PSE Circular for Brokers No. 272-00

February 7, 2000 PSE CIRCULAR FOR BROKERS NO. 272-00 January 27, 2000 Philippine Stock Exchange Inc . Exchange Road, Pasig City SUMMARY OF PRODUCTION & SHIPMENTS December 1999 Gentlemen: I. Philex Mining Corporation Copper Operations During December, 607,976 DMT of disseminated copper/gold ore were delivered by the mine and treated at the Banget flotation facilities. The estimated resultant production totalled 7,052 DMT of concentrate averaging 27.68% of copper, 61.97 grams/DMT of gold and 71.79 grams/DMT of silver. The estimated contents of this output were 1,952,105 kilograms (4,303,650 lbs) of copper, 513,632 grams (16,514 ozs) of gold, including bullion, and 510,814 grams (16,423 ozs) of silver, including bullion. The estimated gross value, based on provisional metal prices, is P299.1 million. Shipments Two copper concentrate shipments totalling 10,783 WMT as well as gold bullion shipments containing 2,188.25 ozs of gold and 124.80 ozs of silver were effected during the month in review with a corresponding gross value of P440.38 million. For the current month, one copper concentrate shipment is scheduled. Details will be announced in our next report. Philex Gold Philippines, Inc. (a subsidiary of Philex Mining Corporation) Gold Operations Bulawan Mine During December, the Bulawan mine in Negros Occidental produced 88,644 grams (2,850 ozs) of gold and 155,376 grams (4,995 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P40.5 million. Shipments During the same period, 3,515 ozs of gold and 5,900 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P41.0 million. LibLex Very truly yours, PHILEX MINING CORPORATION (SGD.) GERALD H. BRIMO Chairman, President & CEO