Philex Mining Corporation

April 22, 1998 PSE CIRCULAR FOR BROKERS NO. 770-98 SUBJECT : Philex Mining Corporation Further to Circular No. 414-98 dated March 19, 1998, Philex Mining Corporation ("PX") furnished the Exchange on April 21, 1998 a copy of SEC Form 34-A (Preliminary Proxy Statement) in connection with its Annual Stockholders' Meeting which will be held on Thursday, June 25, 1998 at 2:00 p.m., at the Function Modules ABCD, 4th Floor, Manila Galleria Suites, ADB Avenue, Ortigas Center, Pasig City. The agenda for the meeting shall be as follows: 1. Proof of the required notice of the meeting 2. Proof of the presence of a quorum 3. Reading of the minutes of the previous stockholders' meeting and action thereon 4. Reading of annual reports and action thereon. 5. Ratification and approval of the acts of the Board of Directors and Company Officers during the year 1997 6. Amendment of Article III of the Amended Articles of Incorporation to make Metro Manila the principal place of business 7. Amendment of Article I, Sections 1 and 3 (re; place of stockholders' meetings) and Article 1, Section 8 (Closing of Transfer Books/Fixing of Record Date) of the amended By-Laws 8. Appointment of Independent auditors 9. Other business 10. Appointment of election inspectors to serve until the close of the next annual meeting 11. Election of the nine directors for the ensuing year. As previously announced, stockholders of record at the close of business on March 25, 1998 are entitled to vote thereat. The Stock and Transfer Book of the Corporation will be closed from March 26, 1998 to April 3, 1998 . A copy of PX's SEC Form 34-A is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group