Philex Mining Corporation

May 12, 1999 PSE CIRCULAR FOR BROKERS NO. 1059-99 SUBJECT : Philex Mining Corporation Further to Circular No. 448-99 dated March 10, 1999, please be informed that the Annual Stockholders' Meeting of Philex Mining Corporation ("PX") will be held on June 24, 1999 , at 2:00 p.m., at the Function Modules ABCD, 4th Floor, Manila Galleria Suites, ADB Avenue, Ortigas Center, Pasig City. The agenda for the meeting shall be as follows: 1. Proof of the required notice of the meeting 2. Proof of the presence of a quorum 3. Reading of the minutes of the previous stockholders' meeting and action thereon 4. Reading of annual reports and action thereon 5. Ratification and approval of the acts of the Board of Directors and Company Officers 6. Appointment of independent auditors 7. Other business 8. Appointment of election inspectors to serve until the close of the next annual meeting 9. Election of the nine directors for the ensuing year As previously announced, stockholders of record as of March 24, 1999 are entitled to notice of, and to vote, at, said meeting. Any stockholder who cannot attend the meeting in person and desires to be represented thereat is requested to date and sign a proxy form which should be mailed in time so as to be received by the Corporate Secretary on or before June 14, 1999. Minutes of the last annual stockholders meeting, resolutions of the Board of Directors will be available for examination during office hours at the office of the Corporate Secretary. For your information. cdlex (SGD.) JOSE LUIS U. YULO, JR. President and CEO