Hello Goldbug23,
It took me over 3 hours to read most of the posts, and I am just coming to grips of what damage rumours can do.
All of us must judge for ourselves, if we help to flare unsubstantiated rumours, thereby driving investors insane. By the time these rumours have been proven untrue, many innocent investors will have lost their life savings. Are we responsible in propogating such rumours and causing panic? This is a moral and an ethical issue that everyone of us should seriously think about. Luckily, I have not heard of any Bre-X investor jumping out of windows yet.
Also, I feel that Freeport has been very irresponsible by not clarifying the "miscommunication" phrase. This leaves Freeport vulnerable.
About Bre-X,
It is not possible that the Busang deposit is a hoax.
1. It is almost impossible to salt thousands of meters of drilled core. Assay samples can be salted, but assaying was done by Kilborn Engineering (World renowned independent firm). So I put no faith in the salting theory.
2. John Felderhof, Mike de Guzman, Jonathan Nassey, and Cesar Puspos are world famous geologists, and have made many successful discoveries and the selection of several maar diatreme and hypabyssal brecia pipe associated with gold mineralization in west, central, and east Kalimantan. They have authored many research papers and are considered as the best in mining. There is absolutely no chance that all of these great geologists would be involved in such a scam together. There is everything to lose and nothing to gain.
3. Many independent geologists, analysts and engineers have visited the site, have observed, verified and are satisfied with the procedures followed by Bre-X.
4. It is absolutely nonsense to think of Bre-X management being involved in a scam like this. First of all, the management consists of very highly educated people from the western world. Surely, everyone knows that no one on the face of this earth can get away with a scam like this. Furthermore, Bre-X management still owns the majority of their shares. Such is not the behaviour of a management on the run.
5. There are just too many parties that would like to see Bre-X at depressed prices. The majors would love to scoup up from nervous and demoralized investors. Merukh, has already lost, and may have started a rumour. With the attitude "If I cannot get a part of Busang, neither will anyone else", anything is possible.
With a 100M oz resource estimation coming out soon, is Bre-X at a good price? You bet it is. Monday will test the nerves of steel. I will be in the market buying on weakness.
Regards, Lalit Jain |
