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: nasdaq who wrote (8029)	3/26/1997 1:54:00 PM
From: SStam	of 28369

Good point Nasdaq....What do you think of this morning news: CALGARY, March 26 (Reuter) - Bre-X Minerals Ltd said on Wednesday there appears to be a "strong possibility" that the potential gold resources on the Busang project have been overstated due to invalid samples and assays of those samples. Freeport-McMoRan Copper & Gold Inc <FCX.N> said earlier on Wednesday its tests of the Busang II site indicate insignificant gold amounts. Bre-X said in a statement "there appears to be a strong possibility that the potential gold resources on the Busang project in East Kalimantan, Indonesia have been overstated because of invalid samples and assaying of those samples." Bre-X said its statement was based on advice from Strathcona Mineral Services Ltd, an independent Canadian mining industry consultant. Bre-X said its board of directors retained Strathcona last week to review, audit and comment on the technical programs carried out to date by Bre-X and the results of those programs on the Busang project and to review the due diligence program being conducted by Freeport-McMoRan. "Strathcona has recommended to Bre-X that an audit be conducted of the drilling and sampling programs done by both Bre-X and FCX (Freeport)," the statement said. "This audit will include the drilling of further core samples and will take approximately four weeks. Bre-X has accepted Strathcona's recommendation and has advised Strathcona to immediately proceed with this audit program," Bre-X said. Shares in the Calgary-based gold prospector were halted before the start of trading on the Toronto Stock Exchange. Bre-X's stock has been under pressure since an Indonesian newspaper report last week questioned the size and viability of the Busang gold site. Investors have also been skittish over the mysterious death last week of a co-discoverer of the Busang site.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next