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

To: Al Collard who wrote (21)	7/18/2001 6:23:04 PM
From: Al Collard	Read Replies (1) \| Respond to of 35

Philex Gold provides additional drilling results Wed 18 Jul 2001 News Release Mr. Gerard Brimo reports Following the release of the complete results from diamond drill holes TSD-16 and 17, and partial results from TSD-18 on June 15, 2001, three drill holes, TSD-18 to 20 have been completed with full assays available. Holes TSD-21 and 22 have also been completed with partial assay results currently available for TSD-21. Holes TSD-23 to 25 are in progress. Available assay results of holes TSD-18 to 21 are presented in the following table. All quoted depths are measured in metres down hole, and all assay results have had a cutoff of 0.1 per cent copper and 0.1 gram per tonne gold applied except where indicated. Grades Hole Final Length of Cu Au No. Depth Intercept Intercept (%) (g/t) TSD-18 909 53-909* 856 0.49 1.57 53-330 277 1.04 3.52 TSD-19 550 235-550 315 0.35 0.48 TSD-20 500 92-486 394 0.77 1.51 113-318 205 1.01 2.22 TSD-21 478 166-384 218 0.60 0.29 *0.1 g/t Au + 0.1 per cent Cu cutoff not applied. "Hole TSD-18 has provided the deepest mineralized intercept to date of 856 metres grading over 1 per cent copper equivalent, while hole TSD-20 extended the high-grade mineralization west of the TSD-18 collar, which we are very pleased with. Current drill holes are designed to define the extent of the mineralization under deeper cover west of the discovery hole TSD-6," said Gerard Brimo, chairman and chief executive officer. Detailed geologic information on holes TSD-18 to TSD-25 follows: TSD-18 was collared at the TSD-14 site and was 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 53 metres and mineralized tallus breccia to 61 metres depth. Strongly mineralized diorite porphyry and diorite breccia porphyry was intersected from 61 metres to a depth of 822 metres 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 330 metres. Quartz magnetite stockwork is associated with primary sulphide mineralization comprising chalcopyrite, pyrite, rare bornite and molybdenite. From 822 metres to the final depth of 909 metres, a weakly altered and mineralized hornblende diorite porphyry was intersected. TSD-19 was drilled -60 degrees toward the west from the TSD-16 site. The hole intersected unaltered cover from surface to 215 metres. Potassic altered, fine- to medium-grained microdiorite intrusion breccia with localized polymict clasts was intersected from 215 metres to the final depth of 550 metres. The breccia is weakly to moderately mineralized with limonite, less than 2 per cent quartz veinlets and minor azurite, cuprite, and native copper. TSD-20 was collared approximately 120 metres south of TSD-17 and drilled westward at -60 degrees. The hole intersected unaltered cover from surface to 86 metres. Potassic altered and mineralized diorite and diorite breccia was intersected from 86 metres to 486 metres, hosting an intense quartz stock zone from 168 metres to 317 metres. Oxide mineralization comprises limonite, cuprite, malachite, azurite and native copper, and bottomed at 297 metres. Primary sulphide mineralization is associated with potassic alteration and variable quartz veining and consists of chalcopyrite, bornite and minor pyrite. From 486 metres to hole end at 500 metres a weakly altered and mineralized hornblende diorite porphyry was intersected. TSD-21 was drilled at -60 degrees toward the north from the TSD-20 site. The hole intersected unaltered cover from surface to a depth of 87 metres. Weakly potassic altered, and mineralized diorite breccia with localized polymictic clasts was encountered from 87 metres to hole end at 478 metres. Oxide mineralization consisting of cuprite, native copper and trace neotocite is associated with weak quartz veining to the base of oxidation at 338 metres depth. The primary sulphide zone comprises chalcopyrite, bornite, pyrite and minor molybdenite occurring as fracture coatings and associated with variable quartz veining. TSD-22 was collared at the site of TSD-19 and drilled northward at -65. The hole intersected unaltered cover from the collar to a depth of 169 metres. Potassic-altered diorite breccia hosting weak quartz veining with a strong argillic alteration overprint was intersected from 169 metres to hole end at 335 metres. Chlorite-magnetite alteration becomes dominant at depth and is associated with weak pyrite and chalcopyrite mineralization. The hole was terminated at 335 metres in very weak, dominantly pyrite mineralization. TSD-23 was collared approximately 20 metres north of TSD-6 and drilled vertically. The hole intersected unaltered cover from collar to 61 metres depth underlain by a tallus breccia comprising quartz and silicified diorite clasts in an oxidized clayey matrix to a depth of 73 metres. >From 73 metres to the current depth 385 metres a strongly potassic altered, quartz stockworked diorite porphyry was intersected. The potassic alteration assemblage comprising biotite, k-feldspar and magnetite is variably overprinted by an argillic alteration assemblage. Oxide copper mineralization comprising malachite, azurite, cuprite and native copper is associated with quartz stockwork development. The hole is planned to terminate at a depth of 1,000 metres. TSD-24 was collared approximately 150 metres southwest of TSD-6 and drilled northward at -60 degrees. The hole intersected unaltered cover from collar to a depth of 135 metres. >From 135 metres to the current depth of 262 metres, the hole encountered potassic altered and weakly quartz veined diorite breccia with a variable argillic overprint. Oxide copper mineralization comprises minor cuprite, malachite, azurite, native copper and chrysocolla. The hole is designed to terminate at a depth of 750 metres. TSD-25 was collared approximately 200 metres south of TSD-12 and drilled northward at -60 degrees. The hole intersected unaltered cover from collar to the current depth of 137 metres. The hole is planned to terminate at 500 metres depth. In late June, a second large capacity diamond drill rig was mobilized to the site and will replace a smaller rig, which is currently completing hole TSD-25 prior to being demobilized. Drilling will continue with two large capacity drill rigs and a medium capacity rig capable of reaching depths of 1,000 metres and 600 metres. A minimum of 10,000 metres of diamond drilling has been programmed for the year. All assays were conducted on average three-metre intervals of split core by Intertek Testing Services at its 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. The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.