Philex Mining Corporation
OTC Bulletin Board : PXMFF

January 21, 2010 15:08 ET

Philex Mining Corporation Acquires Additional Shares in FEC Resources Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 21, 2010) - Effective January 7, 2010, pursuant to a subscription agreement, Philex Mining Corporation ("Philex") (OTCBB:PXMFF) acquired an aggregate of 5,000,000 shares ("Shares") of FEC Resources Inc. ("FEC") at a purchase price of CDN$2,594,500 (US$2,500,000).

The Shares were acquired pursuant to a subscription agreement dated January 7, 2010 which closed January 7, 2010. The Shares represent 1.14% of the issued and outstanding shares of FEC as of January 7, 2010.

Following the acquisition of the Shares, Philex has sole ownership of and control over 225,000,000 shares of FEC, representing 51.2% of the issued and outstanding shares of FEC as of January 7, 2010.

An Early Warning Report required under National Instrument 62-103 of the Canadian Securities Administrators respecting the acquisition of the Shares will be filed and can be obtained by contacting:

Philex Mining Corporation
Philex Building
27 Brixton Street
Pasig City
Philippines, 1600

Attention: Renato N. Migrino, Compliance Officer
 +(632) 7468755

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