March 27, 2000

PSE CIRCULAR FOR BROKERS NO. 789-00

Philippine Stock Exchange
PSE Center, Exchange Road
Pasig City

Attention: Disclosure Group

RE : Annual Meeting of Stockholders

Gentlemen:

Please be informed that during the meeting of the Board of Directors of Island Mining & Industrial Corporation that has just concluded this day, the following transpired:

1. The President, Mr. Andres Lau, Sr. reported to the board that negotiations for the entry of a foreign investor were ongoing and nearing completion. He stated that a more formal announcement would be made as soon as agreements have been formalized.

2. The Board of Directors approved an amendment to the Articles of Incorporation and By-Laws of the Corporation, so as to change the name of the Corporation to Island Communications Corporation and an amendment to the Articles of Incorporation to change the primary purpose from that of a mining company to that of a communications company.

Very truly yours,

(SGD.) ROLANDO F. DEL CASTILLO
Corporate Secretary