Philex Gold Inc.: Clarifying Press Release

Philex Gold, Inc. (the "Company" or "PGI") (TSX VENTURE:PGI) has been selected
by the Corporate Finance Branch of the Ontario Securities Commission (the "OSC")
for review of its continuous disclosure record. As a part of this review, the
Company has been requested to issue a press release in respect of certain of its
previous disclosure.


The Company wishes to clarify and expand on certain previous disclosure it has
made in respect of the disagreement with the results of the pre-feasibility
report (the "PFS") in February 2008 from Anglo American Exploration
(Philippines) B.V. ("Anglo"), the joint venture partner with Philex Gold
Philippines, Inc. (PGPI), PGI's wholly-owned subsidiary in the Philippines, in
respect of the Boyongan copper-gold porphyry deposit within the Mineral
Production Sharing Agreement No. 149-99-XIII.


In a press release of February 22, 2008, the Company disclosed that it has
different points of view from Anglo on a number of assumptions and conclusions
made in the PFS. Specifically, the Company disagrees with the PFS with respect
to various assumptions and conclusion therein, but have enumerated below only
the more substantial disagreements.


Anglo increased the basic capital expenditure estimate by 24% to cover
engineering and owners' costs and by another 25% for contingency provisions. The
Company appreciates that the project's external consultants and the Anglo
technical staff must be compensated, and contingency provisions for cost
estimation errors should be made, but in the opinion of the Company the above
amounts are excessive in the Philippine context.


It is natural for a project proponent to be conservative on metal price
assumptions, and to use long term averages as compared to "current prices".
However, the assumptions made in the PFS regarding metal prices are very much
below current market and at the same time assume current or anticipated/inflated
capital costs, thereby rendering the project uneconomic from the very start.
Simply, since costs are "modern", prices should be near-modern as well.


In the PFS, Anglo assumes constant copper prices of $1.50 per pound and gold at
$600 per ounce. Currently, copper is priced at $3.65 per pound and can be hedged
for as long as five years for at least $2.50 per pound. At this time, gold can
be hedged at approximately $950/ per ounce. The Company views it possible to
protect prices higher than the $600/oz that is used in the PFS.


In respect of smelter charges, Anglo assumed treatment charges (TC) of $85/ton
of copper concentrate and refining charges (RC) of $0.085/lb of copper metal.
These charges are almost double the current annual terms in the Japanese Smelter
Pool which are $45 TC and $0.045 RC and do not take into account any potential
negotiated discounts on these amounts.


The Company has engaged Mr. Dexter Ferreira of Independent Resource Estimations
cc. to provide a National Instrument 43-101 compliant Technical Report in
respect of the Boyongan project. The Company expects that this will be completed
by the end of the third quarter 2008. Until such time as the Company has
received and filed the 43-101 report, it will not be providing technical updates
on its resource properties, unless the qualified person is in a position to
verify the contents of the disclosure.


The Corporate Finance Branch of the OSC has also requested that the Company
amend its website in respect of the disclosure of the resource estimate included
in the 43-101 Technical Report filed in August 2004 (the "2004 Report") to
comply with 2.2(a) of NI 43-101. In accordance with this request, The Company
hereby quotes the following excerpt taken from page 54 of the 2004 Report
prepared by Michael C. Corey and Harry M. Parker and filed on SEDAR at
www.sedar.com on August 4, 2004.


"To assess the 'reasonable prospects for economic extraction' provisions in the
CIM Standards on Mineral Resources and Reserves, AMEC developed generalized
costs for oxide and sulphide ore types. Utilizing this cost profile AMEC created
a pit shell. Table 10 provides a summation of the material contained within this
shell.




Table 10: InPit Tabulation (Inferred Mineral Resource)
---------------------------------------------------------------------
                                Cu
                        Equivalent             Cu
               Tonnes       Cutoff     Equivalent        Cu       Au
Type               (t)          (%)            (%)       (%)    (g/t)
---------------------------------------------------------------------
---------------------------------------------------------------------
Sulphide    7,000,000         0.40           0.69      0.54     0.80
Oxide      60,000,000         0.60           1.31      0.77     1.27
Combined   67,000,000            -           1.25      0.75     1.22
---------------------------------------------------------------------



References in the 2004 Technical Report to the 219 million tonne inferred
resource estimate were not in accordance with the requirements of section 2.2(a)
of NI 43-101 and have been removed from the Company's website.
Philex Gold (TSXV:PGI)
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