announces Philex

Philex Gold Announces the Commencement Of The Pre-Feasibility Stage for Boyongan Project

Philex Gold Inc. (TSX VENTURE: PGI) announced that it has received from Anglo American plc a copy of their presentation material on the Boyongan Pre-Feasibility Scope of Work containing a timetable showing that initial activities, such as the preparation and sending of test samples, among others, have been done or are underway. The timetable also…

Philex Gold Inc., TSX VENTURE : PGI, announced that Anglo American plc has provided a copy of its presentation material on Boyongan Pre-Feasibility Scope of Work. It included a timetable that shows that the initial activities such as preparation and sending of samples have been completed or are ongoing. The timetable shows that the final report of the pre-feasibility study will be published in the third quarter 2007.. Walter Brown, Chairman & CEO said that this is a good sign because it indicates that Boyongan’s pre-feasibility phase has begun and will be completed within the year.

This information was provided in response to recent news articles that Anglo American is currently finalizing a joint venture arrangement with Manila Mining Corporation for the Bayugo property, which is adjacent to Boyongan. “Anglo did not notify Philex about the status of negotiations with Manila Mining regarding its Bayugo project. However, it

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