By Zinnia B. Dela Peña, The Philippine Star -
http://www.philstar.com/philstar/NEWS200606260709.htm

06/26/2006

Listed gold and copper producer Philex Mining Corp. is considering
listing a newly-spun off company, Brixton Energy & Mining Corp., to raise funds
for an aggressive exploration program.

During the company’s stockholders’ meeting Friday, Philex chairman and
chief executive officer Walter Brown said listing a smaller company would
have a greater impact.

Brown said the company is looking at listing the shares of Brixton
either on the second or third board of the Philippine Stock Exchange. Brixton is
now in charge of the Philex’s coal operating contract.

Philex, according to Brown, is considering all possible options to
generate the funds necessary for intensified mining and exploration activities
to take advantage of high metal prices.

From a six-week downtrend, gold prices have recovered five percentage
of their value, rising near $593 on escalating tensions between the United
States and North Korea.

Philex produces copper, gold and silver and gold bullion from its
copper-gold mine in Padcal, a town in the northern province of Benguet.

Padcal’s mine life is estimated to run up to 2011,which is why Philex
is now exploring other mine sites, including a gold-copper mine in Boyongan
town in the southern province of Surigao del Norte.

In the Lascogon prospect in Mindanao, an aggressive drilling program is
being pursued by Philex in conjunction with FEC Resources of Canada,
Brown
said.