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: mikesloan who wrote (17210)	4/25/1997 2:57:00 AM
From: Frank Moss	of 28369

News Alert-Reuters Freeport May pull out newsalert.com Report out of Indy that Freeport may pull out of deal to avoid future law suits. Also reports leak from Australia. Freeport may quit Busang project -paper Reuters Story - April 25, 1997 02:29 FINANCIAL FCX BXM V%REUTER P%RTR JAKARTA, April 25 (Reuter) - An Indonesian newspaper said on Friday that U.S. mining giant Freeport McMoRan Copper and Gold Inc may pull out of the controversial Busang gold project in Indonesia's East Kalimantan province. Harian Ekonomi Neraca newspaper said Freeport was planning to withdraw officially before results of an independent audit to determine the gold content in Busang are announced. Test cores drilled by Canadian consulting company Strathcona Mineral Services Ltd at Busang over the past few weeks are currently being assayed to determine the size of the deposit and the results are expected in early May. Asked to comment, PT Freeport Indonesia executive vice-president Paul Murphy, told Reuters: "Our previous press releases speak for themselves." Freeport McMoRan said in a statement on March 26 that it "will elect to participate in the development of the Busang project only if development is...economically feasible." Freeport Indonesia is 81.28-percent owned by Freeport McMoRan Copper and Gold Inc.: Bre-X Minerals Ltd , the small Alberta-based mining company that found Busang, said last month the amount of gold might be less than previously estimated. It had earlier put gold reserves at 70.95 million ounces, which would have made it the find of the century. "At best, this way Freeport can avoid any possible (legal) suit that may arise," the Neraca newspaper quoted an anonymous source as saying. "And this (suit) is quite possible." Bre-X has a 45-percent stake in Busang, Freeport has 15 percent, the Indonesian government 10 percent and local companies the remaining 30 percent. The Neraca newspaper quoted a spokeswoman for the Busang Indonesian Gold JV consortium of all Busang partners as denying Freeport would withdraw from the project. "The rumours are not true. The share ownership composition has not changed," Nia Sarinastiti was quoted as saying. The newspaper reported that there was talk that Freeport's plans to pull out were apparently linked to the results of the independent audit by Strathcona. Neraca quoted another anonymous source as saying there was a possibility the results had been leaked. "Information about it is certainly being kept under tight security...but (I) cannot discount the possibility that some quarters have already obtained them," the daily quoted the source as saying.

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