BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. Message Board

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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.

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To: marcos who wrote (19656)	4/30/1997 5:11:00 AM
From: Tracker	of 28369

NEW ORLEANS (AP)--Freeport-McMoRan Cooper & Gold Inc. (FCX) will participate in an Indonesia mining venture once thought to be the world's richest find only if a new test proves it is economically feasible, its chairman said. The test results of the Busang field, discovered by Bre-X Minerals Ltd. (BXMNF), are expected by the end of the week. Early tests by Freeport-McMoRan have indicated the mine holds only a fraction of the gold originally anticipated. ''We will go forward only if we determine if there is an economic deposit,'' Freeport Chairman and Chief Executive Jim Bob Moffett told shareholders at the company's annual meeting Tuesday. He said the new tests should shed further light on the area's viability. He declined further comment or questions. As reported, Freeport had agreed to acquire a 15% stake to invest up to $400 million to develop the mine. The Busang field, on Indonesia's portion of the island of Borneo, was believed to contain from 50 million to 200 million ounces of gold, worth about $77 billion.

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