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: Lalit Jain who wrote (7724)	3/23/1997 11:18:00 AM
From: Sal Pugliese	of 28369

Hi Lalit , I'm reading some old archived info from Yorkton Securities site Visit in July-96. Part of the report is attached: Do you or does anyone else know what is meant by "Inferred Category" as mentioned is paragraph 3? Also, note the last sentence in that paragraph! Yorkton Natural Resource Group VISIT TO THE BUSANG GOLD DEPOSIT JULY 15 - 17, 1996 -- Conventional market wisdom would lead the investor to sell or hold the shares of Bre-X Resources Ltd., owner of the Busang Gold Deposit in Eastern Kalimantan. After all, the market capitalization of the company is about $5 billion (Cdn.) and the project is entering the Feasibility Study Phase, a period when most stock prices tend to stall or decline. However, a visit to the property is necessary to grasp the magnitude of what is going on and to justify throwing out the rule book. The Busang gold deposit will very likely turn out to be the largest and most valuable gold deposit ever found, indeed the best mineral deposit of any kind. It is most certainly one of the few "giant" deposits on record and the kind of deposit on which all major mining dynasties are based. The latest information on the deposit is from the mid-June updated resource from Kilbom Engineers, estimating a resource of 10.89 million oz Au in the measured and indicated category (140 million tonnes @2.42 g/t Au) and an additional 28.26 million oz Au in the inferred category(374 million tonnes @ 2.34 g/t Au) for a total figure of 39.15 million oz Au (514 million tonnes @2.36 g/t Au). A review of the underlying drilling data behind these estimates gave no reason to second-guess these figures. The stated goal of the Bre-X operating team at Busang is to develop 50 million oz of gold in the measured and indicated category by the end of 1996. (If they are successful in this endeavour, the company would have a larger gold reserve base in these categories any any mining company). Geological evidence is very strong that they will meet or exceed this goal. While the 39.15 million oz Au estimated by Kilborn comes from several zones, about 70% or 27 million oz comes from a 1 kilometer long section (Sections 44 through 64) from the Southeast Zone 1, where 2-3 g/t Au material extends from surface to drill depths of 300-400 m over widths up to 700 m....(part of the report) Thanks in advance...Sal

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