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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: Phil Jones who wrote (8444)3/27/1997 7:40:00 AM
From: Nugget   of 28369
 
Dow Jones Business News -- March 27, 1997
Indonesia/Busang/Bre-X -2: To Send Letter To Bre-X

AP-Dow Jones News Service

JAKARTA -- The Indonesian Government Thursday said it will withold the process of contract of works for Calgary-based Bre-X Minerals Ltd. (BXMNF) to develop the Busang gold mine project, a senior official said.

'We will hold the process of the contract of works for Bre-X (to develop Busang project) until we have received reports from (Bre-X) and its independent consultant on the gold deposit in Busang,' said Indonesia Director General for General Mining, Kuntoro M.

Kuntoro said that the government, if necessary, will immediately send a letter to Bre-X asking them to define independent consultant which has capability to give objective inputs on the gold deposit in Busang.

'The letter will probably be sent today (Thursday),' he added.

The official made the statement following news overnight that Freeport McMoRan Copper & Gold Inc. (FCX), a major U.S-based mining company, said it found 'insignificant' amounts of gold at Bre-X's Busang gold site in Indonesia.

Freeport said that during the past three weeks, it has drilled 7 core holes within the Busang II project area to confirm the results of the core holes previously drilled by Bre-X.

Analyses of the cores, Freeport said, which remain incomplete, indicate insignificant amounts of gold in Busang.
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