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: Lalit Jain who wrote (26957)	9/16/1997 11:02:00 PM
From: NoMoney	of 28369

News Article FYI !!! I don't know if this has already been posted or not???? And that web page changed again on Bre-X!! The Bre-X Saga: Fortune or Folly? FIA will complete report on Bre-X by end of month Tuesday 16 September 1997 Stephen Ewart, Calgary Herald The forensic investigation which is costing Calgary-based Bre-X Minerals Ltd. more than $1.8 million to delve into the biggest fraud in mining history is expected to be completed by the end of this month. At least one of the shareholder rights groups which is representing investors pursuing legal action against Bre-X and others in $6-billion fraud isn't holding its breath waiting for the report. "It'll be required reading but the integrity of the report will be based on its comprehensiveness and whether it leaves any questions unanswered," Dermod Travis of Montreal-based Public Interest Research Associates said Monday. "The report the RCMP will issue at some point will have somewhat more credibility in everybody's eyes than a report paid for by the management of Bre-X." The RCMP investigation, to determine if there was criminal action or intent in the massive gold stock fraud uncovered earlier this year, is nowhere near completion, said spokeswoman Deleen Schoff from Edmonton. It is uncertain if the report being prepared for Bre-X management by Toronto-based Forensic Investigative Associates will be made available to the public. Bob Lindquist, one of the investigators, wouldn't comment on the report, citing client confidentiality. He said FIA will deliver it to Bre-X's Calgary lawyers. Bre-X chief executive David Walsh did not return phone calls Monday. The announcement about the release of the FIA was made in a report by Price Waterhouse, the court-appointed monitor. Price Waterhouse said that FIA was not able to interview John Felderhof, Bre-X's chief geologist in Indonesia, where Bre-X acknowledges massive gold salting scandal occurred. Felderhof is living in seclusion in the Cayman Islands. Price Waterhouse and Bre-X directors are scheduled to be in court today seeking assurances that their costs will be covered. The Price Waterhouse report said Bre-X had net working capital of $6.8 million on Aug. 31. Clint Docken, a Calgary lawyer who represents Bre-X shareholders, isn't impressed with Bre-X funds going to investigators. "Everybody knows there has been a fraud so let's get on with compensating the investors," he said. Peace, NoMoney

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