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: Jeffry K. Smith who wrote (19264)	4/29/1997 12:49:00 PM
From: Walter	of 28369

I have not seen this either. For all those who feel Freeport screwed up big time, why is Bre-x standing behind (so far) Freeport other than being "diplomatic" for the time being? April 29, 1997 Bre-X to stand with partner says analyst By MICHAEL PLATT Calgary Sun Bre-X Minerals Ltd. won't be launching legal action against the company that suggested its gold might be a sham, says an industry analyst. Andrew Racz says a report expected to clear or condemn Bre-X later this week won't trigger a legal attack on Busang partner Freeport-McMoRan -- if the results show gold in the Indonesian deposit. "Bre-X says it will give Freeport its full co-operation on Busang. By keeping the team together they will have the money needed to start mining," said Racz, director of research at Bishop, Rosen and Co. in New York. After conducting its own tests, Freeport reported the Busang deposit --which Bre-X said held over 70 million oz of gold -- contained "insignificant" amounts of the precious metal. The report sent Bre-X shares free-falling $13 to $2.50 on March 26. An independent analysis of the site by Strathcona Minerals is expected by the end of the week. Racz says discussions with Bre-X executives lead him to believe Bre-X will stand with Freeport through any legal fallout from the Strathcona report. "There will be a joint defence against lawsuits, and they will take care of business together," he said. Bre-X, explained Racz, needs the financial backing of Freeport in order to mine the Busang site. Meanwhile, the Indonesian government granted contracts of Work (COW) to members of the Bre-X group. News that related companies Bro-X Minerals and Bresea Resources Ltd. were given COWs for another Indonesia project was greeted with enthusiasm from the mining industry. "It shows the Indonesian government is going to some lengths to re-establish themselves as a fair regime," said Brian Fagan, editor of Asian Miner magazine.

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