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Gold/Mining/Energy : Philex Gold Inc. PGI.V -- Ignore unavailable to you. Want to Upgrade?

To: Shaw who wrote (19)	4/24/2001 11:29:05 AM
From: Al Collard	Respond to of 35

Still got 10k from the $.40's

To: Shaw who wrote (19)	6/15/2001 9:51:14 AM
From: Al Collard	Read Replies (1) \| Respond to of 35

Philex Gold Announces Additional Drilling Results At the Boyongan Property TORONTO, Jun 15, 2001 (BUSINESS WIRE) -- Philex Gold Inc. (CDNX-PGI) is pleased to report that following the release of the results from three completed diamond drill-holes (TSD-13, 14 and 15) on April 24, 2001, two drill-holes, TSD-16 and 17, have been completed with full assays available while holes TSD-18 and 21 are in progress, with partial assays available for TSD-18. Two additional holes TSD-19 and 20 have also been completed with assays pending. The assay results of holes TSD-16 to 18 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 and 0.1 grams per tonne gold applied except where indicated. -------------------------------------------------------------- Hole No. Final Intercept Length of Grades Depth Intercept --------------- Copper Gold (%) (g/t) -------------------------------------------------------------- TSD-16 562 184 - 562 378 0.64 0.46 TSD-17 500 108 - 500(i) 392 0.65 0.44 408 - 500 92 0.44 1.46 TSD-18 435(ii) 61 - 435 374 0.83 2.32 61 - 330 269 1.04 3.52 -------------------------------------------------------------- (i) 0.1g/t Au cut-off not applied (ii) current depth 890m. "We are again pleased to see the very high grade mineralization encountered in holes TSD-14 and 15 continue in TSD-18", said Gerard Brimo, Chairman and CEO. "The hole is nearing completion and while only partial assay results are available, we look forward to receiving the full assays in due course." Detailed geologic information on holes TSD-16 to TSD-21 follows: TSD-16 was collared approximately 150m to the northwest of TSD-14 and is being drilled southwards at -60 degrees. The hole intersected unaltered cover from surface to a depth of 175m. Altered and mineralized diorite and microdiorite intrusion breccia was intersected from 175m to the final depth of 562m.The diorite breccia is potassic altered with a variable clay-chlorite-sericite overprint. Oxide copper mineralization is associated with 1-2% quartz veining and comprises cuprite, malachite, azurite and limonite increasing with depth. The base of oxidation was encountered at 420m depth and hypogene sulphide mineralization consists of pyrite and chalcopyrite with minor bornite and molybdenite associated with 1-40% quartz veinlets. The hole was terminated at 562m due to mechanical problems. TSD-17 was collared approximately 150m to the northeast of TSD-14 and is being drilled southwards at -60 degrees. The hole intersected unaltered cover from surface to a depth of 108m. Potassic altered microdiorite intrusion breccia with localised polymict clasts was intersected from 108m to the final depth of 500m. The breccia is weakly to moderately mineralized with limonite, less than 1% quartz veinlets and minor neotocite and cuprite increasing with depth. The hole terminated at the planned depth of 500m. TSD-18 was collared at the TSD-14 site and is being drilled vertically to test the depth extension of high-grade mineralization encountered in holes TSD-14 and 15. The hole intersected unaltered cover from surface to a depth of 61m. Strongly mineralized diorite porphyry and diorite breccia porphyry was intersected from 61m to a depth of 823m and is intensely potassic altered and variably silicified with a localized intermediate argillic overprint. Dense quartz stockwork development is associated with malachite, azurite, minor cuprite and native copper and is accompanied by localized traces of unoxidized chalcopyrite, bornite and enargite in massive veins to the base of oxidation at 330m. Quartz magnetite stockwork is associated with primary sulphide mineralization comprising chalcopyrite, pyrite, rare bornite and molybdenite. From 823m to the current depth of 890m a weakly altered and mineralized, late plagioclase hornblende diorite porphyry was intersected. The hole is planned to terminate at 900m depth. TSD-19 was drilled -60 degrees towards the west from the TSD-16 site. The hole intersected unaltered cover from surface to 215m. Potassic altered, fine to medium grained microdiorite intrusion breccia with localized polymict clasts was intersected from 215m to the final depth of 500m. The breccia is weakly to moderately mineralized with limonite, less than 2% quartz veinlets and minor azurite, cuprite and native copper. The hole terminated at a depth of 550m. TSD-20 was collared approximately 110m east of TSD-14 and drilled westwards at -60 degrees. The hole intersected unaltered cover from surface to 86m. Potassic altered and mineralized diorite and diorite breccia was intersected from 86m to 496m, hosting an intense quartz stock zone from 168m to 317m. Oxide mineralization comprises limonite, cuprite, malachite, azurite and native copper and bottomed at 297m. Sulphide mineralization is associated with potassic alteration and variable quartz veining and consists of chalcopyrite, bornite and minor pyrite. From 495m to end of hole at 500m a weakly altered and mineralized, late plagioclase hornblende diorite porphyry was intersected. TSD-21 is being drilled at -60 degrees towards the north from the TSD-20 site. The hole intersected unaltered cover from surface to the current depth of 50m. The hole is planned to terminate at 500m. In June, a second large capacity diamond drill rig will be mobilized to the site and will replace a smaller rig. Drilling will continue with two large capacity drill rigs and a medium capacity rig capable of reaching depths of 1,000m and 600m, respectively. A total of 10,000 metres of drilling has been programmed for the year. All assays were conducted on average 3m intervals of split core 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. To view the Boyongan Geologic Map And Drill Hole Location please visit e-newsservices.com. The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release