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Philex Gold Profile

The Company is engaged in mineral (gold and copper) exploration in the Philippines. The Company was incorporated in 1996 under the Canada Business Corporations Act. Philex Mining Corporation ("PMC") ultimately owns 81% of the Company’s outstanding shares through Philex Gold Holdings Inc. (the "Parent Company" of PGI). The significant assets of the Company are held through its wholly-owned subsidiary, Philex Gold Philippines, Inc., which operated the Bulawan Mine in Negros Occidental, Negros Island in the Philippines from 1996 to 2002 when the mine was decommissioned and placed on a care and maintenance basis. Since then, the Company has become an exploration company holding a number of properties at various stages of exploration throughout the Philippines currently under joint venture agreements with other entities.

The Company's primary asset is the North property in the province of Surigao del Norte,

where a joint venture with Anglo American Exploration (Philippines), B.V. ("Anglo") led to the discovery of the Boyongan copper-gold porphyry deposit in August 2000 and the Bayugo copper-gold porphyry deposit in 2003. Under the terms of the joint venture, Anglo directs and provides the funds for the exploration program and by 2001 had earned a 40% interest in the project, after spending $2.2 million in exploration. In March 2002, the Company sold Anglo an additional 10% interest in the project for $20 million to give each company a 50% interest. If Anglo brings the project through a bankable feasibility study, at its sole expense, it would be entitled to an additional 30% interest.

Last changed at 03-Feb-2009 12:45PM by Highgrader