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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: Walter who wrote (28115)3/9/1999 11:40:00 PM
From: alan holman  Read Replies (4) of 28369
 
Is There Any Gold at Busang?

The lawyer for John Felderhof is claiming that the courts will have to determine
exactly how much gold there is at the Busang property in Indonesia before forging
ahead with investor lawsuits against Bre-X Minerals, reported the Financial Post.

The lawyer says that certification is a key legal step because only then can lawyers
begin looking at company documents and questioning insiders and brokerage
house analysts about their role in promoting Bre-X stock. However Mr.Felderhof, the
former exploration chief and geologist in charge of all drilling operations, maintains
that Busang does in fact contain gold.

Felderhof's lawyer feels that if it is determined there is viable gold at Busang, a
number of plaintiffs could be eliminated: "For example, in June, 1995, Bre-X
announced results of 2.3 million ounces of gold. If it were to be determined that there
were 2.3 million ounces of gold at Busang, it's my representation that as of June
1995, halfway through the class period, there had been no misrepresentations...".
However, the lawyer leading the class-action suit against Bre-X argued that the
company and its insiders knew there was no mineable gold, but conspired to
pretend there was to drive up the share price.

Shares of Bre-X shot from pennies to the equivalent of $286/share and back to
nothing as Busang went from the world's biggest gold find to the industry's biggest
fraud. (Mar 9/99)
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