bre-x: the real story and scandal that inspired the movie gold
This is the story of Calgary Bre --X Minerals.
It\'s a story about greed, gold and outright mystery, even today, 20 years later --
Before the dramatic collapse, X became the darling of Cinderella in the world.
Next is a series of timelines, photos and newspaper articles about the inspiration for the movie Star Trek-Matthew McConaughey.
This is real.
Life Stories and scandals in BreX.
The compilation begins with a story published on the 10 th.
First anniversary of BBC
Two post-media reporters-
Suzanne Wilton and Ted Rhodes
Back in the jungle of Indonesia, the birthplace of gold fraud.
May 29, 2007: Bre-
Mineral X once brought hope for a prosperous future to the big Jacques in Bussan.
But ten years after the collapse of Calgary\'s primary exploration company, locals are still looking for gold.
They crush the rock with the original machine, looking for any precious pieces of gold that may be abandoned in the jungle.
Written by Suzanne Wilton, there are documents by Tony Cesc and Eva Dana antifusan, Indonesia-
Alfred Malinga squatted on the barrel, with one hand in a silver-white soup of Mercury and dirt, and the other holding onto the hose that was attached together with a rubber band.
He doesn\'t seem to care or know that this highly toxic mixture could kill him.
On the contrary, Ma Liang added half
A dozen other Indonesians are more interested in making rich recipes.
Robert lunban, 26, said: \"There is gold here . \" He waited patiently for three months to get a dime.
Sparkling Gold blocks of the size produced by the original illegal mining operations.
This is 10 years after $3.
A billion scam called Bre
Show X minerals
It is the center of an unprecedented scam and is the ideal place to make mother fish and sell it to greedy investors on the other side of the world.
Once described as a \"dream of geologists\", this is far away
Where the nightmare started-
Remote Indonesian jungle location in Calgary-
The company has persuaded 40,000 investors to gain an underground fortune.
Instead, it\'s fake.
Now, ten years after the dust turned to ashes, the locals still believe in the treasures buried in the depths of the jungle --
They are eager to prove this.
Speculators like lunban are doing temporary mining operations in the middle of the rainforest.
Other business people in the region are inviting Canadian investors back.
Kalimantan is the largest island in the Indonesian archipelago and is known in the Western world as Borneo.
It has abundant natural resources and is known as a \"land of hope\" in a poor and developing country \".
It is found that the East garimantan province of Busang is known as the \"National vault\" for its abundant oil and gas, coal and forest reserves\"and gold.
It has a population of nearly 3 million people, including indigenous Daks, who are divided into ethnic minorities.
Groups with their own customs and dialects.
People living near Basang were moved by modernization and lost many traditions.
For example, the practice of tattoo and earlobe stretching is dying with the oldest members of the tribe.
All of this adds to the appeal of a Canadian analyst touted in 1996 as a \"golden discovery of the century\" and \"political minefield for investors.
Benny Wahju believes.
The president of PT Ingold Management, a subsidiary of Inco, personally sought wealth in the jungle.
\"Limited Access adds more mystery.
This gives you a romantic feeling, \"said Wahju, a former executive at the Indonesian Mining Association.
In fact, he says Bussan is the best place to start an unprecedented tampering program.
Unscrupulous players marinate the exploration samples and add the results of the gold promotion test. “It’s remote. It’s unknown.
The government is corrupt.
\"You can bribe everyone to justify your story,\" Wahju explained . \".
The temptation in the region has not diminished for ten years.
Today, the journey to the jungle Center and the Bre-
X set up camp on 1993.
The nearest sign of civilization is in the village of Mekar Baru, about 5 kilometers away, where there are about 700 days.
Even if they are actually isolated from the rest of the world, there is no computer, phone or mail service.
Indonesian travel agencies will not accept inquiries about Basan.
The area is restricted and travel there is considered \"high risk\", according to agents \".
Villagers say they have not seen foreigners since the nearby Bre
The X exploration camp was closed on 1997 because of allegations that outside gold from the river and pieces of jewelry were scattered in the core samples.
In fact, no one has taken a helicopter since the same year.
X exploration manager Michael de Guzman fell from an exploration manager in 1997.
Arriving in Bussan today is a tortuous journey, starting with samalinda, the nearest main center about 200 kilometers from the Crow flight.
This can be done by barge, it takes about a week, and it can also be done by a day of road and river travel.
The land trip takes five hours and ends in a small village where the boat starts at the second stop.
6 hours from Mekar Baru, then 2-
One hour walking tour before BreX headquarters.
Canadian geologists Trevor cavich made a similar trek for Bre ten years ago.
