PSE Circular for Brokers No. 2570-99

October 11, 1999 PSE CIRCULAR FOR BROKERS NO. 2570-99 October 8, 1999 PHILIPPINE STOCK EXCHANGE 4/F Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Fax No. 636-0809 / 637-8811 Attention: Disclosure Department Listing & 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 at the Special Stockholders' Meeting of Alcorn Petroleum and Minerals Corporation held today, October 8, 1999 at 3:00 p.m. at the Paraaque Room of the Makati Shangri-La Hotel, Makati City, Metro Manila, the stockholders owning and/or representing more than two-thirds (2/3) of the entire issued and outstanding capital stock of the corporation approved and adopted the following resolutions: Re: Approval of the Proposed Amendments to the Articles of Incorporation (a) A resolution changing of corporate name from Alcorn Petroleum and Minerals Corporation to " Alcorn Gold Resources Corporation ". (b) A resolution amending Article Second of the Articles, of Incorporation - changing the Primary Purpose from an oil and mineral exploration and development corporation into a holding company; further amending its Secondary Purpose to include the present Primary Purpose of oil and mineral exploration and development and related energy activities as one of the Secondary Purposes and engage in said Secondary-Purpose. (c) A resolution Amending the Seventh Article of the Articles of Incorporation - declassifying its shares of stock from Class "A" and Class "B" into all common shares and removing pre-emptive rights on any increase in the capital stock. Please disseminate the above information to your member and the investing public . Very truly yours, (SGD.) PONCIANO K. MATHAY VP & General Manager