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

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To: clifford atkin who wrote (18709)	4/28/1997 3:50:00 PM
From: julius diamond	of 28369

What is necessary is a rigorous analysis of the facts. In any scientific endeavor hypotheses are made and then evidence is collected to accept or refute the hypotheses (usually called a null hypotheses in statistical analysis). I assume that you have concluded or have hypothesized that Bre-x salted the cores. I have challenged many of the arguments that you made to support your hypotheses or conclusion. If any of the challenges, in your estimation, have merit then the logical conclusion is to rework your arguments or collect more data to support them. If however, you believe the challenges lack merit then disregard them. I suggest to you that the mere fact that I and others have stated some reasonable challenges, that further investigation by yourself and more importantly others on the thread with in depth geological knowledge assist in assessing your arguments. You may be right or wrong but only through thorough examination of the facts will reasonable conclusions be available. Now, the other hypothesis that can be made is the Freeport made a mistake and lost the Gold. As much as you do not agree with this hypothesis, it would appear necessary to fully examine it. If it proves true, then the conclusion that Bre-x salted becomes highly suspect. If however, it can be proven that Freeport did not make a mistake, then the probability of the conclusion of Bre-x salting increases dramatically. In order to evaluate this hypothesis, Freeport has to make a full disclosure of its procedures as I stated in previous posts. They should be subject to as much scrutiny as Bre-x. Why are you not interested in what Freeport did? The Hammer Mill theory appears to be very viable - lets accept or refute it but not let it go without investigation. In the interests of drawing rigorous conclusions either pro Bre-x or pro Freeport, the facts and arguments to support the conclusions must be unassailable or at least the pitfalls revealed. Therefore drawing conclusions without strong support only drives the rumor mill. Working together to accept or refute either hypothesis will lead to a conclusion with a stronger degree of confidence. Keep providing your arguments, I will certainly try to evaluate them or have others with the appropriate expertise review them. I would like more confidence in my conclusions. However I must admit that right now I am more confidant that Bre-x did not salt and the Gold is there but I am keeping an open mind. Now to reply: 1. Bre-x did not prepare their own cores they were sent to the Lab that prepared them. Any work that Bre-x did on site was on waste samples. 2. Many analysts from many reputable companies knew Bre-x's process. It was evaluated many times. Further the papers to which you refer were also available to the entire investment community if someone had smelled a rat, we would have heard. 3. I don't know but I don't think anyone doing the DD asked to bring in their own drilling crews. Why would you when you can scrutinize any drilling done by Bre-x. The cost of moving equipemnt and men into the jungle is huge. You wouldn't do it unless other tests you were doing set off alarm bells. How do you know that no companies were allowed to evaluate raw core? I'll bet Barrack did. Barrack are smart operators and they would have taken the time to ensure that they had access to raw cores. However, if you have facts to refute this information please provide them. I am interested. 4. Strathcona made the statement based on information provided by Freeport not Bre-x. They did not have time to sufficinely test and inspect the Bre-x samples. However if they did inspect Bre-x samples then where did they get them? According to the newspapers they were all destroyed. Either Bre-x has evidence and the samples exist and more misinformation has been spread about Bre-x or Bre-x does not have the samples and Strathconal couldn't have used Bre-x samples. 5. Freeport reported visual differences in the Bre-x Gold and their sample. They had .06 Gold in their sample to compare with Bre-x. Awfully small wouldn't you say? I wonder how accrate their comparison was? Can we have some one who works with small small small pieces of information comment on Freeport's ability to accurately compare. 6. Noone including Normet, has said there is Placer Gold. Extrapolate all you want but I have not seen any evidence of Placr Gold. That is a very important piece of the puzzle. Freeport certainly has not presented any proof to date. If they have it why not publish it? That is why Freeport requires scrutiny. 7. What is the recovery rate at Kelian and Porgea? 8. Are you suggesting that Felderhoff knew nothing of what was going on at Busang? I think his stock is worth hundreds of millions of dollars. I'll bet he was on top of everything that was happening in the field. 8. Why would you continue to drill to delay when you eventually will get caught. Top executives at Bre-x cashed in very minor amounts of stock. If I knew the gig was up why not at least cash in as much as I can. 9. Skeleton samples were given to analyists as souvenirs. You can't give out whole cores. 10. I said lets check the Hammer Mill theory and scrutinize Freeport. I want to be rigorous in my evaluation and have confidence in my conclusions. 11. Everything that I read said that Freeport said that their findings were "preliminary" and "inconclusive".

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