Itogon-Suyoc Mines, Inc.

December 7, 1999 PSE CIRCULAR FOR BROKERS NO. 3115-99 SUBJECT : Itogon-Suyoc Mines, Inc . Itogon-Suyoc Mines, Inc. ("ITS") furnished the Exchange a copy of its Amended SEC Form 11-A for the fiscal year ended December 31, 1998, with amendments to the following: Business and General Information Description of Business "Itogon-Suyoc Mines, Inc. was organized in March 1925 as a Corporation purely engaged in actual gold production through mining and milling of gold ores and bullion marketing. With the recent amendments of its Articles of Incorporation, the company may now consider to engage in real estate development, electric power generation, and/or engineering and construction activities. . . ." Management's Discussion and Analysis of Financial Condition and Results of Operations Review of 1998 Operations ". . . As of year end, there were 43 employees and 37 security guards in Itogon, 5 in Suyoc and 10 at the head office. During the year, geological work has been focused on surface exploration of the Itogon and Suyoc mineral claims. At the head office, the updating of the Feasibility study of Project 3000, follow-ups on Suyoc application for Mineral Production Sharing Agreement, ECC, application for value-added tax refunds, and the completion of the covering documents for the capital increase filed with the SEC and the Philippine Stock Exchange were the major activities taken by the Company during the year, including the normal administrative and accounting functions, as well as liaison work with government institutions. . . ." Management and Certain Security Holders Past positions held by ITS' Directors and Executive Officers are included. A copy of said ITS' Amended SEC Form 11-A is available for reference at the PSE Centre and PSE-Plaza Libraries. LexLib For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group