PSE Circular for Brokers No. 3148-99

December 9, 1999 PSE CIRCULAR FOR BROKERS NO. 3148-99 November 29, 1999 Philippine Stock Exchange Inc. Exchange Road, Pasig City SUMMARY OF PRODUCTION & SHIPMENTS October 1999 Gentlemen: 1. Philex Mining Corporation Copper Operations During October, 559,552 DMT of disseminated copper/gold ore were delivered by the mine and treated at the Banget flotation facilities. The estimated resultant production totalled 6,810 DMT of concentrate averaging 27.21% of copper, 61.86 grams/DMT of gold and 69.84 grams/DMT of silver. The estimated contents of this output were 1,852,701 kilograms (4,084,503 Ibs) of copper, 503,555 grams (16,190 ozs) of gold, including bullion, and 480,306 grams (15,442 ozs) of silver, including bullion. The estimated gross value, based on provisional metal prices, is P300.2 million. Shipments Two copper concentrate shipments totalling 10,140 WMT as well as gold bullion shipments containing 2,818 ozs of gold and 157 ozs of silver were effected during the month in review with a corresponding gross value of P387.44 million. LibLex 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 October, the Bulawan mine in Negros Occidental produced 168,955 grams (5,432 ozs) of gold and 286,484 grams (9,211 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P72.2 million. LibLex Shipments During the same period, 5,767 ozs of gold and 9,045 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P75.1 million. cdlex Sibutad Mine During October, 69 ozs of gold and 20 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P.86 million. Very truly yours, PHILEX MINING CORPORATION (SGD.) GERARD H. BRIMO Chairman & CEO