Philex Gold Completes Plan of Arrangement

Philex Gold Inc. (TSX VENTURE:PGI) ("PGI" or "Company") announces today the
closing of the previously announced plan of arrangement (the "Arrangement"),
pursuant to which Philex Mining Corporation ("PMC"), through its wholly-owned
subsidiary, Philex Gold Holdings Inc. ("PGHI") acquired all of the outstanding
common shares of PGI not already held by PGHI for US$0.75 for each common share
of PGI. 


The Arrangement was carried out pursuant to the provisions of the Canada
Business Corporations Act and was approved by the Ontario Superior Court of
Justice on April 23, 2010 and the affirmative votes of the PGI shareholders at a
meeting held on April 15, 2010. 


The PGI common shares are expected to be de-listed from the TSX Venture Exchange
at the close of business on or around Friday, April 30, 2010. 


Registered holders of PGI common shares are reminded that, in order to receive
the consideration to which they are entitled pursuant to the Arrangement, they
should promptly complete and execute the letter of transmittal delivered to them
with their shareholder meeting materials and which is also available online at
www.sedar.com, and present and surrender the certificate(s) representing their
PGI common shares in accordance with the letter of transmittal to Computershare
Investor Services Inc., the depositary for the Arrangement, at the address
indicated on the letter of transmittal. Failure to present and surrender the
certificate(s) representing such PGI common shares on or before the second
anniversary of closing will result in the termination of any entitlement of the
holder of such common shares to receive the consideration otherwise payable to
such holder under the Arrangement.


FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" within the meaning of
applicable securities laws. Forward-looking information includes, but is not
limited to, information concerning the proposed transaction involving PGI, PGHI
and PMC and matters relating thereto. Generally, forward-looking information can
be identified by the use of forward-looking terminology such as "plans",
"expects", or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might", or "will be taken",
"occur", or "be achieved". Forward-looking information is based on the opinions
and estimates of management at the date the information is made, and is based on
a number of assumptions and subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ materially
from those projected in the forward-looking information. Factors that could
cause actual results to vary materially from results anticipated by such
forward-looking information include, among others, risks related to
international operations; risks related to joint venture operations; actual
results of current exploration activities; changes in project parameters as
plans continue to be refined, future prices of resources; possible variations in
reserves, grade or recovery rates, accidents, labour disputes and other risks of
the mining industry; and delays in obtaining governmental approvals or financing
or in the completion of development or construction activities as well as those
risk factors discussed in the management discussion and analysis for the year
ended December 31, 2008 for PGI available at www.sedar.com. Although PGI has
attempted to identify important factors that could cause actual actions, events
or results to differ materially from those described in forward-looking
information, there may be other factors that cause actions, events or results
not to be anticipated, estimated or intended. There can be no assurance that
forward-looking information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
information. PGI undertakes no obligation to update forward-looking information
if circumstances or management's estimates or opinions should change except as
required by applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking information.


This news release and the information contained herein does not constitute an
offer of securities for sale in the United States and securities may not be
offered or sold in the United States absent registration or exemption from
registration.
Philex Gold (TSXV:PGI)
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