PSE Circular for Brokers No. 602-00

March 9, 2000 PSE CIRCULAR FOR BROKERS NO. 602-00 February 29, 2000 Philippine Stock Exchange Inc. Exchange Road, Pasig City SUMMARY OF PRODUCTION & SHIPMENTS January 2000 Gentlemen : I. Philex Mining Corporation Copper Operations During January, 624,084 DMT of disseminated copper/gold ore were delivered by the mine and treated at the Banget flotation facilities. The estimated resultant production totalled 7,388 DMT of concentrate averaging 27.66% of copper, 64.70 grams/DMT of gold and 72.12 grams/DMT of silver. The estimated contents of this output were 2,043,633 kilograms (4,505,435 lbs) of copper, 560,894 grams (18,033 ozs) of gold, including bullion, and 537,638 grams (17,285 ozs) of silver, including bullion. The estimated gross value, based on provisional metal prices, is P316.5 million. Shipments A copper concentrate shipment of 5,046 WMT as well as gold bullion shipments containing 2,744.91 ozs of gold and 151.62 ozs of silver were effected during the month in review with a corresponding gross value of P232.79 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 January, the Bulawan mine in Negros Occidental produced 96.748 grams (3,111 ozs) of gold and 150,610 grams (4.842 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver. of P36.9 million. Shipments During the same period, 2,860 ozs of gold and 4,732 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P34.0 million. Very truly yours, PHILEX MINING CORPORATION (SGD.) GERARD H. BRIMO Chairman. President & CEO