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: Island Man who wrote (27815)	3/30/1998 7:04:00 PM
From: Walter	of 28369

Monday, March 30, 1998 Barrick Gold denies Bre-X lawsuit claims TORONTO, March 30 (Reuters) - Barrick Gold Corp. denied on Monday allegations that it knew about the Bre-X Minerals Ltd. mining fraud five months before the scandal exploded on North American markets. U.S. lawyers representing angry Bre-X investors in Texas said last week that Barrick, North America's second largest gold producer, failed to reveal troubling tests of core samples at Bre-X's Busang property in Indonesia. Lawyers in Houston, Texas have amended a class action lawsuit and added Barrick to the list of high-profile U.S. and Canadian defendants. The lawsuit said Barrick should have known that Bre-X was a bust after the company allegedly discovered that 130 of the 135 Bre-X core samples it tested contained insignificant traces of gold. Barrick dismissed the charges as "totally without merit." "We've reviewed the claims and they are absolutely frivolous," said Barrick spokesman Vince Borg. Borg said Barrick's lawyers would vigorously defend the company's position when the lawsuit goes before a court on Monday in Texarkana, Tex. Calgary-based Bre-X, once the toast of Canada's mining sector for its discovery of an apparently massive gold mine in the Indonesian jungle, began to disintegrate in March 1996 after independent tests revealed that Busang contained insignificant traces of gold. Bre-X's share price eventually collapsed, wiping out more than C$3 billion worth of investments. Investors have filed a series of class actions in Canada and the United States to try to recover some of their losses. Barrick had at one time considered forming an alliance or partnership with Bre-X to capitalize on what many onlookers considered to be the gold find of the century. ($1 C$1.42) Copyright 1998 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall no be liable for any errors or delays in the content, or for any actions taken in reliance thereon. BREAKING NEWS MARKET WATCH BIZ TICKERS MUTUAL FUNDS MONEY RATES BIZ SEARCH Barrick denies Bre-X knowledge Magna to buy Triam for $70.6M Ensign, Artisan to merge BMW buys Rolls-Royce CANOE home \| We welcome your feedback. Copyright c 1998, Canoe Limited Partnership. All rights reserved. Please click here for full copyright terms and restrictions.

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