PSE Circular for Brokers No. 1461-99

June 22, 1999 PSE CIRCULAR FOR BROKERS NO. 1461-99 June 21, 1999 PHILIPPINE STOCK EXCHANGE INC . 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Disclosure Department Listings and Disclosure Group Gentlemen : Please be advised that the six (6) drill holes to confirm the economic values of the ore resources in the Longos Vein below Level 800 (-244 m) were completed on June 18, 1999 with satisfactory results. Drilling which commenced on April 7, 1999 utilizing two (2) drill rigs made an aggregate total of 2.627 meters in less than three months. Four holes, DDH- 1, 2, 3 and 7 intersected highly mineralized areas in the Longos vein with values ranging from 6.91 g/t Au to 66.02 g/t Au and with varying thickness from 1.17 meters to 4,67 meters at depths of 305.10 meters (1.000 feet) to 410 meters (1,345 feet) below sea level. LLjur These significant intercepts are essentially consistent with the high values of old obtained from the exploration drilling done by Metals Exploration Asia (Philippines) in 1974 to 1975. Please be informed further that exploration drilling for the Sub-Parallel Veins below Level 800 (244 meters below sea level) is scheduled to follow in July 1999. Lower and lateral extensions of the ACR, Contract and Drysdale Veins which were discovered and partially mined above Level 800 (-244 meters) would add to the current ore reserves and resources if the drilling willing will yield positive results. Very truly yours, (SGD.) CARLOS E. ASPILLERA Corporate Information Officer