Philex Gold Inc.
TSX VENTURE : PGI

Philex Gold Inc.

April 29, 2008 07:30 ET

Philex Gold Announces Drilling Results at Vista Alegre Project for the First Quarter of 2008

TORONTO, ONTARIO--(Marketwire - April 29, 2008) - Philex Gold Inc. (the "Company") (TSX VENTURE:PGI) is pleased to report significant drill hole intercepts at its Nagtalay Prospect in Negros Island, Central Philippines. The Nagtalay Prospect is one of several gold prospects currently being drilled within the Company's Vista Alegre Project. The Vista Alegre Project is not considered, at this time, to be a property material to the Company for the purposes of National Instrument 43-101 - Standards for Disclosure of Mineral Projects.

The Vista Alegre Project comprises several mesothermal and epithermal gold prospects within a three kilometre by one kilometer gold belt that includes Nagtalay and the decommissioned Bulawan Mine. Two diamond drill rigs are currently operating at the Nagtalay Prospect and two reverse circulation (RC) rigs are drill testing at 200 meters spaced grid the other prospects within the gold belt. A fifth rig will be mobilized for deeper-hole drilling at the old Bulawan Mine.

A summary of assay results of holes at Nagtalay are presented in the following table. All quoted depths are measured in meters (m) downhole, and all assay results have had a cut off of 1.0 g/t gold applied.



-----------------------------------------------------------
-----------------------------------------------------------
Length of Gold
Hole No. Final Depth Intercept Intercept (g/t)
-----------------------------------------------------------
NSD-2 107m 2 - 39m 37m 1.9
-----------------------------------------------------------
NSD-3 100m 5 - 39m 34m 2.4
-----------------------------------------------------------
NSD-6 228m 82 - 98m 16m 1.3
-----------------------------------------------------------
NSD-11 507m 129 - 291m 162m 3.0
-----------------------------------------------------------
including 209 - 291m 83m 4.0
-----------------------------------------------------------
including 239 - 276m 37m 6.2
-----------------------------------------------------------
-----------------------------------------------------------


"Hole NSD-11 intersected dacite porphyry breccia characterized by carbonate-clay alteration and fair to strong sphalerite and galena mineralization which are the typical geological characteristic of ore at the Bulawan deposit. Results of drilling at Nagtalay indicated the occurrence of possible open-pittable deposits within the Vista Alegre Gold Belt but we caution our readers that in our opinion it is too soon to say if this find will eventually be economic", said Company Chairman Walter Brown.

All assays were conducted on split core at intervals of one metre, by Intertek Testing Services at their laboratory in Jakarta. Quality control was monitored with assay standards and duplicates.

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

Contact Information

  • Philex Gold Inc.
    Rogelio G. Laraya
    President
    (632) 746-8756
    (632) 631-9498 (FAX)
    Email: rglaraya@yahoo.com