C04079-2017

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Jun 29, 2017
2. SEC Identification Number
0010044
3. BIR Tax Identification No.
000283731
4. Exact name of issuer as specified in its charter
PHILEX MINING CORPORATION
5. Province, country or other jurisdiction of incorporation
PHILIPPINES
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
2ND FLOOR LAUNCHPAD RELIANCE STREET CORNER SHERIDAN STREET MANDALUYONG CITY Postal Code 1550
8. Issuer's telephone number, including area code
631-1381
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON 4,940,399,068
11. Indicate the item numbers reported herein
17-C

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Philex Mining CorporationPX

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Clarification of news article entitled “Bumolo resources could extend Philex’s Padcal mine life to 2024” posted in BusinessWorld Online on June 29, 2017. The article reported in part that:
Source BusinessWorld Online
Subject of News Report Bumolo resources could extend Philex’s Padcal mine life to 2024
Date of Publication Jun 29, 2017
Clarification of News Report

June 29, 2017


PHILIPPINE STOCK EXCHANGE, INC.
Tower One & Exchange Plaza
Ayala Avenue, Makati City
Makati City


Attention: MR. JOSE VALERIANO B. ZUNO III
OIC Head, Disclosure Department


Gentlemen:

We write with respect to the attached news article entitled “Bumolo resources could extend Philex’s Padcal mine life to 2024” posted in BusinessWorld Online on June 29, 2017. The article reported in part that:

“PHILEX Mining Corp. said resources discovered in its Bumolo porphyry copper-gold project in Benguet may stretch its Padcal mine’s life to two more years to 2024 from its earlier projected end in 2022. ‘Hopefully, identified resources in Bumolo could potentially add two more years to Padcal mine life,’ Philex President and CEO Eulalio B. Austin, Jr. told reporters on the sidelines of the company’s annual stockholders meeting held Wednesday.

‘It is still subject for further study. If ever proven mineable, it could extend from 2022 to 2024,’ Mr. Austin added, noting that the firm has yet to consider if the input cost, among other factors, in mining these resources will be economically viable.
. . . .
The maiden inferred resource estimate of 21.7 million tons identified in the Bumolo Project, which is adjacent to the Padcal mine, can provide additional ore to Padcal and further stretch the mine’s life to 2024.
. . . .
Asked on seeking joint ventures (JV) for the Silangan project, Mr. Pangilinan said they will be seeking ‘strategic investors’ to partner with.
. . . .
Meanwhile, as for the firm’s outlook for the year, Mr. Pangilinan said profit by year end may stand “flattish” as the industry is faced with volatile prices of ore in the world market.

‘It will probably be similar to 2016... We’re having some issues with the production now -- nothing serious, but it may lead to a slight decline in production of ore and therefore could impact the amount of gold and copper production for 2017,’ the firm’s chairman said.

The Company generally confirms the statements in the above quoted news article. As disclosed to your office last February 22, 2016 and covered by a Competent Person Technical Report submitted on April 28, 2016, the Company has announced maiden Inferred Resources for the Bumolo Project of 21.7 M metric tonnes, which, subject to further study, could extend Padcal’s life of mine based on its current capacity.


For your information.


Very truly yours,



(Original Signed)
DANNY Y. YU
SVP – Finance
Other Relevant Information

N/A
Filed on behalf by:
Name Danny Yu
Designation Senior Vice President for Finance and CFO