PSE Circular for Brokers No. 270-00

February 7, 2000 PSE CIRCULAR FOR BROKERS NO. 270-00 ATLAS RE MISLEADING REPORTS ON ITS PRESS RELEASE TO SEC ATLAS CONSOLIDATED MINING AND DEVELOPMENT CORPORATION ("Atlas") is taking exceptions on certain items at a news report which appeared in the Business World issue of January 28-29, 2000 entitled "Chinese mining company to fund P5-B Atlas rehab". The misreporting is underlined. Minoro Mining and Exploration Corporation ("Minoro"), the lead investor in the rehabilitation and reopening of Atlas' Toledo copper mine located in Toledo, Cebu, has acquired a 41% interest in Atlas . The Manila-based office of the China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. ('NFC") has expressed interest to work out an agreement with Atlas in which NFC will supply capital equipment needed, including supplies, and finance the rehabilitation of the copper mine in exchange for Atlas to sell its copper concentrates to NFC. However, the "deal" is far from being finalized as Atlas and Minoro have only conducted initial discussions with NFC with regard to these matters . Atlas is not aware of any arrangement in which a contract will be signed with NFC with no less than President Estrada in attendance reportedly to coincide during his trip to China . The rehabilitation of the Toledo copper mine is projected to cover a 10-month period with an initial production derived from the Carmen open pit mine. 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 at 42,000 tonnes ore milling per day. Based on the geological review conducted on the ore reserves of the mine, Toledo had an estimated ore reserve of 850 million tonnes. SIGNATURES Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ATLAS CONSOLIDATED MINING AND DEVELOPMENT CORPORATION By: (SGD.) FERNANDO S. VERDE President and COO