MEMO FOR BROKERS

T h e P h i l i p p i n e S t o c k Exchange, Inc.
Disclosures Dividend Notice Stock Rights Notice Stockholders Meeting SEC / Govt Issuance Transfer Agents Notice Others:

Date Subject

: October 2, 2007 : Documentary Requirements for Mining Companies

Further to Memo for Brokers No. 433-2007 dated September 20, 2007 regarding the adoption by the Exchange of the Philippine Mineral Reporting Code (PMRC) and the submission of additional documentary requirements for applicant mining companies, attached herewith is a Checklist of Documentary Requirements for Mining Companies. Such checklist shall be applied to initial and additional listing applications. For your information and guidance.

(Original Signed) MARSHA RESURRECCION OIC, Listings Department

Noted by:

(Original Signed) ROY JOSEPH M. RAFOLS COO/ Head, Issuer Regulation Division

Finance / Admin / Membership Tel. No.688-7560/7440/7460

Market Regulatory Division Tel. No. 688-7559

Issuer Regulation Division Tel. No. 688-7501/7510

Information Technology Division Tel. No. 688-7405/819-4400

Capital Markets Devt. Division Tel. No. 688-7590

CEO / OGC Tel. No. 688-7400/819-4408

DOCUMENTARY REQUIREMENTS FOR MINING COMPANIES 1. Compliance with the Philippine Mineral Reporting Code (PMRC)- An applicant company must submit a report containing information regarding its mineral resource and/or reserve prepared in accordance with the standards set by the Philippine Mineral Reporting Code (PMRC or the Code), and signed by a Competent Person as defined by the PMRC, jointly validated by the Mines and Geosciences Bureau (MGB) Director or his duly appointed representative. Until the full implementation of the PMRC in January 2008, a Qualified Person shall be allowed to sign-off on a PMRC-compliant document. A Qualified Person is one who meets all the qualification of a Competent Person but without the Competent Person accreditation. A Certified-True Copy of the Mines and Geosciences Bureau approved copy of the Exploration/Construction/Utilization Work Program duly prepared and signed by a licensed Mining Engineer, Geologist or Metallurgical Engineer, whichever is applicable. Certification from Mines and Geosciences Bureau The application for listing shall be supported by a certification from the MGB attesting that the mineral claims or rights as of the date of application are still valid and owned by the Issuer or any of its subsidiary/ies; that they are being developed in accordance with the MGBApproved Work Program; and that the applicant has been complying with the reporting requirements of the Bureau. Permits and Agreements An applicant Company must submit Certified True Copies of Exploration Permits, Mineral Agreements (Mineral Production-Sharing Agreement, Joint Venture Agreement, or Co-Production Agreement), Financial or Technical Assistance Agreement (FTAA) and Mining Project Feasibility. At a minimum, applicant mining companies or its subsidiary/ies should hold an Exploration Permit. Quality of Management and Technical Competence of Applicant - Proof of quality of management and of technical competence shall be submitted by the applicant showing, among others, the bio-data, indicating the professional experience in the field, of the key management and technical personnel of the Company. Working Capital and Financial Resources- Proof of adequate working capital to carry on the approved work program, and appropriateness of capital structure. In no case shall a mining company be allowed to raise funds from the public to acquire mining tenements and/or to support any pending permit applications.

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7. Escrow of Funds- All of the funds raised through the Exchange shall be placed under Escrow. The Escrow Agent shall not release any portion of the funds for any purpose other than the disclosed intended use of proceeds and in accordance with the timetable of expenditure. Moreover, to ensure transparency in the use of proceeds, Companies shall disclose via the Exchanges Online Disclosure System (ODiSy) any disbursements made in connection with the planned use of proceeds. Any reallocation on the use of proceeds should be disclosed via the Exchanges Online Disclosure System (ODiSy). 8. Other documents which may be required by the Exchange, including but not limited to updates on previous documents submitted.