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

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To: Ricki Vernon who wrote (13419)	4/11/1997 3:23:00 PM
From: Lenis Warren	of 28369

NEW News........ Minister for Mines & Energy reports to president on Busang Jakarta, Kompas The Indonesian government is still waiting for the results of analyses conducted by independent laboratories on samples of the Busang gold mine. According to the minister for mines, the results should be released very soon. As soon as the results are known, the government will take the appropriate measures in order to help find a solution to the current controversy over Busang. The saga took yet another bizarre twist when Philippine police authorities announced that the alleged corpse of geologist Michael de Gusman was a case of mistaken identity. De Gusman had been hired by Bre-X to manage their exploration activities in Indonesia and had apparently fallen to his death from a helicopter while on duty. Meanwhile at the Busang mine in East Kalimantan, reports indicate that samples as large as ten tons have been loaded onto a Boeing 727 headed for Australia. These will be used for additional tests aimed at reaching a conclusive answer on the gold deposits of Busang. Many questions are yet to be resolved, but for the moment their solution hinges on the findings of the independent laboratory. For instance, the Toronto Stock Exchange has begun investigations on Bre-X's management following the commotion that resulted from the dramatic collapse of Bre-X's shares. Asked whether the Indonesian government had the same intentions, the minister for mines refused to comment. "And what if the gold deposits turn out to be a hoax?" asked a reporter. "Then clearly this will prove to be one big embarrassment for Indonesia." Media speculation Coming from the wedding reception of BJ Habibie's daughter, Bob Hasan told reporters that his company, Nusamba, had no intentions to acquire Bre-X. "The company belongs to foreigners, we have absolutely no desire to buy it, and anyway, what's the point? We already have a large stake in it. We're also conducting our own tests on the deposits." "The real problem is that the exploration will take some two to three years, and that will require lots of investment before we can see any return. Now that's where we must proceed with care," concluded Bob Hasan.(*)

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