PSE Circular for Brokers No. 1549-98

July 7, 1998 PSE CIRCULAR FOR BROKERS NO. 1549-98 July 6, 1998 Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Dear Sir : Please be informed that at the annual stockholders meeting of Philex Mining Corporation held at the Function Modules, ABCD, 4th Floor, Manila Galleria Suites, ADB Avenue, Ortigas Center, Pasig City, held on June 25, 1998, the resolution passed by the Board of directors in its regular meeting held on March 5, 1998 to amend certain articles of the Amended Articles of Incorporation and Amended By-Laws was approved by the stockholders representing more than two-thirds (2/3) of the outstanding capital stock of said corporation. The amendments refer to Article III of the Amended Articles of Incorporation to make Metro Manila the principal place of business and Article I, Sections 1 and 3 (Re: Place of Stockholders Meetings) and Article I, Section 8 (Closing of Transfer Books and Fixing of Record Date) of the Amended By-Laws of Philex Mining Corporation. cdlex We will submit the required documents to the Securities and Exchange Commission for their approval as soon as available. Very truly yours, PHILEX MINING CORPORATION (SGD.) GREGORIO S. IMPERIAL, JR. Corporate Secretary