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: alan holman who wrote (28029)	8/21/1998 8:58:00 PM
From: Walter	Read Replies (2) of 28369

Friday, August 21, 1998 Indonesia awaits Busang investigation from Canada JAKARTA, Aug 21 (Reuters) - The Indonesian government said on Friday it was awaiting the findings of a Canadian investigation into the Busang gold mining scandal before re-opening the area to investors. "We are awaiting the results of investigation into Busang case before we open the area for other investors to explore for gold there," Mines and Energy Minister Kuntoro Mangkusubroto told reporters. "The gold is there, but whether it is economic to become a gold mining operation, that is the question," he added. "There are many investors looking to explore in that area, but I cannot say whether it is open for them or not because I am awaiting word from Canada," he said. Canada's Bre-x Minerals Ltd owned 45 percent of the Busang property on Borneo island. It had claimed to have made the century's biggest gold find, but an independent auditor in 1997 described it as the biggest mining fraud in history. Canada's biggest stock exchange, in Toronto, this week tightened listing rules for miners since Bre-X's collapse. The move followed a report on the scandal by Toronto Stock Exchange and the Ontario Securities Commission. The Royal Canadian Mounted Police are still investigating the scandal and at least two class action suits are underway, one in Canada and the other in Texas. Kuntoro said Indonesia was still attractive to mining investors despite the Busang case and a national economic crisis. BREAKING NEWS MARKET WATCH BIZ TICKERS MUTUAL FUNDS MONEY RATES BIZ SEARCH C$ dives to all-time low Weak banks drag down TSE Canada Trust lowers mortgage rates Chipmaker ATI eyes acquisition 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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