Hi Bigdude, how can you say there was no visible gold. A copy of the original Bre-x Newsletter in 1993 states that in the 3rd paragraph. In 1993, Bre-x bought the property with 1 million ounces of gold...
BTW, if you call Indonesia and elsewhere often and if the people you speak to have internet access, you should look into WEBPHONE. You can communicate to anyone on the net for free!!! The quality (depending on your setup) its just as good as the telephone but with no long distant costs... ( webphone.com )
Calgary, Alberta -- July 19, 1993 -- 9:30 AM MDT
Bre-X Minerals Ltd. Announces Acquisition Of Advanced Gold
Project In East Kalimantan, Indonesia
BRE-X MINERALS LTD. is pleased to report the successful acquisition of an 80% working interest in an advanced gold project in East Kalimantan, Indonesia.
The property encompasses 57,571 hectares and has three prime prospects identified. The most advanced is the Busang prospect. With a funding recently completed, a two months field program will commence August 1, 1993, consisting of detailed geological mapping and sampling followed immediately by a 1,000m (metres) diamond drill program with the objective of delineating the potential of Busang, which is believed to contain an open pittable resource of 20 million tonnes @ + 2gm/tonne gold (1,000,000 ounces of gold).
A reinterpretation of the existing data base which included 19 shallow diamond drill holes to an average vertical depth of 60m and a field reconnaissance have been completed by company personnel Four random altered weathered rock and soil chip samples, and one pan concentrate after rock chip number BS-SA4 were obtained. Visible free grained hypogene gold was observed in the concentrate. The samples provided the following results for gold:
BS-SA I 2.70 gm/T BS-SA 3 2.68 gm/T
BS-SA 2 114.00 gm/T BS-SA 4 2.19 gm/T
In an interview, BRE-X President, David G. Walsh stated that: "An additional Agreement in Principle has been reached with a major mining company to acquire a porphyry copper-gold prospect in North Sulawesi, Indonesia, within the North Sulawesi-Philippines porphyry copper-gold belt. A mirror image of this prospect is believed to be the Kingking porphyry copper-gold deposit of Benguet Corporation located in Davao, Mindanao, Philippines. The Kingking deposit, where development of a surface mine is currently underway, has drilled reserves of 105 million tons at the main orebody containing 0.55% copper and 0.75 gm/ton gold, surface mineable."
Mr. Walsh further stated: "BRE-X will be operator of all its mineral exploration and development in Indonesia under the supervision of BRE-X's General Manager - Indonesia Operations, John B. Felderhof, P.Geol."
John Felderhof is credited as co-discoverer of the large Ok Tedi copper-gold mine m Papua New Guinea, and the discoverer of four mineral properties in Indonesia of which one is m production, two scheduled to go into production, and one at the feasibility stage. With thirteen years of experience in the country, he has assembled an experienced team of three senior geologists with extensive experience in Indonesia and the Philippines to join the BRE-X exploration forces.
By virtue of its geological setting, a favourable investment climate, and political stability, BRE-X is focusing its mineral activities in Indonesia, and has recently opened exploration offices in Jakarta.
BRE-X MINERALS LTD.'s common shares trade on the Alberta Stock Exchange under the Symbol -BXM- and in the United States under S.E.C. 12g3-2(b) Exemption #82-2750. |
