PSE Circular for Brokers No. 2009-99

August 12, 1999 PSE CIRCULAR FOR BROKERS NO. 2009-99 PHILIPPINE STOCK EXCHANGE 4/F Phil. Stock Exchange Centre Exchange Road, Ortigas Center Pasig City, Metro Manila Fax No.: 636-0809/637-8811 Attention: Disclosure Department Listings and Disclosure Group RE : Disclosure Statement Gentlemen : Pursuant to existing rules and regulations requiring the disclosure of relevant events affecting the Corporation that may be of interest to the investing public, we hereby advise that the Board of Directors, in its meeting held on August 11, 1999 at 4:00 p.m. at Makati City, Metro Manila in which a quorum was present, the Board, by unanimous concurrence, adopted the following resolutions: 1) Re: Election of Corporate Secretary (a) A resolution confirming the election of Atty. Jose S. Santos, Jr. as the Corporate Secretary of the corporation effective July 1, 1999. ( The interim appointment of Atty . Santos was previously reported to the SEC/PSE on July 19, 1999 .) 2) Re: Conversion of APMC Into a Holding Company (a) A resolution changing the name of the Corporation from "Alcorn Petroleum and Minerals Corporation" to " ALCORN GOLD RESOURCES CORPORATION "; (b) A resolution amending the Second Article of the Articles of Incorporation changing the Primary Purpose from an oil and mineral exploration and development corporation into that of a holding company to enable the corporation to engage in various investment and development ventures and further amending its Secondary Purposes to include the present Primary Purpose, oil and mineral exploration and development, as one of the Secondary Purposes and engage in said Secondary Purpose; (c) A resolution amending Article SEVENTH of the Articles of Incorporation declassifying its common shares of stock from Class "A", for Filipinos only, and Class "B", for Filipinos and foreigners alike, into all common shares and remove pre-emptive rights of existing stockholders on any increase in the capital stock; which resolutions will be submitted to the stockholders for appropriate approval in a Special Stockholders' Meeting scheduled to be called on October 8, 1999 at 3:00 p.m. at the Shangri-La Hotel, Makati City. For purposes of said Special Stockholders' Meeting, the books of the corporation shall be closed beginning August 27, 1999 to determine stockholders entitled to notice and to vote, in person or by proxy, thereat. Very truly yours, ALCORN PETROLEUM AND MINERALS CORPORATION by: (SGD.) MARIO M. USON VP Legal & Assistant Corporate Secretary