PSE Circular for Brokers No. 918-98

May 5, 1998 PSE CIRCULAR FOR BROKERS NO. 918-98 April 29, 1998 Philippine Stock Exchange Inc. Exchange Road, Pasig City SUMMARY OF PRODUCTION & SHIPMENTS MARCH 1998 Gentlemen : Copper Operations During March, 595,308 DMT of disseminated copper/gold ore were delivered by the mine and treated at the Banget flotation facilities. The estimated resultant production totalled 7,763 DMT of concentrate averaging 27.51% of copper, 47.90 grams/DMT of gold and 60.95 grams/DMT of silver. The estimated contents of this output were 2,135,402 kilograms (4,707,750 lbs) of copper, 442,159 grams (14,216 ozs) of gold, including bullion, and 477,088 grams (15.339 ozs) of silver, including bullion. The estimated gross value, based on provision metal prices, is P331.0 million. Shipments Two copper concentrate shipments totalling 10,902 WMT as well as gold bullion shipments containing 2,585 ozs of gold and 136 ozs of silver were effected during the month in review with a corresponding gross value of P384.2 million. cdlex 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 March, the Bulawan mine in Negros Occidental produced 172,854 grams (5,557 ozs) of gold and 248,175 grams (7,979 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P72.5 million. Shipments During the same period, 5,709 ozs of gold and 6,518 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P67.393 million. Sibutad Mine During March, the Sibutad mine in Zamboanga del Norte produced 8,709 grams (280 ozs) of gold and 30,979 grams (996 ozs) of silver with an estimated gross value, based on provisional prices for gold and silver, of P3.3 million. The mine is in pre-commercial operation. Shipments During the same period, 563 ozs of gold and 1,418 ozs of silver were sold to Johnson Matthey, England with a corresponding gross value of P6.609 million. Very truly yours, PHILEX MINING CORPORATION (SGD.) GERARD H. BRIMO (Chairman & CEO)