Securities and Exchange Commission Sec Form 11-C Current Report Under Section 11 of the Revised Securities Act (RSA) And Rsa Rule 11(a)-1(b)(3) Thereunder

September 3, 1999 PSE CIRCULAR FOR BROKERS NO. 2208-99 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-l(b)(3) THEREUNDER 1. Date of Report (Date of earliest event reported) September 2, 1999 2. SEC Identification Number The SEC Registration No. of the Registrant is 10044 3. BIR Tax Identification No. The BIR Tax Identification No. of the Registrant is 043 000 283 731 4. Exact name of registrant as specified in its charter PHILEX MINING CORPORATION 5. province, country or other jurisdiction of incorporation Manila, Philippines 6. Industry Classification Code (SEC Use Only) 7. Address of principal office Philex Bldg., Brixton and Fairlane Sts., Pasig City 8. Registrant's telephone number, including area code (632) 6319498 9. Former name or former address, if changed since last report The Registrant has not changed its address since its last report to this Honorable Commission 10. Securities registered pursuant to Sections 4 and 8 of the RSA Number of Shares Title of No. of Shares Registered Each Class Outstanding 5,000,000,000 Common A 1,795,780,000 Common B 1,162,010,000 11. Item reported: On 2 September 1999, Philex Mining Corporation ("Philex") entered into a shareholders Agreement with Minorco Exploration (Philippines) B.V. ("Minoro B.V.), a Netherlands company, on the establishment of a joint venture company named Minphil Exploration (Philippines), Inc. ("Minphil") for the exploration, and possible development, of Philex's mineral claims and areas located in Benguet Province. On the same date, a similar Shareholders Agreement was executed by and among Philex, Philex Gold Inc. ("PGI"), Philex Gold Philippines, Inc. ("PGPI"), Minorco B.V. and Minphil, for the exploration and possible development, of PGPI's mining claims and areas located in Surigao del Sur. Exploration activities on the above-stated mining claims and areas have not commenced and will commence only upon execution of the detailed agreements such as the exploration service agreements, and compliance with certain conditions precedent. Minorco B.V., which willfully finance the exploration activities on the said areas and claims, will have forty (40%) interest in the projects. Should the results of the extensive exploration justify the development of the areas, Minorco B.V. may take additional interests in the projects as may be allowed by law. PHILEX MINING CORPORATION By: (SGD.) BARBARA ANNE C. MIGALLOS Corporate Secretary