Philex Gold Inc.
TSX VENTURE : PGI

Philex Gold Inc.

November 14, 2008 16:33 ET

Philex Gold Completes Pre-Feasibility Study on Boyongan Cu/Au Deposit

TORONTO, ONTARIO--(Marketwire - Nov. 14, 2008) - Philex Gold Inc. (TSX VENTURE:PGI) ("Philex" or "Company") is pleased to announce that the Pre-Feasibility Study (the "PFS") on the Boyongan Cu/Au Porphyry Deposit ("Deposit" or "Project") has been completed. The study, completed by Independent Resource Estimations ("IRES") of South Africa, concluded that the Project is economically viable.

In June 2008, the Company engaged the services of IRES of South Africa, to complete the PFS using appropriate parameters and assumptions of a mining company operating within the Philippines. As the initial part of this PFS, IRES had completed a new Mineral Resource estimate using drill hole data up to Dec 31st, 2007.

The Company is pleased to announce that this study, using long-term metal prices of $2.75/lb for Cu and $700/oz for Au for the base case, shows a positive NPV of US$150M and a payback of 3.5 years. The life of mine ("LOM") production schedule includes 2 years of pre-stripping to allow a mine life of 14 years at a constant millfeed rate of 5M tonnes of ore per year. In addition, the PFS has highlighted an opportunity of accessing additional mineralized ground in the northwest portion of the orebody via the future in-pit ramp. This additional mineralized material has not been included in the Mineral Resource nor the Mineral Reserve statements and, as such, is currently classified as Inferred Mineral Resources.

The PFS has determined a Proven Mineral Reserve of 65.8Mt at 0.87%Cu and 1.39g/t Au, and a Probable Mineral Reserve of 1.9Mt at 0.85%Cu and 0.52g/t Au; for a total Proven and Probable Mineral Reserve of 67.8Mt at 0.87%Cu and 1.37g/t Au; at 0.60%Cu and 0.80g/t Au cut-offs.

These current Mineral Resource and Reserve figures are reported in accordance to NI43-101 guidelines and conform to CIM Standards. The full PFS will be published in the Company's website and in SEDAR.

Cautionary Note Concerning Resource Estimates

The mineral resource figures referred to in this press release are estimates and no assurances can be given that the indicated levels of copper or gold will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the resource estimates included in this press release are well established, by their nature resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company.

The Resource and Reserve Estimates and the PFS were prepared by Dexter S. Ferreira of IRES. Mr. Ferreira is a senior geostatistician with over 18 years experience in project evaluation internationally, including extensive involvement with mineral projects throughout Canada, South America and Africa; he is a member of the South African Council for Natural Scientific Professions, and qualifies as a 'Qualified Person' and 'Competent Person' as defined in National Instrument 43-101, the JORC Code.

Mr. Ferreira has given his consent to the release of this press statement, the contents of which he has reviewed and has found to be consistent with the above technical reports and compliant with the rules and guidelines as set forth in NI 43-101.

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

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