within
quartz-magnetite-sulphide stockworks.


TSD-125

The hole was collared approximately 130m north of TSD-73 and drilled northwards
at -65o to test the northern extension of the high grade zone within the eastern
portion of the Bayugo Porphyry. The hole intersected unaltered cover from collar
to the final depth of 220m. The hole was abandoned due to technical reasons in
cover while drilling in the overburden (or "cover").


TSD-126

The hole was collared approximately 100m northeast of TSD-60 and drilled
northwards at -70o to test the north east Boyongan conceptual porphyry target.
The hole intersected unaltered cover from collar to a depth of 177m.


From 177m to the final depth of 371m variably argillic altered, diorite porphyry
was intersected. Minor sulphide mineralisation comprises disseminated pyrite,
tetrahedrite, chalcopyrite and sphalerite. The hole failed to intersect any
significant porphyry copper-gold mineralisation.


TSD-127

The hole was collared 110m east of TSD-124 and drilled westwards at -70o to test
the high grade mineralisation within the eastern portion of the Bayugo
previously intercepted in TSD-124. The hole intersected unaltered cover from
collar to a depth of 384m.


From 384m to the current depth of 965m moderately to strongly potassic altered
and variably argillic overprinted, mineralised diorite porphyry was intersected.
The base of oxidation was noted at 433m depth and supergene mineralisation
comprises hematite, cuprite, neotocite, pitch limonite, chalcocite and native
copper. Hypogene sulphide mineralisation consists of chalcopyrite, bornite and
pyrite occurring as disseminations and within quartz-magnetite-sulphide
stockworks. Drilling is in progress.


TSD-128

The hole was collared adjacent to hole TSD-125 and drilled northwards at -65o to
test the northern extension of the high grade zone within the eastern portion of
the Bayugo Porphyry. The hole intersected unaltered cover from collar to the
current depth of 238m. Drilling is in progress.


JSD-27

The hole was collared approximately 200m south of JSD-23 and drilled northwards
at -70o to test the southern extension of the high grade zone within the Bayugo
porphyry discovered in hole JSD-23. The hole intersected unaltered cover from
collar to the final depth of 406m. The hole was abandoned due to technical
reasons in deep cover.


JSD-28

The hole was collared approximately 150m east of JSD-27 and drilled northwards
at -65o to test the southern extension of the high grade zone within the Bayugo
porphyry discovered in hole JSD-23. The hole intersected unaltered cover from
collar to a depth of 410m.


From 410m to a depth of 690m moderately to strongly potassic altered and
variably argillic overprinted, mineralised diorite porphyry and minor basalt was
intersected. Intense quartz stockworks are developed from 456m to a depth of
632m within a progenitor, diorite porphyry. The base of oxidation was noted at
597m depth and supergene mineralisation comprises hematite, cuprite, azurite,
malachite, chalcocite, digenite and native copper. Hypogene sulphide
mineralisation consists of chalcopyrite, bornite and pyrite occurring as
disseminations and within quartz-magnetite-sulphide stockworks. The hole was
abandoned within a major fault zone for technical reasons.


JSD-29

The hole was collared approximately 50m north of TSD-78 and drilled northwards
at -65o to test the southern extension of the high grade zone within the Bayugo
porphyry discovered in hole TSD-78. The hole intersected unaltered cover from
collar to the final depth of 343m. The hole was abandoned due to technical
reasons in deep cover.


JSD-30

The hole was collared 100m east of JSD-26 and drilled northwards at -80o to test
the high grade mineralisation within the western portion of the Bayugo
previously intercepted in JSD-24. The hole intersected unaltered cover from
collar to a depth of 344m.


From 344m to the current depth of 826m moderately to strongly potassic altered
and variably argillic overprinted, mineralised diorite porphyry and minor basalt
was intersected. The base of oxidation was noted at 477m depth and supergene
mineralisation comprises hematite, pitch limonite, chrysocolla, azurite,
malachite and native copper. Hypogene sulphide mineralisation consists of
chalcopyrite, rare bornite and pyrite occurring as disseminations and within
quartz-magnetite-sulphide stockworks. Drilling is in progress.


JSD-31

The hole was collared adjacent to hole JSD-28 and drilled northwards at -80o to
test the southern extension of the high grade mineralisation within the West
Bayugo zone intersected in hole JSD-28. The hole intersected unaltered cover
from collar a depth of 367m.


From 367m to the current depth of 655m moderately potassic altered and strongly
argillic overprinted, mineralised diorite porphyry and minor basalt was
intersected. Intense quartz stockworks are developed from 394m to a depth of
577m within a progenitor, diorite porphyry. The base of oxidation was noted at
522m depth and supergene mineralisation comprises hematite, neotocite, cuprite,
chalcocite and native copper. Hypogene sulphide mineralisation consists of
chalcopyrite, bornite and pyrite occurring as disseminations and within
quartz-magnetite-sulphide stockworks. Drilling is in progress


JSD-32

The hole was collared adjacent to hole JSD-29 and drilled northwards at -65o to
test the southern extension of the high grade zone within the Bayugo porphyry
discovered in hole TSD-78. The hole intersected unaltered cover from collar to
the current depth of 82m. Drilling is in progress.


All assays were conducted on intervals of split core, on average three metres in
length, by Intertek Testing Services at their laboratory in Jakarta, under the
supervision of Anglo American. Quality control was monitored by incorporation of
assay standards and duplicates.


The assay data provided above was communicated to the Company by Anglo American
Exploration (Philippines), Inc. which, under the terms of the joint venture, is
responsible for conducting exploration on the Surigao Properties. Philex Gold
has not independently verified this information.


Copper equivalents on the attached Drill Hole Location Map have been calculated
on the following basis: % Copper equivalent equals Copper % plus (Gold
grams/tonne x 0.60) with copper at $1.15 per pound and gold at $475 per ounce.
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