PSE Circular for Brokers No. 1637-98

July 15, 1998 PSE CIRCULAR FOR BROKERS NO. 1637-98 July 14, 1998 Disclosure Department Listing and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : We are furnishing you xerox copies of documents submitted to the Securities and Exchange Commission on the election of the Board of Directors of Philex Mining Corporation for the corporate year 1998-1999 during the annual stockholders meeting held on June 25, 1998. cdt Very truly yours, PHILEX MINING CORPORATION (SGD.) GREGORIO S. IMPERIAL, JR. Corporate Secretary CERTIFICATION This will certify that at the Annual Stockholders Meeting on June 25, 1998 held at the Function Modules ABCD, 4th Floor, Manila Galleria Suites, ADB Avenue, Ortigas Center, Pasig City, nine (9) individuals were nominated and elected to the Company's Board of Directors, and by direction of the Chairman of the Meeting, Mr. Gerard H. Brimo, Mr. Gregorio S. Imperial, Jr., Corporate Secretary of Philex Mining Corporation cast all proxies in the name of Messrs. Henry A. Brimo, Gerard H. Brimo, John Gokongwei, Jr., and Mr. Renato Valencia and others in favor of the nine (9) nominees. Total Votes Cast HENRY A. BRIMO 2,011,087,271 GERARD H. BRIMO 2,011,087,271 ALBERT AWAD 2,011,087,271 JOHN GOKONGWEI, JR. 2,011,087,271 ROBERT A. McCALLUM 2,011,087,271 RAUL ROCO 2,011,087,271 ALBERT AGUIRRE 2,011,087,271 RAFAEL BUENAVENTURA 2,011,087,271 RENATO C. VALENCIA 2,011,087,271 I further certify that aside from the above nominees who were elected to the Board of Directors of Philex Mining Corporation no other individual was nominated. PHILEX MINING CORPORATION (SGD.) GREGORIO S. IMPERIAL, JR. Corporate Secretary