BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. Message Board

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

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To: bert who wrote (16199)	4/23/1997 7:33:00 AM
From: Terence Mitchell	of 28369

Calgary Sun News Item Wednesday, April 22, 1997 Firms can air Bre-X results By JOE WARMINGTON Calgary Sun Bre-X rivals Barrick Gold Corp. and Placer Dome are now free to go public with their tests on how much, if any, gold is at the Bre-X site, the Sun has learned. And one source says those results will confirm Bre-X's claims it's sitting on the gold find of the century. Sources in Vancouver, Toronto and Indonesia say the two Canadian companies have been released from confidentiality agreements surrounding their due diligence of the Busang gold site. That means the results that attracted the two giant gold companies to Bre-X's find in the Indonesian jungle should should now become public information. Early results from Bre-X showed the mine might have at least 70 million ounces of gold. Those results also made Bre-X a multibillion-dollar company. But the fortunes of the Calgary-based firm took a turn last month when its chief geologist reportedly killed himself by jumping off a helicopter. Days later, Bre-X partner Freeport-McMoRan reported its tests showed very little gold at Busang. Barrick and Placer Dome lost out to Freeport in the fight to join forces with Bre-X to mine the site. Barrick and Placer Dome, said a source, were released of the confidentiality agreements by Bre-X recently upon the request of the Ontario Securities Commission and the Toronto Stock Exchange. So far, neither company has released the results. "The question is why not," said a source. "If released, the results will show comparable levels of gold to what Bre-X had reported." Officials at all three firms, as well as the OSC and TSE, were not available for comment last night. However, Barrick earlier told the Sun it had done complete tests on core samples provided by Bre-X. But a source last night in Indonesia said the OSC is also interested in core samples Barrick took out of Busang themselves in December 1996. "Shareholders must feel they have the right to know the results of those tests."

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