March 17, 2000

PSE CIRCULAR FOR BROKERS NO. 700-00

MS. LUISA W BUENAVENTURA
Supervisor, Disclosure Department
Philippine Stock Exchange, Inc.
PSE Center, Pasig City
Via Fax: 636-0809

Dear Ms. Buenaventura,

In reply to your letter dated 17 March 2000 regarding the Philippine Daily Inquirer's report of Apex tie-up with Siemens, copy of which we received by fax transmission, please be advised that the management of Apex Mining Co., Inc. vehemently denies such thing. The company, its directors and officers have no knowledge of today's press release and have not talked with Siemens or any of its representatives.

Thank you.

Very truly yours,

(SGD.) ERIC R. TAGLE
Special Assistant to the President