PSE Circular for Brokers No. 091-00

January 14, 2000 PSE CIRCULAR FOR BROKERS NO. 091-00 January 13, 2000 PHIL. STOCK EXCHANGE, INC. PSE Centre, Exchange Road Ortigas Center, Pasig City Gentlemen : This is to inform you that Vulcan Industrial and Mining Corporation has recently signed an Operating agreement with Celeste Q Meehlelb, the mining rights owner of the prime gold properties in the island of Panaon in Southern Leyte and Masapelid in Surigao Del Norte. These two gold properties are famous sites of gold rush during the sixties and seventies but up to now remain undeveloped. Panaon and Masapelid Island are some of the most prospective gold area in the Visayas and Mindanao region due to their proximity to the so called Philippine Rift Zone where most of the known Philippine gold deposits are found. Some of the famous gold deposits include Manila Mining's Placer Gold Mine North Davao. Siana Gold Mine of Apex Mining, Suricon, Co-o Gold Mine of Banahaw Mining and numerous other mineral deposits are found along this Zone. The Philippine Rift Zone is theorized to have played an important role in the emplacement of the gold deposits that served as avenues for the gold bearing solution from deep within the earth's crust in finding their way to the surface. Vulcan hopes to develop these properties in the near future in time for the perceived appreciation in the price of gold in the world market in the next five years. In addition to the other gold copper properties held by the company in Luzon, Vulcan is positioning itself in preparation for the next boom in the mining industry in the foreseeable future. Very truly yours, (SGD.) PATRICK V. CAOILE