Bre-X Minerals Ltd.

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.
At the early exploration stage, prior to the acquisition by Bre-X Minerals Ltd.
District Court for the Eastern District Court of Texas (Texarkana Division) denied all pending motions of the Plaintiffs seeking to certify a class action in the lawsuit against several Defendants, including Barrick, related to Bre-X Minerals Ltd.
3 percent of the outstanding shares of Bre-X Minerals Ltd.
Some 121 Alberta residents had brought an action against Bresea and Bre-X Minerals Ltd.
2584) by plaintiff Alan Hirsch, on behalf of purchasers of Bre-X Minerals Ltd.
Teck Corporation confirmed today that it does not hold any shares of Bre-X Minerals Ltd.
97-CIV-2298, on April 1, 1997 in the United States District Court for the Southern District of New York, pursuant to the federal securities laws, to recover damages on behalf of purchasers of Bre-X Minerals Ltd.
Robert Chase, President and CEO commented, "It is extremely disappointing that the disturbing news from Bre-X Minerals Ltd.
in several projects in Indonesia and Bre-X Minerals Ltd.
Most of the companies operating in the "Gold Belt" have made significant gold discoveries, the most notable being Bre-X Minerals Ltd.
Joint Venture Property in the Central Kalimantan Province of Indonesia after a helicopter site inspection by Mike du Guzman of Bre-X Minerals Ltd.