His first job after college
The sight and smell of the jungle never left him.
Le honeycomb will get into his boots.
Even the smallest plant.
Vines are not wider than hemp ropes. were hazardous.
\"These little vines with hundreds of small hooks are stabbed.
\"You have to be very careful,\" recalls Cavicchi, who lives in Okotoks . \".
This is unlikely, Bre-
Staff X will recognize this place today.
Located in the former building
The cleared area is now covered in the jungle.
Used to spell out the colored rocks of Bre
The name of X on the hillside is gone and the concrete roof is gone
De Guzman once ordered a walled office.
In five incredible years
In his 1990 s, the Canadian company built a bustling business center in Busang.
\"When we first arrived, there were only some old sheds and mouse houses made of wood. planks),” senior Bre-
Cesar Puspos, X geologists, told forensic investigators that he later claimed to be a key conspirator for tampering.
During the glorious years of Bussang, many local villagers worked in the company.
In fact, they put their future on a new expensive mining company that promised to build a middle school and a water well reservoir.
Even they were taken away by fraudsters.
Looking back, however, there are signs of problems in the early days.
Ian, a 34-year-old drilling operator, remembers pulling a yellow rock out of the ground in 1995.
The sample is hidden in a custom backpacks.
The drill was filled in.
\"I think it\'s strange,\" Ian said . \" Like many Indonesians, he only takes one name.
\"Then Cesar closed the hole and they signed it with a yellow flag.
After that, the area was closed.
Ian was sent to work further away in an area known as Bussan II.
The stone he pulled out of the expanded area was green.
\"There is no gold in this rock,\" he said through a translator . \".
However, in the same year, Bre-
X announced that Bussang is one of the largest gold mines in the world. Former vice-
S. President John Felderhof has speculated that boosan\'s gold could be as high as 0. 2 billion ounces.
Isolated from the outside world-
I don\'t know the stock market boom around this discovery.
Ian feels trouble.
\"I want Bussan or Bre-
X will still explore, but the fact is that they manipulated the data, \"he said in his village, taking a sip of smoke.
\"But why did they do it? \" he asked . \"
\"Why\" even today, locals believe there is gold in almost every river on the island and in the mountains that find the most precious rock deep underground.
River Amoy is one thing;
Mining gold from this land is another matter.
The material extracted from Busang is more difficult to deal with than to get there.
On this day, lunban and his colleagues
After three months of relentless manual excavation, horts cooked a small piece of shiny gold at a depth of 30 metres.
The material was bagged and dragged down from the mountain along a slippery path about 500 metres from the former --
Camp X headquarters
Today, in the sunshine of Indonesia, the soil is shining, and the spots of yellow iron are shining on it, which is better known as the gold of fools. It’s 32 C.
The humidity of a cotton shirt is close to 100 and melts on the skin like a Saran wrapper.
It takes a few hours to turn a bag of dirt into a bit of gold, and the process is repeated many times.
\"It\'s very simple,\" says Hasm m Asyari . \" He earns $250 a month to run the business for Dayak villagers who own it.
It\'s hard not to bother.
In fact, the process of extracting invisible gold is back --breaking.
The soil is placed in six rollers connected to the swing wheel by a large rubber belt. A gas-
The power generator turns the barrel.
There is a steel pipe inside each drum that separates the soil from the rock.
Then the formula for making gold took over.
Add liquid mercury to combine gold.
The water washes the mixture, leaves a small amount of sediment, and then filters through the handkerchief.
The remaining pieces of gold burn impurities under the spray lamp.
The rest was worth about $50 when Samarinda sold it to the dealer.
Workers say about 10 kilograms of gold have been produced since the basic operation began in 1998.
There were four similar locations in the area.
Two have been closed in recent years. Although Bre-
There are also some who believe that a large amount of gold may start a commercial mine in the jungle.
Those who claim that Bussan lacks gold and causes the company to collapse are \"incompetent\", felderhoffer said \".
He is not the only one who believes in the potential of the region.
Basang remains a mystery, said Ahmad Syakerani of PT Askatindo Aneka Karya, Indonesia, who is the original partner of the Basang region.
Syakerani thinks there is gold, but there is a deeper question: How much is \"the problem\", says Syakerani \".
\"If anyone is interested in continuing the Bussang project, please come to Indonesia.
Don\'t hesitate because there is gold in that area.
\"We will say thank you (someone)
Invest again from Canada.
\"May 26, 2007: the legacy left by Bre includes four wives, nine children and a huge mining scandal --
Michael De Guzman, a geologists
But in the legend of the man who is truly mysterious in the gold mine, it is difficult to separate the facts from the novel, even life and death.
