March 22, 2000

PSE CIRCULAR FOR BROKERS NO. 737-00

March 21, 2000
Philippine Stock Exchange, Inc.
Exchange Road, Ortigas Center
Pasig City

Attention: Ms. Grace de Guia

Head, Disclosure Dept.

Gentlemen :

Please be advised that at the regular meeting of the Board of Directors of Itogon-Suyoc Mines, Inc. held this morning, the Board of Directors approved the resolution for the creation of security interests on the corporate assets to secure the outstanding loans/advances from Rafael Ortigas, Jr. et al. and Sagitro, Inc. and/or the conversion into equity of such loans/advances upon the request of the lenders. Said resolution shall also be presented to the stockholders of the corporation for their approval at the stockholders' meeting scheduled on May 5, 2000 at 4:00 p.m.

Very truly yours,

(SGD.) JHOANNA JASMINE M. JAVIER
Secretary of the Meeting