PSE Circular for Brokers No. 677-98

April 15, 1998 PSE CIRCULAR FOR BROKERS NO. 677-98 April 8, 1998 The Commissioner Securities and Exchange Commission SEC Building, EDSA Mandaluyong, Metro Manila SUMMARY OF OPERATING FOR THE MONTH OF MARCH 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 March 1998. Tonnes of ore treated 54,173 DMT (59,715 DST) Average gold content of ore 8.28 g/tonne (0.24 oz./DST) Average silver content of ore 22.52 g/tonne (0.66 oz./DST) From the above, 788.262 kgs. of bullion were produced and are estimated to contain: cdll 410,682 grams of gold (13,203 ozs.) 340,577 grams of silver (10,950 ozs.) During March 1998, metal recoveries were: Gold: 91.57%, and Silver: 27.92%. Number of days in operation: 31 days for the CIP Gold Mill Refinery. Very truly yours, (SGD.) ARTEMIO F. DISINI President April 8, 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 March 1998 production compared to that of the preceding month and the same month of 1997 is as follows: This Year Last Year This Month Last Month 1998 1997 Production March 1998 February 1998 Jan.-March Jan.-March Gold Production: volume of Bullion 788 kgs. 617 kgs. 2,005 kgs. 214 kgs. Bullion in process - (61 kgs.) 95 kgs.) - TOTAL 788 kgs. 556 kgs. 1,910 kgs. 214 kgs. ======= ====== ======= ====== value of Metal Content P152,787,816 P138,890,240 P440,881,712 P43,272,392 Cooper Production: volume of - 2,358 DMT Concentrate - - - (2,599 DST) Value of Metal Content - - - P61,309,390 P152,787,816 P138,890,240 P440,881,712 P110,581,782 ========== ========== ========== ========== 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