PHILEX Mining Corp said it is looking into the possibility of reopening its Bulawan gold mine in the central province of Negros Occidental in light of rising prices of the precious metal.

The mine was operated from 1996 to 2002 by Philex Gold Philippines Inc, a wholly owned unit of Philex Gold Inc, which is a subsidiary of publicly-listed Philex Mining. It was shut down because of lower gold prices at that time.

"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," Philex Mining told the stock exchange.