PSE Circular for Brokers No. 2231-98

September 25, 1998 PSE CIRCULAR FOR BROKERS NO. 2231-98 September 24, 1998 The Commissioner Securities and Exchange Commission SEC Building, EDSA Mandaluyong, Metro Manila Attention: Dir . Eugenio Reyes Brokers & Exchange Dept . Gentlemen : We are pleased to report that our August 1998 production compared to that of the preceding month and the same month of 1997 is as follows: This Year Last Year This Month Last Month 1998 1997 Production August 1998 July 1998 Jan.-August Jan.-August Gold Production: Volume of Bullion 755 kgs. 670 kgs. 5,382 kgs. 3,121 kgs. Bullion in process (95 kgs.) TOTAL 755 kgs. 670 kgs. 4,287 kgs. 3,121 kgs. ======= ======= ======= ======= Value of Metal Content P163,970,502 P141,055,017 P1,170,598,950 P606,054,015 Copper Production: Volume of 2,358 DMT Concentrate (2,599 DST) Value of Metal Content P61,309,390 P163,970,502 P141,055,017 P1,170,598,950 P667,363,405 ========= ========= ========== ========== We hope that the above report meets your requirement. Please let us know if there is any related information which we have not incorporated. llcd Very truly yours, (SGD.) ARTEMIO F. DISINI President September 24, 1998 The Commissioner Securities and Exchange Commission SEC Building, EDSA Mandaluyong, Metro Manila SUMMARY OF OPERATIONS FOR THE MONTH OF AUGUST 1998 Dear Sir : For the information of the commissioner and the stock exchange, we submit below the figures covering our operations for the month of August 1998. Tonnes of ore treated 54,502 DMT (60,078 DST) Average gold content of ore 8.17 g/tonne (0.24 oz./DST) Average silver content of ore 22.03 g/tonne (0.71 oz./DST) From the above, 755.115 kgs. of bullion were produced and are estimated to contain: 402,946 grams of gold (12,955 ozs.) 327,271 grams of silver (10,522 ozs.) During August 1998, metal recoveries were: Gold: 90.99%, and Silver: 24.81%. Number of days in operation: 31 days for the CIP Gold Mill Refinery. Very truly yours, (SGD.) ARTEMIO F. DISINI President