Philex Gold Inc.

Philex Gold Inc.

January 30, 2007 08:45 ET

Philex Gold Announces Commencement of Pre-Feasibility Stage of Boyongan Project

TORONTO, ONTARIO--(CCNMatthews - Jan. 30, 2007) - Philex Gold Inc. (TSX VENTURE:PGI) announced that it has received from Anglo American plc a copy of their presentation material on the Boyongan Pre-Feasibility Scope of Work containing a timetable showing that initial activities, such as the preparation and sending of test samples, among others, have been done or are underway. The timetable also shows that the final report on the pre-feasibility study is expected to be published by the third quarter of 2007. "This is a welcome development as it is an indication that the pre-feasibility stage of Boyongan has now commenced and is expected to be completed within the year," said Walter Brown, Chairman and CEO.

This information came at the heels of recent news items that Anglo American is in the process of finalizing a joint venture agreement with Manila Mining Corporation on the Bayugo property adjacent to Boyongan. "Anglo has not officially notified Philex of the status of its negotiations with Manila Mining on its Bayugo project. However, it is our understanding from Anglo's earlier representations that it is committed to both properties on a stand alone basis," Walter Brown explained. "Given this, the joint venture of Anglo with Manila Mining should have no immediate impact on Boyongan." Walter Brown further elaborated that Anglo has likewise represented that should it explore the possibility of integrating the two projects if Bayugo later proves to merit development, this will be subject to approval of both Philex and Manila Mining.

About Philex Gold Inc.

Philex Gold Inc. is a Canadian mineral exploration company active in the Philippines. Its interests include the 50% owned North project on Mindanao Island, a joint venture with Anglo American plc. The North project includes the Boyongan copper-gold porphyry deposit, discovered in 2000.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

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