Philex Gold Inc.

Philex Gold Inc.

December 18, 2006 17:00 ET

Philex Gold Inc. Announces Address Change

TORONTO, ONTARIO--(CCNMatthews - Dec. 18, 2006) - Philex Gold Inc. (the "Company") (TSX VENTURE:PGI) announced today that in an effort to steamline office operations and reduce costs, the Company has opted not to renew the office lease of its head office. Effective immediately, the registered office of the Company is located at 95 Wellington Street West, Suite 1200, Toronto, Ontario M5J 2Z9.

The Company also announced today that Paula Kember's tenure as Vice President, Finance has accordingly been terminated. As previously announced, the Company has appointed Mr. Renato Migrino, the Chief Finance Officer of its indirect majority shareholder, as the Chief Financial Officer of the Company.

Mr. Walter Brown, the Chairman of the Company, said: "The board of directors would like to thank Ms. Kember for her many years of dedicated service and loyalty to the Company. We wish Ms. Kember the best with all of her future endeavours."

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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