PSE Circular for Brokers No. 2845-99

November 8, 1999 PSE CIRCULAR FOR BROKERS NO. 2845-99 October 22, 1999 PHILIPPINE STOCK EXCHANGE Exchange Road, Pasig City SUMMARY OF PRODUCTION & SHIPMENTS September 1999 Gentlemen: I. Philex Mining Corporation Copper Operations During September, 536,558 DMT of disseminated copper/gold ore were delivered by the mine and treated at the Banget flotation facilities. The estimated resultant production totaled 7,002 DMT of concentrate averaging 26.39% of copper, 57.79 grams/DMT of gold and 67.14 grams/DMT of silver. The estimated contents of this output were 1,847,639 kilograms (4,073,343 lbs.) of copper, 489,640 grams (15,742 ozs.) of gold, including bullion, and 475,200 grams (15,278 ozs.) of silver, including bullion. The estimated gross value, based on provisional metal prices, is P260.5 million. Shipments A copper concentrate shipment of 5,078 WMT as well as gold bullion shipments containing 2,885 ozs. of gold and 167 ozs. of silver were effected during the month in review with a corresponding gross value of P210.75 million. For the current month, two copper concentrate shipments are scheduled. Details will be announced in our next report. Philex Gold Philippines, Inc. (a subsidiary of Philex Mining Corporation) Gold Operations Bulawan Mine During September, the Bulawan mine in Negros Occidental produced 146,280 grams (4,703 ozs.) of gold and 252,037 grams (8,103 ozs.) of silver with an estimated gross value, based on provisional prices for gold and silver, of P65 million. Shipments During the same period, 3,883 ozs. of gold and 6,790 ozs. of silver were sold to Johnson Matthey, England with a corresponding gross value of P43.4 million. Very truly yours, PHILEX MINING CORPORATION (SGD.) GERARD H. BRIMO Chairman & CEO