Philex Mining Corporation Press Release

Effective September 24, 2010, pursuant to a share purchase agreement, Philex
Petroleum Corporation ("PPC") acquired an aggregate of 225,000,000 common shares
(the "Shares") of FEC Resources Inc. ("FEC") from Philex Mining Corporation
(OTCBB:PXMFF) ("PMC"). PPC is a wholly-owned subsidiary of PMC and the transfer
of Shares was a part of an internal reorganization of PMC's holdings in oil and
gas.


Following the acquisition of the Shares, PPC will be the registered holder of
225,000,000 Shares of FEC, representing 51.2% of the issued and outstanding
common shares of FEC. Following the transaction, PMC will retain indirect
beneficial ownership of the Shares.


An early warning report pursuant to National Instrument 62-103 in respect of the
transaction will be filed via SEDAR and may be accessed online at www.sedar.com
or by contacting:




PHILEX MINING CORPORATION                               
Philex Building                                         
27 Brixton Street                                       
Pasig City                                              
Philippines 1600                                        
                                                        
Attention: Renato N. Migrino, Vice President - Finance  
                                                        
Phone: +[phone]