PICOP Resources, Inc.

August 5, 1998 PSE CIRCULAR FOR BROKERS NO. 1826-98 August 4, 1998 Listings and Disclosure Group Philippine Stock Exchange, Inc. PSE Center, Exchange Road Ortigas Center, Pasig City Metro Manila Fax No. 639-0809 Attention: Mr . Reynold P . Ong Vice President, Listings and Disclosure Group RE : PICOP Resources, Inc . Gentlemen : In compliance with the Continuing Reporting Requirements under the Revised Securities Act, please be advised that members of the militant Kilusang Mayo Uno (KMU) held a peaceful picket late afternoon of August 3, 1998 in front of the main office in Makati of PICOP Resources, Inc., to denounce to continued detention of 58 PICOP workers in Bislig, Surigao del Sur. Please be advised further that these detained workers are charged in the proper courts in Surigao for destruction of company properties in Bislig committed by these detained workers during the strike sometime in January of this year. These cases as still pending. dctai It is likely that the picket at the said office will be resumed by the KMU. Very truly yours, Picop Resources, Inc. (SGD.) EDGARDO G. BALORS Corporate Secretary Picop Resources, Inc . Tel . No . 810-0281 to 89 Fax No . 819-1498