This information came at the heels of recent news items that Anglo American is in the process of finalizing a joint venture agreement with Manila Mining Corporation on the Bayugo property adjacent to Boyongan. "Anglo has not officially notified Philex of the status of its negotiations with Manila Mining on its Bayugo project. However, it is our understanding from Anglo's earlier representations that it is committed to both properties on a stand alone basis," Walter Brown explained. "Given this, the joint venture of Anglo with Manila Mining should have no immediate impact on Boyongan." Walter Brown further elaborated that Anglo has likewise represented that should it explore the possibility of integrating the two projects if Bayugo later proves to merit development, this will be subject to approval of both Philex and Manila Mining.
About Philex Gold Inc.
Philex Gold Inc. is a Canadian mineral exploration company active in the Philippines. Its interests include the 50% owned North project on Mindanao Island, a joint venture with Anglo American plc. The North project includes the Boyongan copper-gold porphyry deposit, discovered in 2000.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.