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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: bob bundy who wrote (6911)3/6/1997 9:33:00 PM
From: william smith   of 28369
 
Bre-X CEO says market rumors "nonsense"

Reuters Story - March 06, 1997 20:47

FINANCIAL MET US GDM CA HOT ID GOL BXM FCX V%REUTER P%RTR

Jump to first matched term

TORONTO, March 6 (Reuter) - Bre-X Minerals Ltd chief
executive officer David Walsh said on Thursday market rumors
that Bre-X may lose another piece of the Busang gold deposit
are "nonsense."

Shares in Bre-X, which holds a 45 percent stake under an
agreement to develop the gold property with Freeport-McMoRan
Copper & Gold Inc and Indonesian partners, fell 1.20 to
close at 17.05 on the Toronto Stock Exchange.

Turnover was a hefty 2.79 million shares.

"There are rumors going around that they are going to lose
another chunk of the property," said one portfolio manager who
declined to be named.

An analyst said he had heard a rumor that Bre-X could lose
another five to 10 percent of the property.

Walsh said: "First of all, this rumor is nonsense and I
think rumors, unfortunately, will persist until the actual
signing of the contracts of work."

"We have a binding agreement that we announced with our
Indonesian partners and Freeport McMoRan. It set the percentage
terms of ownership of the new operating company for the Busang
two deposit," Walsh said.

((Reuters Toronto Bureau (416) 941-8100))
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