PSE Circular for Brokers No. 160-99

January 28, 1999 PSE CIRCULAR FOR BROKERS NO. 160-99 January 27, 1999 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 December 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 Dec. 1998 Nov. 1998 Jan.-Dec. Jan.-Dec. Gold Production: Vol. Of Bullion (kgs.) 721 816 8,471 5,743 Vol. Of Bullion in process Addition/Deduction (kgs.) 0 0 (95) 0 Total 721 816 3,375 5,743 Value of Metal Content P137,010,378 P165,455,373 P1,777,171,642 P1,068,313,467 Copper Production: Vol. Of Concentrate (DMT) 0 0 0 2,358 (DST) 0 0 0 2,599 Value of Metal Content P0 P0 P0 P61,309,390 Aggregate Value of Production P137,010,378 P165,455,373 P1,777,171,642 P1,127,622,857 We hope that the above report meets your requirement. Please let us know if there is any related information which we have not incorporated. cdpr Very truly yours (SGD.) ARTEMIO F. DISINI President January 27, 1999 The Commissioner Securities and Exchange Commission SEC Building, EDSA Mandaluyong, Metro Manila SUMMARY OF OPERATIONS FOR THE MONTH OF DECEMBER 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 December 1998. Tonnes of ore treated 55,530 DMT (61,211 DST) Average gold content of ore 7.02 g/tonne (0.20 oz./DST) Average silver content of ore 24 44 g/tonne (0.71 oz./DST) From the above, 720.579 kgs. of bullion were produced and are estimated to contain: 353,678 grams of gold (11,371 ozs.) 331,719 grams of silver (10,665 ozs.) During December, 1998 metal recoveries were: Gold: 91.34%, and Silver: 24 66%. Number of days in operation: 29 days for the CIP Gold Mill Refinery. Very truly yours, (SGD.) ARTEMIO F. DISINI President