PSE Circular for Brokers No. 197-00

January 28, 2000 PSE CIRCULAR FOR BROKERS NO. 197-00 ATLAS CONSOLIDATED MINING & DEVELOPMENT CORPORATION PRESS RELEASE JANUARY 26, 2000 ATLAS STUDYING LISTING ON AUSTRALIAN STOCK EXCHANGE ('ASX') PLANNED RE-OPENING OF THE TOLEDO COPPER MINE ADVANCES WHILE ATLAS REVIEWS NON-MINING ASSETS AT TOLEDO FOR COMMERCIAL DEVELOPMENT ASX Listing : Atlas Consolidated Mining and Development Corporation ('Atlas') is investigating a dual listing of its shares on the Australian Stock Exchange (ASX). The dual listing may be applied for when the debt retirement program is completed. The debt retirement program undertaken by Minoro Mining and Exploration Corporation has been delayed, but Minoro is pursuing the program. The board of Atlas believes that this will be a positive step towards improved market recognition of the group's mining assets and future fund raising plans to develop the Toledo copper mine. Toledo Copper Mine : it was recently announced that preliminary work is continuing towards re-opening the Toledo copper mine. This program involves updating the bankable feasibility study, negotiations with financiers to raise the estimated US$ 124 million (PhP 5 billion) needed to re-commence operations and preliminary talks on marketing arrangements with smelters for the sale of copper concentrates. Following an offer to take 100% of Toledo production and the supply of equipment to the mine, China Nonferrous. Metal Industry has invited the Company to China to progress negotiations on financing. The price of copper has strongly recovered recently and demand by smelters for copper concentrate is strong. Development of other Atlas Assets : in addition to the recommencement of production at the Toledo copper mine. Atlas is exploring ways of developing other group assets in order to enhance shareholder value. Atlas will work closely with the various government bodies to progress commercial opportunities, which include: The Malubog Water Reservoir : this Company-owned facility covers a watershed area of 62 square km and is located in the Toledo mine area some 17 km from Cebu City. Based on the present plan to process 42,000 tonnes of copper ore per day, it is estimated that there is an excess capacity of 60,000 cubic meters of water per day. By raising the dam wall, it is possible that the excess capacity could be increased to 100,000 cubic meters per day. There is a water shortage in Metro Cebu and water demand is estimated to almost double to 425,000 cubic meters per day by the year 2010 in this rapidly developing area. Atlas is studying the commercial supply of the excess water to Metro Cebu and Toledo City and environs. Toledo Real Estate Development : the Toledo mine area covers over 8,000 hectares, including land close to Sangi port. Given the rapidly developing commercial and industrial growth in, and potential over-spill from Metro Cebu and Toledo City itself, Atlas intends to investigate the possibility of developing certain areas in the Toledo mine area for commercial, industrial, recreational and residential development. Atlas will conduct its study in conjunction with government authorities and other local organizations in Region 7. Other Under-Utilized Assets : Atlas will be reviewing other group assets, including the Company's port facility at Sangi on Cebu Island and its engineering works in Toledo with a view to maximizing the development potential of the region. Following the recent strong increase in the price of nickel, Atlas will conduct a review of its Palawan based nickel-cobalt concession which hosts a resource of 275 million tones of ore containing 1.3% nickel and 0.071% cobalt (7.9 billion lbs. Nickel and 0.45 billion lbs. Cobalt).