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: mikesloan who wrote (8248)	3/26/1997 5:31:00 PM
From: Robespierre	of 28369

THE FINANCIAL POST BROKE THIS STORY ON MARCH 25, 1996 Post says Bre-X testing methods criticized Bre-X Minerals Ltd BXM Shares issued 21242833 1996-03-22 close $148 Monday Mar 25 1996 In the News The Financial Post reports in its Saturday edition that some mining industry insiders have cast doubt on the reliability of studies done by Bre-X Minerals to back claims it has found one of the world's biggest gold mines. Reporter Peter Kennedy claims the skepticism could cripple or substantially delay Bre-X's search for a partner to develop the Indonesian property. Technical experts watching the methods that Bre-X is using to estimate the amount of gold at Busang warn that no large mining company would consider investing in the project without a lot more data. Aur Resources executive Howard Stockford warns that drill holes in the rich southeast zone are two football fields apart, and much more drilling is necessary. Bre-X's use of cyanide leaching also raises questions, and one engineer says the method is more commonly used to evaluate gold processing methods that the orebody itself. Bre-X v-p Stephen McAnulty says Bre-X has been using the method for more than two years, several majors use the same lab, and the company expects to have more results in about two weeks. Post says analysts dispel investors' worries Bre-X Minerals Ltd BXM Shares issued 21242833 1996-03-25 close $144 Tuesday Mar 26 1996 In the News The Financial Post reports in its Tuesday edition that Bre-X Minerals shareholders were taken for a ride Monday before analysts moved to calm fears over questions raised about the company's Busang deposit in Indonesia by the Post in a Saturday article. Reporter Peter Kennedy says the stock tumbled $16 in early trading after some mining insiders voiced concerns about the lack of data to support claims that Bre-X's find is the world's largest gold deposit. One unidentified industry insider says that people are losing sight of the fact that there is no independent data to support even one million ounces. The stock rebounded to close down $4 at $144, after several mining analysts said they still consider the stock a buy. Levesque Beaubien analyst Michael Fowler shrugged off worries and he says in a report that cyanide leach assaying gives a "more accurate" measure of gold values than fire assaying. Kerry Smith of First Marathon and John Hainey of Eagle & Partners are also optimistic.

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