PSE Circular for Brokers No. 2625-99

October 14, 1999 PSE CIRCULAR FOR BROKERS NO. 2625-99 October 13, 1999 PHILIPPINE STOCK EXCHANGE, INC . Philippine Stock Exchange Centre Exchange Road, Ortigas Center 1605 Pasig City, Philippine Sirs: Please be informed that Minoro Mining & Exploration Corporation, a shareholder of Atlas Consolidated Mining & Development Corp. ("Atlas") to more than 10% of its (Atlas) issued and outstanding stocks will be making the attached Announcement. llcd Please take due notice hereof. Very truly yours, (SGD.) VICTORIANO A. MIGUEL Corporate Secretary ANNOUNCES - FOR LEASE Wednesday, October 13,1999 MINORO ANNOUNCES PROJECT FUNDING FOR REOPENING OF ATLAS' TOLEDO COPPER MINE IS WELL ADVANCED Under its debt for equity swap agreement with Atlas Consolidated Mining & Exploration Corp. (Atlas), Minoro Mining and Exploration Corporation (Minoro) is required to assist Atlas to source the funding needed to bring the Toledo copper mine back into commercial production. Minoro, which holds a 36% shareholding in Atlas (increasing to 58%), advises that negotiations for project funding for the reopening of the Atlas Toledo copper mine are well advanced. It is planned that the procurement of project funding will be finalized during the first quarter of next year and that rehabilitation work will commence shortly thereafter. Based on the bankable feasibility study, the initial production will be derived from the Carmen open pit mine and will commence some 10 months after project funding is in place. Underground development of the Carmen block cave will also commence and open pit mining will then be progressively phased out, with 100% of production coming from the cheaper underground block cave method. Back filling of the block cave operation will utilize open pit waste rock. cdll When in full production, the operation is planned to produce an average of 110 million pounds of copper, 48,000 ounces of gold and 180,000 ounces of silver annually. This will generate significant foreign exchange and employment opportunities. A milling rate of 42,000 ton per day (15.2 million tonnes per annum) is proposed. Concurrent with the recent upsurge in the price of copper and a worldwide shortage of copper concentrates, Minoro has received indicative offers of finance from a number of investment banks, metal traders and end users. A firm offer to loan finance the majority of the US$124 million Toledo rehabilitation cost has been received from a major Japanese company. Common Minoro-Atlas directors will be meeting with other interested financiers and investors in the United Kingdom, Europe, and USA later this month with a view to optimizing the mix of project funding and offtake agreements. Minoro has sold out its substantial interest in Base Metals Mineral Resources Corp. and Philippine Gold plc (a London listed company) in order to focus on expanding Atlas into a significant resources company. To achieve these objectives, it is the intention of Minoro to maintain it shareholding in Atlas on a long-term basis. In addition to its activities in the Philippines, Minoro is already seeking opportunities in other resource projects within the Asia Pacific region and has identified several potential large-scale projects of interest in Papua New Guinea.