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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: A. Martin who wrote (8471)3/27/1997 11:08:00 AM
From: Walt   of 28369
 
There are a number of lessons to be learned by this whole fiasco and all those that have proceeded it.
Never put all your eggs in one basket,ie keep a diversified portfolio and be very carefull of margin accounts.
Also I work in the buisness of mineral exploration and over the years have seen alot of what goes on. Geologists learn about rocks in school but they dont learn about exploration, mining, assaying, the stock market or buisness ethics. There is no handbook of field proceedures of how to sample properly, check your results or report them.
You can go to a dozen sites on SI and read about proven, probable or possible reserves. People throw around numbers, geological models, potential etc yet where are the standards. The Professional Organizations in my view protect the profession from the public but not the public from the profession. One company reports they may have ten million ounces and the next reports they may have twenty. To get noticed and raise money results potential etc gets inflated.
It is about time that some standards were set. Also expressions by companies such as "world class deposit" "the next Voiseys Bay" etc
should be censored unless they are true.
It is difficult for the honest geologists and companies toiling away trying to find a mine who report their results truethfully when companies around them are hyping much poorer properties and getting all the investment dollars.
Its not just a matter of tightening up the stock market rules, the business of mineral exploration needs a few quide lines and the profesionals in the business need better and more practical training.
So some good may yet come out of all of this. To be a good explorationist you have to be creative and optomistic but you also need a good deal of skepticism and a good grounding in reality. Its only ore if you can mine it at a profit and if mines were easy to find we would all own one.
I sincerly hope that Brex has a mine and just overestimated the reserves and feel for all the shareholders. The ramifications of this and the effects on the junior market as a whole are staggering.
Walt Humphries (prospector based out of Yellowknife)
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