July 13, 2006

Komfie Manalo - All Headline News Foreign Correspondent -
http://www.allheadlinenews.com/articles/7004203569

Negros Occidental, Philippines (AHN) - Philex Mining Corp., one of the
biggest mining companies in the Philippines is studying the possibility
of resuming operations in its Bulawan gold mine to take advantage of the rising prices of gold in the global market.

Bulawan mines, located in central Negros Occidental started operations
in 1996 but was closed down in 2002 because of lower gold prices during
the time.

It is owned by the Philex Gold Philippines, Inc., a wholly owned unit
of Philex Gold Inc., which is a subsidiary of publicly-listed Philex
Mining.

Xinhua Financial News Services said Philex Mining is encouraged by the
upward trend in the prices of the precious metal in the global market.

Philex Mining in a disclosure before the Philippine Stock Exchange
said, “Because of the currently encouraging level of gold prices, Philex Gold is reviewing the possibility of reopening the Bulawan mine, but there has been no decision yet in this regard.”

The prices of gold rallied almost overnight which closed at its highest
level after more than a month. Analysts are looking at the political
instability in the Middle East, the bombings in India and the North
Korean nuke crisis are fueling the prices of gold.

Prices of gold closed at the New York Mercantile Exchange at $651.20,
up by at least $8.10 dollars against last month. The figure is its highest closing since May 30.