PSE Circular for Brokers No. 638-98

April 7, 1998 PSE CIRCULAR FOR BROKERS NO. 638-98 March 12, 1998 The Commissioner Securities and Exchange Commission SEC Building, EDSA Mandaluyong, Metro Manila Attention : Dir . Eugenio Reyes Brokers & Exchange Dept . Gentlemen : We are pleased to report that our February 1998 production compared to that of the preceding month and the same month of 1997 is as follows: LLpr This Year Last Year This Month Last Month 1998 1997 Production February 1998 January 1997 February February Gold Production: Volume of Bullion 617 kgs. 600 kgs. 1,217 kgs. - Bullion in process (bl kgs.) (34 kgs.) (95 kgs.) - TOTAL 556 kgs. 566 kgs. 1,122 kgs. ======= ======= ======= Value of Metal Content P138,890,240 P149,203,656 P288,093,896 - Copper Production: Volume of - 2,356 DMT Concentrate - - - (2,599 DST Value of Metal Content P61,309,390 P138,890,240 P149,203,656 P288,093,896 P61,309,390 ========== ========== ========== ========= We hope that the above report meets your requirement. Please let us know if there is any related information which we have not incorporated . Very truly yours, (SGD.) ARTEMIO F. DISINI President March 12, 1998 The Commissioner Securities and Exchange Commission SEC Building, EDSA Mandaluyong, Metro Manila SUMMARY OF OPERATIONS FOR THE MONTH OF FEBRUARY 1998 Dear Sir: For the information of the commissioner and the stock exchange, we submit below the figures covering our operations for the month of February 1998. Tonnes of ore treated 46,288 DMT (51,024 DST) Average gold content of ore 8.61 g/tonne (0.25 oz./DST) Average silver content of ore 15.59 g/tonne (0.45 oz./DST) From the above, 556 kgs. of bullion including bullion in process were produced and are estimated to contain: 363,055 grams of gold (11,672 ozs.) 174, 017 grams of silver (5,594 ozs.) During February 1998, metal recoveries were: Gold: 91.12%, and Silver: 24.11%. Number of days in operation: 28 days for the CIP Gold Mill Refinery. Very truly yours, (SGD.) ARTEMIO F. DISINI President