Philex Gold Inc.
TSX VENTURE : PGI

Philex Gold Inc.

July 18, 2007 08:00 ET

Philex Gold Announces Results of Infill Drill Holes at the Boyongan Property

TORONTO, ONTARIO--(Marketwire - July 18, 2007) - Philex Gold Inc. (TSX VENTURE:PGI) is pleased to report that five additional infill drill-holes, TSD-116, and TSD-118 to TSD-121 have been completed while drill-holes TSD-122 and geotechnical holes TGD-01 and TGD-02 are currently in progress. Three drill rigs are currently operating at the Boyongan Project and a fourth will be mobilized in early July to test the Northwest Hypogene Zone at greater depth.

Complete assay results of holes TSD-108, TSD-115, TSD-116 and TSD-119 are presented in the following table. All quoted depths are measured in metres (m) downhole, and all assay results have had a cut off of 0.1% copper applied.



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Grades
Length of -----------------------
Hole No. Final Depth Intercept Intercept Copper (%) Gold (g/t)
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TSD-108 1023m 316-1023m 707m 0.37 0.41
501-522m 21m 0.74 1.89
595-643m 48m 0.33 0.64
857-885m 28m 0.56 0.78
899-941m 42m 0.45 0.74
986-1007m 21m 0.23 0.81

TSD-115 467m 331-467m 136m 0.27 0.02
340-383m 43m 0.51 0.03
350-365m 15m 0.69 0.07

TSD-116 547m 266-547m 281m 0.54 0.07
370-493m 123m 0.99 0.04

TSD-119 496m 206-496m 290m 0.28 0.14
304-496m 192m 0.42 0.21
382-405m 23m 1.08 0.06


"Drilling has continued to evaluate the resource potential of the Exotic Copper Zone (ECZ). Holes TSD-116 and TSD-119 have extended the ECZ considerably to the south and east of the TSD-65 and TSD-111 intercepts respectively with the zone remaining open to the southwest and southeast. A deep hole drill rig with an 1800m capacity will be mobilized in early July to test the source of intensely mineralised breccia clasts in the vicinity of the NW Hypogene Zone.

A 2,000 metre programme of dedicated geotechnical drilling also commenced in June to guide mine planning" said Walter Brown, Chairman and CEO.

Detailed geologic information on holes TSB-108, TSD-115 to TSD-123 and TGD-01 to TGD-02 follows:

TSD-108

The hole was collared 75m southeast of TSD-25 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to a depth of 316m.

From 316m to the final depth of 1023m weakly potassic altered and argillic overprinted, mineralised diorite porphyry, microdiorite breccia, polymict breccia, and diorite breccia was intersected. The base of oxidation was noted at 893m depth and supergene mineralisation comprises limonite, cuprite, neoticite, azurite, chrysocolla and native copper. Hypogene sulphide mineralisation consists of chalcopyrite, pyrite and rate bronite and molybdenite occurring as disseminations and within occasional quartz veinlets.

TSD-115

The hole was collared 100m west of TSD-113 and drilled westwards at -75 degrees to test the "Exotic Copper Zone". The hole intersected unaltered cover from collar to a depth of 331m.

From 331m to the final depth of 467m argillic altered, mineralised diorite porphyry and diorite breccia was intersected. The base of oxidation was noted at 377m depth and supergene mineralisation comprises limonite, hematite and minor chalcocite. Hypogene sulphide mineralisation consists of rare disseminated chalcopyrite, bornite and pyrite.

TSD-116

The hole was collared 200m south of TSD-110 and drilled northwards at -75 degrees to test the "Exotic Copper Zone". The hole intersected unaltered cover from collar to a depth of 272m.

From 272m to the final depth of 547m argillic altered, mineralised diorite porphyry and diorite breccia was intersected. The base of oxidation was noted at 492m depth and strong supergene mineralisation comprises pitch limonite, hematite, cuprite, chalcocite, azurite, malachite and native copper. Hypogene sulphide mineralisation consists of minor disseminated chalcopyrite, trace bornite and pyrite.

TSD-118

The hole was collared 100m north of TSD-115 and drilled northwards at -75 degrees to test the northern extension of the "Exotic Copper Zone" and extend at depth into the Bayugo porphyry. The hole intersected unaltered cover from collar to a depth of 360m.

