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Gold/Mining/Energy : NP Energy Cp New
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To: J. Nelson who wrote (3472)5/7/1997 2:45:00 AM
From: wooden ships   of 22810
 
We here may all be invested and focused on NPEC, but the rest
of the world is thinking "Bre-X". I do not think the enormity of
this hoax and the damage it has reeked on the credibility of the
entire junior mining sector has percolated through this thread,
as it has both the investing public and the mining industry at
large.

What we have here is a scandal that has no precedent since
A.D. 1720, when shares in the South Sea Company of England
were bid to fantastic heighths, based on fraudulent promotions
involving trade with Spanish America and an offer to take over
England's national debt. The subsequent collapse of the "South
Sea Bubble", so called, ruined the high and mighty, the low and
the mean. It had been the historic benchmark of speculation and
fraud by which all others were assized.

Comes Bre-X. Two-hundred and seventy-seven years later.
Only Bre-X likely exceeds the magnitude of that catastrophic
and Gargantuan swindle. Billions lost by countless investors
and institutions. The confidence in the public markets of a mighty
nation shaken to the root. The fall out may linger for longer than
many of us have hypothesized. This is certainly not the best of
times for a junior mining firm to beg the public limelight with
news of big gold finds in foreign countries.

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