Philex Mining Releases Production, Shipment Reports for February 2012

Pasig–(PHStocks)–Philex Mining Corporation (PSE: PX) has reported gold production of 9,247 ounces in February 2012. The company also produced as other products 2,918,035 pounds of copper and 9,131 ounces of silver. During the month, the Padcal mine delivered 748,174 DMT of gold, 25.34% copper, and 54.38 grams per DMT of silver. The estimated value of the month’s production based on provisional metal prices of $1,779 per ounce gold, $3.89 per pound copper, and $37.23 per ounce silver, at the exchange rate of PhP42.75 to $1.00, amounts to PhP1.204 billion. Of this, PhP703 million is from gold, PhP486 million from copper, and PhP15 million from silver.

Philex Mining effected two shipments in the same month, Shipment Nos. LDM-19 and LDM-20 for Louis Dreyfus Commodities Metals Suisse SA, containing a total of about 17,994 ounces of gold, 5,570,973 pounds of copper, and 17,640 ounces of silver, from 10,003 DMT of concentrates, having an estimated gross value of PhP2.272 billion, consisting of PhP1.343 billion from gold, PhP903 million from copper, and PhP26 million from silver, based on the average provisional metal prices of $1,748 per ounce gold, $3.80 per pound copper and $34 per ounce silver.

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