December 7, 2009 Philex Gold Inc. announced that a NI 43-101 compliant mineral resource estimate was completed by the company’s consultant, Independent Resource Estimations,S.A on the Bayugo deposit. IRES reported an indicated resource of 85.7 million tonnes with average grades of 0.88% copper and 0.73 grams of gold per tonne and an inferred resource of 32.7 million tonnes with average grades of 0.75% copper and 0.63 grams of gold per tonne. These averages
were based on an economic cut off grade of 0.4% copper.
November 30, 2009 Philex Gold Inc. reported on its Philippines exploration activities for the nine months ended September 30, 2009. At their gold-copper Boyogan tenements drilling intensified in the third quarter with a total of 26,775 metres from 43 holes completed as of the end of the quarter. In-fill drilling results so far have been confirming the occurrence of high grade porphyry copper-gold mineralization at the Bayugo prospect while definition drilling has been expanding mineralization to the west and south of the deposit. At the Lascogon gold property trench results indicated that only 16.5% of the samples had an average grade of 1.45 grams of gold per tonne.
November 25, 2009 Philex Gold announced the completion of the National Instrument 43-101 compliant mineral resource estimates for its Bayugo project in the Republic of the Philippines in which the Company has a 50% interest and the other 50% is held by Philex Mining Corporation, the indirect parent of the company. Using a 0.4% Cu cut-off, Indicated resource is estimated at 85.71 million tonnes grading 0.88% copper, 0.73 g/t gold and Inferred resource is estiamted at 32.74 million tonnes grading 0.75% copper, 0.63 g/t gold.