From 360m to the final depth of 785m weakly potassic altered and strongly argillic overprinted, mineralised diorite porphyry was intersected. The base of oxidation was noted at 501m depth and supergene mineralisation comprises limonite and minor chalcocite coating pyrite. Hypogene sulphide mineralisation consists of chalcopyrite, pyrite, trace bornite and molybdenite occurring as disseminations and rare quartz-sulphide veinlets.

TSD-119

The hole was collared 100m east of TSD-111 and drilled westwards at -75 degrees to test the "Exotic Copper Zone". The hole intersected unaltered cover from collar to a depth of 206m.

From 206m to the final depth of 496m argillic altered, mineralised diorite porphyry was intersected. The base of oxidation was noted at 418m depth and strong supergene mineralisation comprises pitch limonite, hematite, cuprite, chalcocite, trace malachite and native copper. Hypogene sulphide mineralisation consists of minor disseminated chalcopyrite and pyrite.

TSD-120

The hole was collared 100m west of TSD-115 and drilled westwards at -80 degrees to test the "Exotic Copper Zone". The hole intersected unaltered cover from collar to a depth of 333m.

From 333m to the final depth of 803m weakly to moderately potassic altered and strongly argillic overprinted, mineralised diorite porphyry and diorite breccia was intersected. The base of oxidation was noted at 371m depth and supergene mineralisation comprises limonite, azurite and minor chalcocite coating pyrite. Hypogene sulphide mineralisation consists of chalcopyrite, bornite, pyrite and trace molybdenite occurring as disseminations and rare quartz-sulphide veinlets.

TSD-121

The hole was collared 100m south of TSD-111 and drilled eastwards at -75 degrees to test the "Exotic Copper Zone". The hole intersected unaltered cover from collar to a depth of 237m.

From 237m to the final depth of 500m argillic altered, mineralised diorite porphyry and polymict breccia was intersected. The base of oxidation was noted at 309m depth and strong supergene mineralisation comprises pitch limonite, rare chalcocite, native copper and trace malachite. Hypogene sulphide mineralisation consists of minor disseminated chalcopyrite and pyrite.

TSD-122

The hole was collared 100m south of TSD-78 and drilled northwards at -70 degrees to test the "Exotic Copper Zone" and extend at depth into the Bayugo porphyry. The hole intersected unaltered cover from collar to a depth of 378m.

From 378m to the current depth of 623m moderately to strongly potassic altered and variably argillic overprinted, mineralised diorite porphyry was intersected. Intense quartz stockworks are developed from 413m to the current depth. The base of oxidation was noted at 502m depth and supergene mineralisation comprises pitch limonite, hematite, minor chalcocite and native copper. Hypogene sulphide mineralisation consists of chalcopyrite, bornite and pyrite occurring as disseminations and within quartz-sulphide stockworks.

TSD-123

The hole will be collared at the site of TSD-111 and will drill southwards at -75 degrees to test the "Exotic Copper Zone" and extend at depth to test the deep seated Western Hypogene Zone.

TGD-01

This geotechnical hole was collared 100m north of TSD-42 and drilled northwards at -50 degrees. The hole intersected unaltered cover from collar to the current depth of 233m.

From 233m to the current depth of 247m variably argillic altered, weakly mineralised diorite porphyry was intersected. Drilling is in progress.

TGD-02

This geotechnical hole was collared 100m west of TSD-87 and drilled westwards at -50 degrees. The hole intersected unaltered cover from collar to the current depth of 5m. Drilling is in progress.

All assays were conducted on intervals of split core, on average 3m in length, by Intertek Testing Services at their laboratory in Jakarta, under the supervision of Anglo American. Quality control was monitored by incorporation of assay standards and duplicates.

The assay data provided above was communicated to the Company by Anglo American Exploration (Philippines), Inc. which, under the terms of the joint venture, is responsible for conducting exploration on the Surigao Properties. Philex Gold has not independently verified this information.

Copper equivalents on the attached Drill Hole Location Map have been calculated on the following basis: % Copper equivalent equals Copper % + (Gold grams/tonne x 0.62) with copper at $1.00 per pound and gold at $425 per ounce.

To view a copy of the "Boyongan Geologic Map and Drill Hole Location", please visit the link below:

http://www.ccnmatthews.com/docs/pgimap718.PNG

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.
    Renato N. Migrino
    Chief Financial Officer
    (632) 746-8755
    (632) 631-9498 (FAX)
    Email: rnm@philexmining.com.ph