The die was cast for the financial fiasco involving the proposed mines owned by Canadian-based Bre-X Minerals
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.
The real story began in 1993, when hard-drinking Calgary mining promoter David Walsh, trying to bounce back from recent losses, purchased an 80% option on a contract of work (COW) in the Busang region of Borneo for his new junior, Bre-X Minerals
, for the ridiculously low sum of 8 [cents]/oz gold in the ground.
3 percent of the outstanding shares of Bre-X Minerals
At the early exploration stage, prior to the acquisition by Bre-X Minerals
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.
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
The Busang North CoW covers 127,644 hectares (315,280 acres) immediately along structure to the northeast from the spectacular Busang gold discovery of Bre-X Minerals
Also highlighted is the location of the new northeastern blocks with respect to the Busang discovery of Bre-X Minerals
Alberta Stock Exchange: BXM ME: BSR ) BRE-X MINERALS