PSE Circular for Brokers No. 738-98

April 21, 1998 PSE CIRCULAR FOR BROKERS NO. 738-98 April 20, 1998 Securities and Exchange Commission SEC Building, EDSA Mandaluyong City Philippine Stock Exchange PSE Centre, Exchange Road Ortigas Center, Pasig City Gentlemen : Please be informed that at the regular meeting of the Board of Directors of the Company this afternoon: a. The Board declared a cash dividend in the amount of P0.004 per share, the details of which are as follows: Record date April 30, 1998 Payment date May 22, 1998 b. The Board authorized the Company, through the Senior Vice President and Chief Financial Officer, Mr. Bryan U. Yap, to execute a mandate letter in favor Rothschild Australia Limited and Dresdner Australia Limited authorizing said banks to raise financing of up to US$30 million to be utilized by Lepanto to fund the twin decline and internal shaft of its Victoria Gold Project and Lepanto's other requirements. cdll CASH DIVIDEND CASH - P0.004/share EX-CASH - April 24, 1998 RECORD DATE - April 30, 1998 PAYMENT DATE - MAY 22, 1998 Very truly yours, (SGD.) RAY C. ESPINOSA Corporate Secretary