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[QUOTE]Originally posted by TradingWizard: [QB] Well I was going to post this at night for your night reading before bed, but I could not wait, so here it is: I would suggest that who is heavily investing in mining companies, should read this book: BRE-X :The Inside Story by Diane Francis ISBN - 1550139134 $26.95 (Cdn.) The book summary is as follows: "For two years, Bre-X Minerals was every investor's dream come true.Skyrocketing to a high of $280, the stock made millionaires of ordinary people virtually overnight. Press releases issued from the firm's modest Calgary offices proclaimed their Indonesian gold mine to be the richest ever found. The party ended on March 19, 1997, however, with a report that the company's chief geologist, Michael de Guzman, had committed suicide by hurling himself out of a helicopter over the jungles of Borneo. He was despondent, it was said, when he discovered he had contracted a fatal disease. But soon rumors began to swirl. Was Busang the world's biggest gold find, or simply the world's biggest hoax? Did the body found deep in the rain forest belong to de Guzman at all, or did he fake his death so he could abscond with the millions of dollars he made inflating Bre-X's share price by planting gold in the core samples? Was this an example of one man, driven by greed and arrogance, masterminding a gigantic scam that affected the entire global business community? Or was he simply one small player in a conspiracy that involved everyone from the top officers of Bre-X Minerals to the First Family of Indonesia? Best-selling author Diane Francis, working with a team of eight researchers on three continents, exposes the underpinnings of the world's greatest stock swindle. Tapping into a global network of business contacts and confidential sources, she uncovers the who, what, when, where, and why of a frantic fight for gold that didn't exist." Even big companies such Barrick Gold and Placer Dome thought it was real: "January 16, 1997 Barrick says its Bre-X bid will prevail, By VICTOR OZOLS NEW YORK -- Barrick Gold Corp., Toronto, appears to be shrugging aside Placer Dome Inc.'s recent proposal to acquire Bre-X Minerals Corp. "We have entered into a transaction with Bre-X," a Barrick spokesman said Wednesday. "That transaction is in line with the parameters set out by the (Indonesian) government. It has mutually agreed to terms and it is before the government now." At stake is the huge but undeveloped Busang gold deposit in Kalimantan, Indonesia, controlled by Bre-X. The Barrick spokesman said Vancouver, British Columbia,-based Placer Dome lacked Barrick's experience in developing large gold deposits. The Busang deposit recently was estimated at 57.3 million troy ounces, and some analysts have speculated it contains nearly 100 million ounces of gold reserves. Barrick's proposal, the full terms of which have not been made public, gives control of 22.5 percent of the Busang deposit to Bre-X, 67.5 percent to Barrick and 10 percent to the Indonesian government. Placer Dome's proposal to Bre-X and the Indonesian government, a "stock-to-stock" merger valued at nearly $5 billion, offers "Indonesian participation of up to a 40-percent equity interest in the project," according to the company (AMM, Jan. 15). Both Bre-X and the Indonesian government have Placer Dome's proposal, and Bre-X has agreed to meet with Placer Dome for discussions, a Placer Dome spokesman said Wednesday. "We don't expect it to be immediate," he said. John Willson, Placer Dome president and chief executive officer, indicated during a press conference Tuesday that Bre-X might still select Placer Dome's proposal if given sufficient time to consider it." This is just for information only, such situation may not be re-created again, it probably will be too obvious, but greed can do anything. This is just a reminder for the new people on board, invest the money - the money you can loose. There are some people here that put lot of money into this stock, and God bless them, but they know what they are doing, some of them already riding on the free shares, and some of them can risk that amount. Good day to all of you. :-) Riding on 3.5 million shares, not selling and not buying. [/QB][/QUOTE]
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