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

To: Al Collard who wrote (28)	3/8/2002 7:44:57 AM
From: Al Collard	Read Replies (1) \| Respond to of 35

Philex Gold Announces Additional Drilling Results At The Boyongan Property Toronto, Ontario -- Philex Gold Inc. (CDNX-PGI) is pleased to report that following the release of the complete results from diamond drill-holes TSD-25, TSD-27 to 31 and TSD-34 on December 18, 2001, five drill-holes, TSD-32 to 33 and TSD-35 to 37 have been completed with full assays available. Holes TSD-38 to 40 are in progress. Available assay results of holes TSD-32 to 33 and TSD-35 to 36 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. -------------------------------------------------------- Length of Grades Hole No. Final Intercept Intercept Copper Gold Depth (%) (g/t) -------------------------------------------------------- TSD-32 239m None TSD-33 177m None TSD-35 560m 91-560m 469m 0.67 1.09 91-321m 230m 0.92 1.61 TSD-36 346m 129-344m 215m 1.44 1.96 129-266m 137m 1.86 2.19 -------------------------------------------------------- "We are pleased to see the resumption of drilling following a brief year-end break, and the excellent results from holes TSD-35 and 36", said Gerard H. Brimo, Chairman and CEO. "About 15,000 metres of resource definition drilling is planned in Boyongan this year, as well as scout drilling primarily to the south of the deposit to test for other mineralized porphyry systems in the general area, and we look forward to what promises to be an exciting year." Detailed geologic information on holes TSD-32 to 33, and TSD-35 to TSD-39 follows: TSD-32 was collared approximately 230m east of TSD-26 and inclined at -70 degrees to the south. The hole intersected unaltered cover from collar to a depth of 230m. From 230m to the final depth of 239m the hole encountered a brown, clayey debris flow containing argillized diorite fragments. The hole was abandoned in caving ground. TSD-33 was collared approximately 210m west of TSD-8 and inclined at -60 degrees to the north. The hole intersected unaltered cover from collar to the final depth of 177m. The hole was abandoned in badly caving ground. TSD-35 was collared approximately 80m southwest of TSD-6 and drilled at -60 degrees to the north. The hole intersected unaltered cover from collar to a depth of 91m. From 91m to the final depth of 560m the hole intersected potassic altered and mineralized microdiorite matrix intrusion breccia. Oxide mineralization consists of cuprite, azurite, malachite, chrysocolla and minor native copper. TSD-36 was collared approximately 140m south of TSD-18 and drilled at -60 degrees northwards. The hole intersected unaltered cover from collar to a depth of 96m. From 96m to 332m the hole intersected potassic altered and mineralized diorite and microdiorite intrusion breccia hosting moderate to intense quartz stockworking. A weakly mineralized diorite dyke with rare quartz veining was encountered from 332m to the hole end at 346m. Oxide mineralization consists of malachite, chrysocolla, azurite, cuprite, native copper and occasional limonite. Pyrite and minor chalcopyrite with localized oxide development occurs from 319m to hole end. TSD-37 was collared approximately 200m east of TSD-35 and drilled at -60 degrees to the north. The hole intersected unaltered cover from collar to a depth of 138m. From 138m to the final depth of 378m, the hole intersected potassic altered and mineralized diorite breccia with a variable argillic overprint. Oxide mineralization consists minor quartz veining associated with pitch limonite, cuprite, chrysocolla, malachite, and azurite. TSD-38 was collared approximately 40m southeast of TSD-18 and inclined at -60 degrees to the north. The hole intersected unaltered cover from collar to a depth of 50m. From 50m to the current depth of 174m the hole encountered potassic altered and mineralized coarse-grained diorite porphyry with intense quartz stockworking. Oxide mineralization consists of azurite, malachite, limonite and rare chalcocite. Drilling is in progress. TSD-39 was collared approximately 60m northwest of TSD-6 and drilled at -60 degrees northwards. The hole intersected unaltered cover from collar to a depth of 99m. From 99m to the current depth of 338m the hole encountered a potassic altered, mineralized microdiorite matrix diorite breccia. Oxide mineralization consists predominantly of cuprite with rare malachite, and occasional limonite veinlets. Drilling is in progress. TSD-40 is being collared approximately 100m north of TSD-37 and will drill at -60 degrees northwards. Drilling continues with three large capacity drill rigs capable of reaching depths of 1,000m. A fourth large capacity drill rig will be mobilized during March 2002. Scout drilling commenced at Magpayang, approximately 4km south of Boyongan in January 2002. Hole MSD-1 was terminated in deep Quaternary cover at a depth of 258m. Holes MSD-2 and MSD-3 are currently drilling in Quaternary cover at depths of 120m and 85m respectively. 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 map attachment entitled 'Boyongan Geologic Map and Drill Hole Location', please see the Emergis e-News website at e-newsservices.com The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. For further information contact: -------------------------------- Paula Kember, Vice President Finance Suite 1604, 141 Adelaide Street West Toronto, Ontario M5H 3L5 Telephone: 416-861-1221 Fax: 416-861-1226 Electronic Mail: paulak@philexgold.com