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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.

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To: Karl Zetmeir who wrote (13067)	4/10/1997 2:14:00 PM
From: Nugget	of 28369

Dow Jones Business News -- April 10, 1997 Bre-X Chief Geologist Isn't Body In Manila Grave: Report AP-Dow Jones News Service JAKARTA, Indonesia -- A news report claimed Thursday that a corpse buried last week in Manila was not of the chief geologist of a Canadian mining explorer that has become the focus of a recent mining controversy. The daily Media Indonesia said the conclusion was based on results of autopsy by Filipino physicians that found that the teeth of the buried corpse was different from Michael De Guzman's dental records. It quoted unspecified sources in Manila as saying that the teeth were the best preserved of the small number of body's organs fit for examination. De Guzman, chief geologist of Bre-X, fell from a helicopter on March 19 while on his way to a gold deposit site he found in Busang, East Kalimantan. His body was later found in a marshy forest. The pilot said de Guzman must have jumped, and police said they found a suicide note in which he blamed a terminal illness. De Guzman had been working for Bre-X, a small Canadian-based firm that stunned the mining world when it announced that its Busang gold field in Indonesia's part on Borneo, contained up to 200 million ounces of gold worth dlrs 77 billion. But Bre-X later admitted that is surveys were invalid and may have overestimated the amount of gold deposit there. That and other findings caused a frenzied sell off of Bre-X stock shares. The Media Indonesia said the sources, once cooperate with the Canadian mining explorer, ascertained that there are 'insider trading' practice in the Busang case. The sources, according to the report, alleged that David Walsh, chief of Bre-X executive board, has pocketed some Canadian $80 million earnings from the initial announcement of the finding. But De Guzman's brother, Jojo, has said earlier that he believes it is unlikely that his brother killed himself because a doctor had given him a clean bill of health in February.

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