Philex Mining Corporation (PX) was incorporated in 1955 to primarily engage in mining activities. For the past 51 years, PX has operated the Sto. Tomas II deposit at Padcal, Tuba, Benguet Province. The Padcal mine was the first underground block cave operation in the Far East. PX's exploration strategy in the late 1980s was focused on gold exploration which resulted in the acquisition and staking of a number of primarily gold claimholdings throughout the Philippines. The company's first gold operation, the Bulawan mine in Negros Occidental, commenced commercial production in January 1996 until 2002 when the mine was decommissioned and placed on a care and maintenance basis. In July 1996, PX's gold assets, including the Bulawan mine, were spun-off to Philex Gold Philippines, Inc. (PGPI). Ownership in PGPI was subsequently transferred to Philex Gold, Inc. (PGI), of which PX currently owns 81%. PX primarily produces copper concentrates, containing copper, gold and silver, which are transported via sea fright and smelted in Kyushu Island, Japan through Pan Pacific Copper Co., Ltd. Source: SEC Form 17-A (2008)