Bre-X Minerals Ltd.

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Bre-X Minerals Ltd.

A former Canadian mining company that has been accused of perpetrating the largest stock fraud in the history of mining and one of the largest in the history of Canada. In 1993, Bre-X bought a piece of land near the Busang River in Indonesia that was initially estimated to contain 2 million ounces of gold. Estimates consistently rose throughout the early and mid-1990s, culminating in a stated 200 million ounces by 1997. In the process, Bre-X went from being a penny stock to one of the most valuable stocks in Canada. When an independent company found little or no gold in the area, Bre-X collapsed and became the subject of investigation by the Royal Canadian Mounted Police. It finally went bankrupt in 2002.
References in periodicals archive ?
Sasamat Capital Corporation (Pink Sheets: SSALF) is pleased to announce that on September 30, 2004, the United States District Court for the Eastern District of Texas, Texarkana Division, approved the Settlement Agreement which settles all claims of United States purchasers of shares of Bre-X Minerals Ltd.
The die was cast for the financial fiasco involving the proposed mines owned by Canadian-based Bre-X Minerals Ltd.
Half a world apart, Canadian and Indonesian authorities opened investigations Monday into how Bre-X Minerals, a tiny exploration company from Alberta, managed to convince countless experts and investors that a tract of land in Borneo contained the biggest gold find of the century.
3 percent of the outstanding shares of Bre-X Minerals Ltd.
CALGARY, Alberta, May 4 /PRNewswire/ -- BRE-X MINERALS LTD.
NEW YORK, April 8 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit on March 31, 1997 in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Bre-X Minerals, Ltd.
NEW YORK, April 2 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit on March 31, 1997 in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Bre-X Minerals, Ltd.
FCX) has been in the process of undertaking due diligence activities with regard to the previously announced transaction with BRE-X Minerals LTD (BRE-X) and Indonesian interests whereby, subject to due diligence, FCX has agreed to acquire a 15 percent interest in two Indonesian companies that are expected to be granted Contracts of Work (COWs) to explore and develop the mining rights in the Busang II and Busang III areas of East Kalimantan, Indonesia.
NEW YORK, March 31 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit on March 31, 1997 in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Bre-X Minerals, Ltd.
Indomin's Busang North gold project is a 6th Generation CoW covering 127,644 hectares (315,280 acres) located northeast along structure from the massive Busang gold discovery of Bre-X Minerals Limited.
SAN FRANCISCO, March 31 /PRNewswire/ -- Notice is hereby given that on March 31, 1997, a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of a class (the "Class") consisting of all persons who purchased the common stock of Bre-X Minerals Ltd.
NYSE: FCX) has been in the process of undertaking due diligence activities with regard to the previously announced transaction with BRE-X Minerals LTD (BRE-X) and Indonesian interests whereby, subject to due diligence, FCX has agreed to acquire a 15 percent interest in two Indonesian companies that are expected to be granted Contracts of Work (COWs) to explore and develop the mining rights in the Busang II and Busang III area of East Kalimantan, Indonesia.