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

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: alan holman who wrote (7941)	3/26/1997 1:37:00 AM
From: SStam	of 28369

I found the following news in the Calgary Herald: In a bid to counter news reports that there may be little gold at Busang deposit in Indonesia, Bre-X Minerals Ltd. said Monday,it is considering suing certain parties and publications. The Calgary-based company described the reports as a "proliferation of falsehoods, misinformation based on unsubstanatiated allegations by unnamed sources." The reports caused Bre-X's share price to drop sharply, prompting the firm to consider taking action against certain parties and publications, " the statement said without elaboration. Earlier Monday, Indonesia's Mines and Energy Minister I.B. Sudjana was reported to have said that he will "immediately check" if there is any truth in a Jakarta newspaper's report that Busang contains far less gold than the 70.9 million ounces to 200 million ounces reported to be there. If you want to read the full story you can find it at the Calgary Herald Website via yahoo.com. Here is another article from the Calgary Sun by Liza Sardi: Calgary based Bre-X Ltd. is the victim of a scurrilous sabatoge by someone intentionally devaluing shares for personal gain, a high-profile international stock market researcher told the Sun yesterday. Andrew Racz of New York's Bishop, Rosen and Co. said the culprits who alleged Bre-X's Indonesian gold find is significantly less than 200 million oz. may have earned between $250,000 and $1 million by purchasing shares after the stock plunged Friday. " We should not treat this as a passing incident," Racz said in Calgary where he met privately yesterday with Bre-X officials. Bre-X went from a tiny penny-stock firm to one worth billions after the find deep in the jungles of the In donesian island of Borneo. The one-time personal financial adviser toformer U.S. president Richard Nixon. told Bre-X to bring 20 to 30 top Canadian mining analysts to the Busang site on Kalmantan Island to confirm the monumental find. Bre-X is to put out a release today to ease investor's fears, said Raez. Racz is also calling on Indonesia's government to immediately grant permits for the development to show confidence in the project and for the country's president to visit both Canada and the U.S. to ease tensions over last week's events. He also said the Toronto Stock Exchange should issue a statement condemning manipulation of the markets via the Internet, and join an unprecedented international panel to bring the culprit to justice. On Friday, a business daily in Jakarta wrote a story quoting an unnamed source as saying Bre-X's find was a fraud. The information was relayed worldwide via the Internet and caused Bre-X shares to fall $2.25 to $15.20.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next