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 ?
Bre-X Minerals Ltd. Ontario Court of Justice (General Division)
indicated that the first geologists allowed by Bre-X Minerals Ltd. to carry out independent tests on Busang knew something was fishy before they saw a single drill result.
The die was cast for the financial fiasco involving the proposed mines owned by Canadian-based Bre-X Minerals Ltd. as two reports, released in staccato step, dropped their bombshell:
David Walsh, the former CEO of Bre-X Minerals Ltd., died on June 4 of a brain hemorrhage in the Bahamas.
"At the early exploration stage, prior to the acquisition by Bre-X Minerals Ltd. of the Busang property, the problem of sampling and assaying of the Busang ore had already been identified.