PSE Circular for Brokers No. 2529-99

October 6, 1999 PSE CIRCULAR FOR BROKERS NO. 2529-99 PRESS RELEASE OCTOBER 5 1999 ATLAS BOARD CHANGES: 2 NEW APPOINTMENTS FOLLOW RETIREMENT OF ANDRES SORIANO and EDUARDO SORIANO and JUAN DE IBAZETA FROM BOARD OF DIRECTORS Atlas Consolidated Mining and Development Corporation (ACMDC) is please to announced the election of Mr. Reginald Hare and Mr. Jose P. de Guzman to the ACMDC Board of Directors. They were unanimously elected during the ACMDC Board Meeting on October 1, 1999, following the resignations of Mr. Andres Soriano III, Eduardo J. Soriano and Juan de Ibazeta. Mr. Martin Buckingham, presently a director, was appointed as Treasurer, and Atty. Reginaldo L. Hernandez as Corporate Secretary. Messrs. Hare and de Guzman represent Minoro Mining and Exploration Corporation (Minoro) which now holds four (4) seats in the Atlas' Board. Minoro will be appointing a further representative Board member in due course. Aside from the newly elected directors, the other members of the Atlas board are Chairman, Mr. Jose C. Ibazeta, Mr. Rogelio C. Salazar, Mr. Frank N. Lubbock, Mr. Martin Buckingham, Atty. Raul Roco, Mr. Alfredo Ramos, Mr. Teodoro Bernardino and Zoilo T. Y. Castrillo, Jr. (also concurrent President). Mr Juan de Ibazeta will continue to serve as Chairman Emeritus in recognition of his loyal and distinguished service to the company for over 44 years. cdlex The filing of ACMDC's Amendment of its Articles of Incorporation and Increase of Capital from P4,500,000,000 consisting of 150,000,000 shares to P6,500,000,000 consisting of 650,000,000 shares all with a par value of P10.00 each, was approved by the Securities and Exchange Commission last September 9, 1999. An application will be filed with the Philippine Stock Exchange for admission for trading of the newly issued shares. The recent announced application by Minoro to convert debt retired and cash advances totaling P2.06 billion pesos, into common stock of Atlas has now been effected in accordance with the debt-to-equity agreement between Atlas and Minoro. Accordingly, Atlas has agreed to issue 205,970,000 shares of common stock at 10 pesos per shares to Minoro, which will thus become the largest single shareholder (58%) in the corporation. As of September 30, 1999, 84,789,800 ordinary shares have been issued to Minoro Mining and Exploration Corporation, the balance to follow in due course. Minoro is now the largest single shareholder holding 36 percent in the corporation. Minoro Chairman and CEO, Mr. Frank Lubbock; stated: " Since Atlas was founded in 1953, the Soriano family have played a key rule in its development and we regret the retirement of Andres III and Eduardo. Their family leave an exemplary legacy of the highest management standards, including an enviable record in operations at the Toledo copper mine as well as the social, environmental, and welfare traditions began by Don Andres Soriano in the 1950's. Mr. De Ibazeta who has loyally served the company for 44 years, has made a major contribution to the past success and record of ACMDC and we are delighted that he has agreed to continue as Emeritus Chairman of the company. Minoro will support the continuation the high standards set in the past at Toledo as we plan the re-opening of the mine ." Mr. Reginald Hare is an internationally recognized structural geologist. He brings to the Company a. wealth of mining and mineral experience having held senior executive positions in a number of prominent mining companies. Reginald Hare played a key role in a number of significant geological discoveries, including the identification of a world class copper orebody at Mount Isa in Queensland, the world class nickel orebodies at Mount Keith in Western Australia and the Greenvale nickel orebody in Queensland, all of which became major mines. He was also credited with the identification of a significant gold deposit in the Philippines which became the United Paracale Longos Mine in Paracale. Mr. Hare has considerable experience in the financing and development of major mines and will have an active role in the development of the Toledo mine, including the generation of an exploration program in the mining area aimed at extending the known deposits and the discovery of new porphyry copper targets. Mr. Jose De Guzman is a graduate chemical engineer with over 30 years experience in the Philippine mining industry. He is President of a number of mining companies active in exploration throughout the Philippines, including the Acoje Mining Co. Inc and Rapu-Rapu Mineral Inc. The latter company is currently exploring and developing a high-grade polymetallic ore deposit on the island of Rapu Rapu in conjunction with Australian listed Lafayette Mining NL. Minoro directors and personnel are now taking a more active role in the activities of Atlas and are pleased to announce the opening of a modern head office facility for Atlas in Makati City. The company is now in the process of updating the earlier bankable feasibility study covering the planned re-opening of the Toledo copper mine.