SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: R.M.C. who wrote (15396)4/20/1997 12:08:00 AM
From: Mustafa Nazarali   of 28369
 
Hi RMC and ALL!

You are indeed correct. I have been trying to put two and two to
together and putting it all in a time frame, can we say the following
happened? Would appreciate if anyone can please confirm.

1. de Guzman commits suicide on Monday, March 18, 1997.

2. rumours, reports in the Indonesian newspapers begin to unfold
later in that week that Bre-X has no gold

3. on the following Wednesday, press release was issued by Bre-X
stating Freeport's findings and Strathcona's statement

4. on the next day, Bre-X releases Freeport's results and stock
reopens for trading

From the newspaper articles and interviews with David Walsh, I noted
that:

1. Freeport let Bre-X know of its findings one week before de
Guzman's suicide

2. Walsh stated Strathcona's statements were made based on
Freeport's drillings and were a result of only 48 hours of discussion
with Freeport.

This means that Strathcona was hired immediately following de
Guzman's death. My guess is probably the Friday of that same week
or during the weekend. Why?

I can only explain one reason for this and that is the gold is there.
Something went wrong. After reading the "The Prize" and noting
all the rumours that were swirling and how carefully Walsh worded his
answer's about de Guzman's death, the company and it's executives
felt their credibility and lives were at stake and took immediate action.

I say "Bravo" to them. And the executives are still standing by their
guns. I don't know about you but if I was in that serious type of
trouble and the world was falling all around me because my estimates
were false or over exaggerated, I couldn't think the thought of
living and having my name ruined to shambles. And what's the point
with the money and all if you will not be able to enjoy it, will be put in
prison, face hefty fines and have your life threathened by many
individuals who would be "pissed off" (Please excuse my
expression!) at you.

So think people of the situation that Walsh and executives are
undergoing. They must be careful and are well advised by their
lawyers not to say more than needs to be said so not to jeopordize
their current and future status in the markets, partners and Indonesia.

This is one definitely hell of a mind boggling saga and I wish everyone
the best of luck, particularly everyone holding Bre-X directly or
indirectly and any other mining issues.

Mustafa.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News