Our Stockholders

May 25, 1998 PSE CIRCULAR FOR BROKERS NO. 1122-98 TO : Our Stockholders NOTICE IS HEREBY GIVEN that the regular annual mesting of the stockholders of PHILEX MINING CORPORATION will be held at the Function Modules ABCD, 4th Floor, Manila Galleria Suites, ADB Avenue, Ortigas Center, Pasig City on Thursday, June 25, 1998 at 2:00 o'clock P.M. The order of business thereat will 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 during the year 1997. 6. Amendment of Article III of the Amended Articles of Incorporation to make Metro Manila the principal place of business. 7. Amendment of Article I, Sections 1 and 3 (re: place of stockholders meetings) and Article I, Section 8 (Closing of Transfer Books/Fixing of Record Date) of the amended By-Laws. 8. Appointment of independent auditors. 9. Other business. 10. Appointment of election inspectors to serve until the close of the next annual meeting. 11. Election of the nine directors for the ensuing year. For the purpose of the meeting, only stockholders of record at the close of business on March 25, 1998 will be entitled to vote thereat. The Stock and Transfer Book of the Corporation will be closed from March 26 to April 3, 1998. Any stockholder who cannot attend the meeting in person and desires to be represented thereat is requested to date and sign the proxy enclosed herewith and mail it back using the return envelop. The proxy should be mailed in time so as to be received by the Corporate Secretary on or before June 15, 1998. 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. Please bring your identification in order to facilitate registration which will start at 12:30 noon. (SGD.) GREGORIO S. IMPERIAL, JR. Corporate/Secretary