Suzanne Wilton, Calgary, Philippines
Ten years ago, they gathered together to bury a brother, husband, father and friend.
Today, they just want to cover up speculation that he is still alive.
Whether dead or alive, the mystery surrounding Michael De Guzman remains.
JoJo de Guzman sits in a McDonald\'s restaurant in the chaotic city of Quezon, and his brother says he\'s from the heart of Bre
Ten mineral scams, missing-
At least at the heart of his family.
\"My brother is dead,\" Joe said . \"
\"We don\'t know the exact cause of his death, but my family has accepted his death.
\"This is the last for us,\" added Lawrence\'s brother, who slept next to Michael\'s coffin the night before the funeral at the local cemetery.
\"Mike is the one buried on the Holy Cross.
\"The myth surrounding Michael De Guzman deserves a Hollywood script that includes money, love and betrayal.
It is reported that since he fell from the door of a Alouette III helicopter above the Borneo jungle, they have only deepened in ten years.
Life was 41-year-
While playing with four wives and families, the old geologists are dressed in thin clothes, and none of them knows about each other.
He was diagnosed with hepatitis B and is about to face a tricky question as to why a large independent mining company could not find gold in a remote area, supposedly one of the world\'s largest gold mines.
On March 1997, Indonesian police ruled that De Guzman\'s death was a suicide, although his body had not recovered for a few days and had rotted beyond recognition.
In the subsequent surrealist period, he was referred to as the mastermind of a tampering scam that shocked the world.
X control 70-
Millions of ounces of gold were found at the Busang site.
JoJo de Guzman believes his brother Michael has died in a mysterious environment in Indonesia.
However, nothing is straight in the dark life of Michael de Guzman.
In the days after his death, the Philippine National Bureau of Investigation encountered difficulties in matching his fingerprints and identifying the body.
Today, the Indonesian doctor who performed an autopsy on the body said he could not be sure that the body examined ten years ago belonged to Bre-
X exploration manager
Another forensic scientist, known as Sherlock Holmes, Philippines, reviewed the case for the family and believed that de Guzman had been tortured and murdered, possibly in order to obtain information about the gold site.
Then his love life, a dirty story
There are four wives and nine children among them, scattered in Southeast Asia.
An Indonesian woman with two children with polygamous women claimed that De Guzman was still alive and deposited the money into her bank account.
Filipinos who first married Guzman still believe he is dead.
She faithfully visited his Cemetery at the Holy Cross Cemetery in Quezon City.
This is the common belief of another woman.
The third wife of de Guzman
The body she confirmed 10 years ago by photo was her husband.
Industry insiders across the ocean have their own conspiracy theories.
But in the Philippines, those closest to De Guzman are sure he died ten years ago.
Some family members only want them to stop the rumors surrounding his life and death and $4 --
Millions of wealth
\"I really wish I could talk to him and ask him exactly what happened,\" JoJo said . \".
\"I don\'t think we will ever know the truth.
Michael De Guzman was born in Manila, 1956, and is the fifth of 12 children.
As the eldest son of a devout Catholic family, the responsibility to help the economy rests on De Guzman, who has taken on the role since childhood by selling newspapers and flowers.
His father, simplo o, lives well as a surveying engineer, but there are plenty of mouths to feed.
DeGuzman followed his father\'s footsteps and studied geology at Adamson University.
By 1977, he was hired directly from the school by the company.
A large gold mining company.
Within 10 years, he was promoted to the head of the Company\'s geological department.
\"He is very good, he is a very smart and hardworking person,\" said Rene Aquino, 53, who is de Guzman.
DeGuzman was an excellent employee and was very generous to his subordinates.
His integrity was reliable, his life was made up of work and family, and soon there were six children with his wife Tess.
\"When we were in Acupan, Mike was-
Aquino said he was surprised to find his friend married three more times without divorce.
By the end of the 1980 s, the world economy began to decline.
As investors sought refuge in gold, gold began to decline.
Many Filipino geologists are looking for bigger paychecks in Indonesia, where the unhospitable rainforest is mostly unknown terra or an unknown territory for miners.
\"The price of gold is high, so everyone is talking about greener pastures,\" said geologists Bobby Ramires . \" He was later named in the forensic investigation report.
The conspirator with De Guzman in Bre-
X tampering scam
After a decade with Benguet, de Guzman traveled to the swamp forest known as the Pacific Rim of Fire.
There was trouble on Indonesia\'s wet horizon.
