Philex Gold Announces Sale by Anglo of 50% Interest in Boyongan Project to Philex Mining Corporation

Philex Gold Inc. (the "Company") (TSX VENTURE:PGI) reports that the Board of
Directors of its parent company, Philex Mining Corporation ("PMC"), has approved
yesterday the acquisition of a 50% interest over the Boyongan copper-gold
porphyry property from Anglo American Exploration (Philippines) BV ("Anglo") for
$55 million. This acquisition will give the Philex group effectively full
control over the property together with the Company's wholly-owned subsidiary,
Philex Gold Philippines, Inc., which currently owns the other 50% interest in
the mine.


The acquisition will be completed by way of the purchase by PMC of the shares
currently owned by Anglo in the joint venture companies, Silangan Mindanao
Mining Company, Inc. and Silangan Mindanao Exploration Company, Inc., which own
four mining tenements, including Mineral Production Sharing Agreement No.
149-99-XIII that covers five parcels, among which is the Boyongan deposit, in
Surigao, Southern Philippines.


The acquisition by PMC will resolve the Company's prior claim that Anglo should
return the Boyongan property to the Company. The Company has agreed to abandon
such prior claim in the light of the sale. The Company has received assurances
from PMC that it will assist the Company to meet its obligations until the end
of 2010.


The purchase by PMC of the shares of Anglo in the Boyongan deposit joint venture
companies is subject to the execution of definitive agreements for the
transaction.

Philex Gold (TSXV:PGI)
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