PGI Philex Gold

Philex Gold Inc. ("Philex" or the "Company") (TSX VENTURE: PGI) is pleased to announce the completion of the National Instrument 43-101 ("NI 43-101") compliant mineral resource estimates for its Bayugo prospect on the Silangan property (the "Bayugo Project") in the Republic of the Philippines in which the Company has a 50% interest and the other 50% is held by Philex Mining Corporation (purchased earlier in the year from Anglo American), the indirect parent of the Company.

The Bayugo Project is a porphyry-hosted copper/gold occurrence located in an island-arc setting, located in the island of Mindanao, Philippines, approximately one kilometre northwest of the Boyongan copper/gold deposit.

Independent Resource Estimations (South Africa) ("IRES") prepared the independent mineral resource estimates for the Bayugo Project, which are set out in the table below. Mineral resources are reported at a current economic cut-off of 0.4% Cu.

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        Category             Tonnes       Copper Grade       Gold Grade
                                                    (%)            (g/t)
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        Indicated        85,716,000               0.88             0.73
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        Inferred         32,743,000               0.75             0.63
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The resource estimate is based on verified drill results from 43 exploration holes available up to September 30, 2009. A lithological model was established by interpretation of geological, structural and assay information on sections and plans. Samples within each lithology were composited into 3 metre intervals. Grade outlier analysis was done for each rock type, and composited values were trimmed back. Search distances and directions were established using double spherical variograms on the composites within each rock type. A specific gravity of 2.3 was applied to determine tonnage. A three dimensional block model was generated using Datamine(TM), a commercially available mine planning software package. Composited assays were used to estimate tonnes, copper and gold grades within each lithological unit using an ordinary kriging estimation methodology.

The exploration program at the Bayugo Project is ongoing, and at the time of this mineral resource estimate, a number of excellent drill results have been received, which are not included in the estimate above. Once the exploration program has been completed, the complete drill hole database will be used to estimate a updated resource model.

IRES's mineral resource estimates use the definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Mineral Reserves and are reported in accordance with NI 43-101 requirements. The effective date of these estimates is November 16, 2009, and these estimates are based on a current economic cut-off grade of 0.4 % copper. The mineral resources are considered to have reasonable prospects for economic extraction.

These current mineral resource figures are reported in accordance to NI 43-101 guidelines and conform to CIM Standards. The full Technical Report will be published on the Company's website and filed on 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 mineral resource estimates were prepared by Dexter S. Ferreira of IRES. Mr. Ferreira is a senior geostatistician with over 19 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 and the JORC Code, respectively.

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 report 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) rglaraya@yahoo.com www.philexgold.com