Philex Gold Completes Initial Mineral Resource Estimate for Bayugo

Philex Gold Inc. ("Philex" or the "Company") (TSX VENTURE:PGI) is pleased to
announce the completion of the National Instrument 43-101 ("NI 43-101")
compliant mineral resource estimates for its Bayugo prospect on the Silangan
property (the "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 (purchased earlier in the year from Anglo American), the indirect
parent of the Company. 


The Bayugo Project is a porphyry-hosted copper/gold occurrence located in an
island-arc setting, located in the island of Mindanao, Philippines,
approximately one kilometre northwest of the Boyongan copper/gold deposit. 


Independent Resource Estimations (South Africa) ("IRES") prepared the
independent mineral resource estimates for the Bayugo Project, which are set out
in the table below. Mineral resources are reported at a current economic cut-off
of 0.4% Cu.



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        Category             Tonnes       Copper Grade       Gold Grade
                                                    (%)            (g/t)
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        Indicated        85,716,000               0.88             0.73
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        Inferred         32,743,000               0.75             0.63
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The resource estimate is based on verified drill results from 43 exploration
holes available up to September 30, 2009. A lithological model was established
by interpretation of geological, structural and assay information on sections
and plans. Samples within each lithology were composited into 3 metre intervals.
Grade outlier analysis was done for each rock type, and composited values were
trimmed back. Search distances and directions were established using double
spherical variograms on the composites within each rock type. A specific gravity
of 2.3 was applied to determine tonnage. A three dimensional block model was
generated using Datamine(TM), a commercially available mine planning software
package. Composited assays were used to estimate tonnes, copper and gold grades
within each lithological unit using an ordinary kriging estimation methodology. 


The exploration program at the Bayugo Project is ongoing, and at the time of
this mineral resource estimate, a number of excellent drill results have been
received, which are not included in the estimate above. Once the exploration
program has been completed, the complete drill hole database will be used to
estimate a updated resource model. 


IRES's mineral resource estimates use the definitions and guidelines given in
the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition
Standards on Mineral Resources and Mineral Reserves and are reported in
accordance with NI 43-101 requirements. The effective date of these estimates is
November 16, 2009, and these estimates are based on a current economic cut-off
grade of 0.4 % copper. The mineral resources are considered to have reasonable
prospects for economic extraction.


These current mineral resource figures are reported in accordance to NI 43-101
guidelines and conform to CIM Standards. The full Technical Report will be
published on the Company's website and filed on SEDAR.


Cautionary Note Concerning Resource Estimates

The mineral resource figures referred to in this press release are estimates and
no assurances can be given that the indicated levels of copper or gold will be
produced. Such estimates are expressions of judgment based on knowledge, mining
experience, analysis of drilling results and industry practices. Valid estimates
made at a given time may significantly change when new information becomes
available. While the Company believes that the resource estimates included in
this press release are well established, by their nature resource estimates are
imprecise and depend, to a certain extent, upon statistical inferences which may
ultimately prove unreliable. If such estimates are inaccurate or are reduced in
the future, this could have a material adverse impact on the Company.


The mineral resource estimates were prepared by Dexter S. Ferreira of IRES. Mr.
Ferreira is a senior geostatistician with over 19 years experience in project
evaluation internationally, including extensive involvement with mineral
projects throughout Canada, South America and Africa; he is a member of the
South African Council for Natural Scientific Professions, and qualifies as a
'Qualified Person' and 'Competent Person' as defined in National Instrument
43-101 and the JORC Code, respectively.


Mr. Ferreira has given his consent to the release of this press statement, the
contents of which he has reviewed and has found to be consistent with the above
technical report and compliant with the rules and guidelines as set forth in NI
43-101.