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 ?
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.
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 Ltd.
At the early exploration stage, prior to the acquisition by 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.
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.
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 Limited.
Also highlighted is the location of the new northeastern blocks with respect to the Busang discovery of Bre-X Minerals Ltd.