PSE Circular for Brokers No. 169-99

January 29, 1999 PSE CIRCULAR FOR BROKERS NO. 169-99 January 25, 1999 Philippine Stock Exchange Inc . Exchange Road, Pasig City SUMMARY OF PRODUCTION & SHIPMENTS DECEMBER 1998 Gentlemen : I. Philex Mining Corporation Copper Operations During December, 544,165 DMT of disseminated copper/gold ore were delivered by the mine and treated at the Banget flotation facilities. The estimated resultant production totalled 7,075 DMT of concentrate averaging 22.91% of copper, 51.29 grams/DMT of gold and 60.59 grams/DMT of silver. The estimated contents of this output were 1,621,015 kilograms (3,573.,722 lbs) of copper, 371,926 grams (11,958 ozs) of gold, including bullion and 429,287 grams (13,802 ozs) of silver, including bullion. The estimated gross value, based on provisional metal prices, is P197.1 million. Shipments A copper concentrate shipment of 5,099 WMT as well as gold bullion shipments containing 324 ozs of gold and 20 ozs of silver were effected during the month in review with a corresponding gross value of P154.59 million. For the current month, two copper concentrate shipments are scheduled. Details will be announced in our next report. Philex Gold Philippines, Inc . (a subsidiary of Philex Mining Corporation) Gold Operations Bulawan Mine During December, the Bulawan mine in Negros Occidental produced 178,643 grams (5,744 ozs) of gold and 331,548 grams (10,660 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P72.5 million. Shipments During the same period, 5,097 ozs of gold and 9,152 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P59.7 million. Sibutad Mine During December, the Sibutad mine in Zamboanga del Norte produced 22,478 grams (723 ozs) of gold and 22,697 grams (730 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P8.9 million. The mine is in pre-commercial operation. Shipments During the same period, 604 ozs of gold and 725 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P6.9 million. cdll Very truly yours, PHILEX MINING CORPORATION (SGD.) GERARD H. BRIMO Chairman & CEO