PSE Circular for Brokers No. 1489-98

July 1, 1998 PSE CIRCULAR FOR BROKERS NO. 1489-98 June 23, 1998 The Commissioner Securities and Exchange Commission SEC Building, EDSA Mandaluyong, Metro Manila SUMMARY OF OPERATIONS FOR THE MONTH OF MAY 1999 Dear Sir : For the information of the commissioner and the stock exchange, we submit below the figures covering our operations for the month of May 1998. Tonnes of ore treated 51,526 DMT (56,798 DST) Average gold content of ore 7.78 g/tonne (0.23 oz./DST) Average silver content of ore 20.42 g/tonne (0.60 oz./DST) From the above, 648.713 kgs. of bullion were produced and are estimated to contain cdt 364,129 grams of gold (11,707 ozs.) 259,808 grams of Silver (8,353 ozs.) During May, 1998 metal recoveries were: Gold: 91.27%, and Silver: 24.95%. Number of days in operation: 29 days for CIP Gold Mill Refinery. Very truly yours, (SGD.) ARTEMIO F. DISINI President The Commissioner Securities and Exchange Commission SEC Building, EDSA Mandaluyong, Metro Manila Attention: Dir . Eugenio Reyes Brokers & Exchange Gentlemen : We are pleased to report that our May 1998 production compared to that of the preceding month and the same month of 1997 is as follows: This Month Last Month 1998 1997 Production May 1998 June 1998 Jan.-May Jan.-May Gold Production: Volume of Bullion 649 kgs. 691 kgs. 3.345 kgs. 1.128 kgs. Bullion in process - (95 kgs.) - T O T A L 649 kgs. 691 kgs. 3.250 kgs. 1.128 kgs. Value of Metal Content P136,648,675 P151,736,773 P726,792,007 P224,705,879 Copper Production Volume of 2.358 DMT Concentrate - - - (2.599 DST) Value of Metal Content - - - P61,309,390 P136,648,675 P151,736,773 P726,792,007 P286,015,269 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