PSE Circular for Brokers No. 1091-98

May 12, 1998 PSE CIRCULAR FOR BROKERS NO. 1091-98 The Commissioner Securities and Exchange Commission SEC Building, EDSA Mandaluyong, Metro Manila SUMMARY OF OPERATIONS FOR THE MONTH OF APRIL 1998 Dear Sir : For the information of the commissioner and the stock exchange, we submit below the figures covering our operations for the month of April 1998. Tonnes of ore treated 48,412 DMT (53,365 DST) Average gold content of ore 8.52 g/tonne (0.25 oz./DST) Average silver content of ore 23.16 g/tonne (0.68 oz./DST) From the above, 690.623 kgs. of bullion were produced and are estimated to contain: 375,606 grams of gold (12,076 ozs.) 284,815 grams of silver (9,157 ozs.) During April 1998, metal recoveries were: Gold: 91.47%, and Silver: 25.68%. Number of days in operation: 27.67 days for the CIP Gold Mill Refinery. cdll Very truly yours, (SGD.) ARTEMIO F. DISINI President May 12, 1998 The Commissioner Securities and Exchange Commission SEC Building, EDSA Mandaluyong, Metro Manila Attention: Dir. Eugenio Reyes Brokers & Exchange Dept. Gentlemen : We are pleased to report that our April 1998 production compared to that of the preceding month and the same month of 1997 is as follows: This year Last Year This Month Last Month 1998 1997 Production April 1998 March 1998 Jan.-April Jan.-April Gold Production: Volume of Bullion 691 kgs. 788 kgs. 2,696 kgs. 582 kgs. Bullion in process - (95 kgs.) - TOTAL 691 kgs. 788 kgs. 2,601 kgs. 582 kgs. ====== ======= ======== ======= Value of Metal Content P151,736,773 P150,370,926 P590,447,709 P140,795,603 Copper Production: Volume of - 2,358 DWT Concentrate - - - (2,599 DST) Volume of Metal Content - - - P61,309,390 P151,736,773 P150,370,926 P590,447,709 P202,104,993 ========== ========== ========= ========== We hope that the above reports meets your requirement. Please let us know if there is any related information which we have not incorporated. Very truly yours, (SGD.) ARTEMIO F. DISINI President