Philex Gold Announces Drilling Results at Vista Alegre Project for the First Quarter of 2008

TORONTO, ONTARIO (TSX VENTURE: PGI) is pleased to report significant drill hole intercepts at its Nagtalay Prospect in Negros Island, Central Philippines. The Nagtalay Prospect is one of several gold prospects currently being drilled within the Company's Vista Alegre Project. The Vista Alegre Project is not considered, at this time, to be a property material to the Company for the purposes of National Instrument 43-101 - Standards for Disclosure of Mineral Projects.

The Vista Alegre Project comprises several mesothermal and epithermal gold prospects within a three kilometre by one kilometer gold belt that includes Nagtalay and the decommissioned Bulawan Mine. Two diamond drill rigs are currently operating at the Nagtalay Prospect and two reverse circulation (RC) rigs are drill testing at 200 meters spaced grid the other prospects within the gold belt. A fifth rig will be mobilized for deeper-hole drilling at the old Bulawan Mine.

A summary of assay results of holes at Nagtalay are presented in the following table. All quoted depths are measured in meters (m) downhole, and all assay results have had a cut off of 1.0 g/t gold applied.

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                                         Length of    Gold
Hole No.   Final Depth     Intercept     Intercept    (g/t)
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NSD-2             107m       2 - 39m           37m     1.9
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NSD-3             100m       5 - 39m           34m     2.4
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NSD-6             228m      82 - 98m           16m     1.3
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NSD-11            507m    129 - 291m          162m     3.0
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             including    209 - 291m           83m     4.0
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             including    239 - 276m           37m     6.2
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"Hole NSD-11 intersected dacite porphyry breccia characterized by carbonate-clay alteration and fair to strong sphalerite and galena mineralization which are the typical geological characteristic of ore at the Bulawan deposit. Results of drilling at Nagtalay indicated the occurrence of possible open-pittable deposits within the Vista Alegre Gold Belt but we caution our readers that in our opinion it is too soon to say if this find will eventually be economic", said Company Chairman Walter Brown.

All assays were conducted on split core at intervals of one metre, by Intertek Testing Services at their laboratory in Jakarta. Quality control was monitored with assay standards and duplicates.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts: Philex Gold Inc. Rogelio G. Laraya President [phone] [phone] (FAX) Email: [e-mail]