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: alan holman who wrote (25479)	6/11/1997 11:58:00 PM
From: alan holman	of 28369

Here's the article: FRONT PAGE \| CITY \| SPORTS \| BUSINESS \| NATIONAL \| WORLD \| DIALOGUE ENTERTAINMENT \| YOUR MONEY \| INTERNET \| COLUMNISTS \| CLASSIFIED Wednesday 11 June 1997 Bre-X could still have $36M CALGARY - There may be gold at the end of the Bre-X rainbow after all - about $36 million worth. That's the amount of cash the bankruptcy monitor Price Waterhouse says Bre-X Minerals Ltd. and its two affiliates - Bro-X Minerals Ltd. and Bresea Resources Ltd. - still have on hand despite Bre-X's spectacular stock meltdown over the Busang mining scam, the Calgary Sun reported Wednesday. The Calgary-based company faces scores of North American lawsuits in the affair and lawyers for angry investors said Tuesday they can't wait to get at the $35.7 million. "You bet this is good news," said Clint Docken, a Calagary lawyer representing more than 200 investors. "It's our clients' money and as far as I know they're the only ones Bre-X owes it to. This report helps to start filling in pieces of the Bre-X puzzle." Bre-X president David Walsh could not be reached for comment. The monitor's first report, filed Tuesday in court, details the companies' financial position as of the end of May. It shows the three firms have total current assets of $43.2 million and liabilities of $4.8 million. As well, other Indonesian ventures related to the Bre-X groups have $1.6 million in cash, but have debts exceeding their assets. However, the report does not tally the potential impact of pending lawsuits on the company's position. Price Waterhouse was placed in charge of monitoring the assets and records of Bre-X when the company filed for bankruptcy protection May 8 following the Busang nosedive back to its penny stock roots. Bre-X had been the darling of the mining world, going from a tiny firm run out of owner Walsh's Calgary basement to a multimillion dollar giant thanks to its Busang gold find in Indonesia. The find was thought to be at least 70 million ounces - making it the discovery of the century. But the gold fever broke May 3 when an independent audit showed there was no mineable gold at the site and someone had tampered with the samples. At its height, Bre-X was valued at $6.2 billion. The stock no longer trades. The RCMP is now investigating the affair as are the Indonesian government and securities officials in the U.S. FRONT PAGE \| CITY \| SPORTS \| BUSINESS \| NATIONAL \| WORLD \| DIALOGUE ENTERTAINMENT \| YOUR MONEY \| INTERNET \| COLUMNISTS \| CLASSIFIED FEEDBACK \| GATEWAY

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