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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. -- Ignore unavailable to you. Want to Upgrade?

To: James F. Hopkins who wrote (28096)	1/28/1999 10:20:00 AM
From: alan holman	Read Replies (1) \| Respond to of 28369

Thursday January 28, 9:46 am Eastern Time Company Press Release New York Meeting Examines Gold's Monetary Role NEW YORK--(BUSINESS WIRE)--Jan. 28, 1999--Gold's monetary role and its position as a reserve asset throughout the world were vigorously presented at a conference arranged by the Reinventing Bretton Woods Committee in New York this week. The two day event which set out to examine ways to strengthen international monetary cooperation attracted a number of distinguished speakers and delegates including the Deputy Finance Minister of Germany; senior officials of the World Bank; and a large number of country directors of the IMF. Dick Ware, representing the World Gold Council's Public Policy Centre in London, argued that the advent of the Euro as the second major global currency could well pose problems for the international monetary system. ''For the past 35 years, the dollar has faced no significant challenge,'' he said. ''Now, however, the Euro, representing as it does an economy almost as large as that of the U.S. and with extremely important capital markets, gives countries a real choice as to where they want to hold their reserves and what arrangements they might make for aligning their currencies.'' Mr. Ware cautioned that the coexistence of two quasi equal currencies could well lead to more instability, as when fashions changed, investors may forsake one and rush to the other. ''If this were to prove the case,'' he said, ''then this would be a very good reason why gold would benefit any portfolio. Its qualities make it negatively correlated with virtually any other financial asset and this improves the risk/reward balance.'' Mr. Ware went on to say that gold represents the second largest component of official sector reserves by value making up some 16 percent of total holdings. He said that the IMF holds substantial amounts of gold and it was, in fact, the third largest individual holder. Its Executive Board in 1995 agreed that there were extremely good reasons for continuing to hold gold - not the least being that they were able to respond to unforeseen contingencies - of which the arrival of the Euro may be one. He reminded the audience that since an amendment to its articles in 1978, the IMF has forbidden its members to peg their currencies, in any way, to gold. ''This is surely unnecessary,'' said Mr. Ware. ''Gold will stand or fall on its own merits which are many. Why should the IMF any longer be so dogmatic that it cannot allow its members to choose freely their currency arrangements?'' The World Gold Council is an international organization formed and funded by leading gold mining companies from around the world to increase the demand for gold. The countries served by the Council account for approximately 80% of global gold demand. This statement was issued by Marston Webb International on behalf of the World Gold Council. If you have difficulty in receiving it, please call Victor Webb at (212) 684-6601. Contact: World Gold Council Dick Ware, 44-0171 930 5171 or World Gold Council, New York George Milling Stanley, 212/317-3848

To: James F. Hopkins who wrote (28096)	2/2/1999 9:37:00 AM
From: alan holman	Read Replies (1) \| Respond to of 28369

>>>>>>> Bresea and Bro-X Posting <<<<<<<<< The following are excerpts from a Notice of Motion and related Affidavit filed with the Alberta Court of Queen's Bench on January 18th, 1999 and, I believe, subsequently approved on January 20th, 1999. START OF EXCERPT ONE <<< "TAKE NOTICE that an application will be made on behalf of PricewaterhouseCoopers Inc.,- - - for an Order: 1. authorizing the Interim Receiver to enter into an agreement with Bro-X Minerals Ltd. involving the redemption of Bresea Resources Ltd.'s preferred shares in Bro-X Minerals Ltd. or, in the alternative, the winding up of Bro-X Minerals Ltd., such agreement to include substantially similar terms as outlined in the Letter of Intent attached to the Affidavit of Kurt P. Bonokoski; - - -" >>> END OF EXCERPT ONE - START OF EXCERPT TWO <<< "AFFIDAVIT I, KURT P. BONOKOSKI, - - - SAY AS FOLLOWS: - - - 7. Since October 1998, negotiations with Bro-X have been ongoing regarding Bresea's right to retract its preferred shares in Bro-X, and on January 18, 1999 a Letter of Intent was entered into between Bresea and Bro-X. In general terms, the agreement contemplates that Bro-X will have until April 30, 1999 to conduct a rights offering to its existing common shareholders in order to raise funds which will allow Bro-X to enter into a merger or joint venture with another company. If the Bro-X rights offering is successful, Bro-X will redeem 750,000 preferred shares held by Bresea, at $1 per share, and the remaining preferred shares held by Bresea will be converted into an equal number of common shares in Bro-X. If the rights offering does not occur or is unsuccessful, Bro-X agrees that it will not object to or impede a winding-up application undertaken by Bresea, through the Interim Receiver, through which Bresea will exercise its rights on the preferred shares. - - -" >>> END OF EXCERPTS In my opinion, if there are any Bro-X shareholders out there that wish to recoup their losses on Bro-X shares by having Bro-X become a viable company again, they should actively get involved by contacting Thomas P. Devlin the Acting Treasurer and Corporate Secretary for Bro-X Minerals Ltd. (April 30th is not very far away). Regards, Rod Steel Secretary of the Executive Committee, BSR Group of Shareholders ====================================================================== NOTE: I Al Holman try my best to keep myself and anyone interested on updates about the current proceedings and/or updates on BSR/BXO/BXM.== ------