PSE Circular for Brokers No. 111-98

February 11, 1998 PSE CIRCULAR FOR BROKERS NO. 111-98 February 6, 1998 The Commissioner Securities and Exchange Commission SEC Building, EDSA Mandaluyong, Metro Manila SUMMARY OF OPERATIONS FOR THE MONTH OF JANUARY 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 January, 1998. Tonnes of ore treated 47,037 DMT (51,849 DST) Average gold content of ore 8.53 g/tonne (.25 oz./DST) Average silver content of ore 16.41 g/tonne (0.48 oz./DST) From the above, 566 kgs. of bullion including bullion in process were produced and are estimated to contain: LexLib 365,047 grams of gold (11,737 ozs.) 186,873 grams of silver (6,008 ozs.) During January 1998, metal recoveries were: Gold: 90.98%; and Silver: 24.21%. Number of days in operation: 30 days for the CIP Gold Mill Refinery. Very truly yours, (SGD.) ARTEMIO F. DISINI President February 6, 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 January 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 January 1998 December 1997 January January Gold Production: Volume of Bullion 600 kgs. 585 kgs. 600 kgs. - Bullion in process (34 kgs.) (65 kgs.) 34 kgs. - TOTAL 566 kgs. 520 kgs. 566 kgs. ======= ======== ======== Value of Metal Content P149,203,656 P125,698,560 P149,203,656 - Copper Production Volume of - 2,358 DMT Concentrate - - - (2,599 DST) Value of Metal Content - - - P61,309,390 P149,203,656 P125,698,560 P149,203,656 P61,309,390 =========== =========== =========== ========== We hope that the above report 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