According to the report of the forensic investigation assistant, in 1990, Pelsart Resources fired de Guzman for using company funds to buy food and furniture for a woman (FIA).
However, his reputation as a geologists has apparently not been compromised.
One thing is for sure.
De Guzman likes to stroll through the jungle and watch the rocks look for wealth.
\"When he comes back from Indonesia, he will talk about his work,\" said brother Lawrence . \".
\"He was very excited.
Two years after the Pelsart incident, de Guzeman and long-
Then co-worker John Felderhof was exploring for an Australian company in a remote area of Borneo island called Bussan.
Gold debris reported by De Guzman after an interview
A week of on-site investigation will soon dazzle David Walsh of Canada, a man who \"wants to give him some romance for the junior mining company he ran out of Calgary\'s basement.
At 1993, de Guzman was heading to Bre-of Walsh-
X Minerals is the company\'s exploration manager in Indonesia.
On one occasion, it seemed that Canadians were preparing to unplug the expensive plug --and fruitless —exploration.
De Guzman pleaded with Felderhof for more time, and soon Bussan\'s drilling results showed an astonishing level of gold.
Before the scandal broke out, de Guzman told Fortune in 1997: \"We almost closed the property . \".
\"On December 1993, John said, \'Close the property, \'and then we succeeded.
Since then, it has been believed that the drilling core samples extracted from the ground have been marinated with pieces made of jewelry and penned gold, creating a masterbatch. The one-
Shares of Canadian penny soon rose.
De Guzman became a millionaire four times after stock options were cashed out.
The main gold company, as well as the children of Indonesia\'s ruthless dictator Suharto, began trying to catch the Bre-Gold cans of X.
The outside world is very interested in the surprising exploration results, but they want to drill on their own.
As far as he is concerned, there is a darker side to De Guzman\'s personality and, according to some reports, he has become increasingly unpredictable.
Partnership with the United StatesS.
Mining giant Freeport-
McMoRan signed soon and when it was drilling the site in early 1997, de Guzman and key Bre-
X executives attended a mining conference in Toronto.
In the weeks leading up to his trip to Canada, de Guzman called his mother several times, saying that the evil soul was invading him.
\"Look at my body and they are using black magic against me,\" his mother later told investigators . \".
\"Mom, pray for me, they want to kill me.
\"De Guzman lives in Toronto while considering death.
Almost every night, he goes to the local strip club to build friendships with an exotic dancer just for your eyes.
He was married to four women in four different places, and he proposed with her flowers, but did not succeed.
A few days later, de Guzman was summoned there by Freeport on his way back to Indonesia --McMoRan. The U. S.
The company found a small amount of gold in Bussang, which was touted as one of the largest gold mines in the world.
They want answers.
But De Guzman can never go back.
On March 18, 1997, de Guzman arrived at balikapapan, Bre-
X should take him to the mining camp the next day.
That night, he went to a karaoke restaurant and played two or three songs, including Paul Anka\'s my way.
The colleague told the forensic investigator that he looked in good spirits. At 6 a. m.
The next day, de Guzman visited his colleagues.
Because his clothes were wet, the workers bought him a new suit.
Deguzman said he fell asleep in the bathtub after drinking a whole bottle of cough medicine.
\"I shouldn\'t have done that.
It is reported that this is the second time . \"
Metallurgical scientist Rudy Vega
\"My impression is that Michael tried to commit suicide that night,\" Vega said in a statement to investigators . \".
Four hours later, Mr. De Guzman boarded a helicopter heading to Bussan to hold a showdown with the liberty port officials.
About 20 minutes later, the pilot, Edy Tursono, heard a loud noise.
The helicopter dropped slightly and he looked back to see what had happened.
The door is open.
At the back of the helicopter, police found a plastic shopping custom backpacks with two sets of handwritten notes, one for bern-Bernhard Leode.
Accounting that De Guzman hardly knows.
\"Mentally, his state is not good,\" said Leode, who has a copy of De Guzman\'s last wish.
Anyone who wants answers from suicide notes is disappointed.
Instead, de Guzman said he committed suicide in order to escape the pain of hepatitis B, although he had just been infected with the virus and medical documents showed it was not serious.
\"May God bless you.
My stomach no longer hurts! !
No pain in the back! !
Said on the notes.
Five days later, a body was found deep in the swamp of the jungle, lying face down, covered in le honeycomb and mag worms.
Indonesian police have collected fingerprints, but it is difficult for Philippine authorities to compare fingerprints with documents for positive identification.
Viga is undoubtedly his boss, and he is the last person to see De Guzman alive.
The body was wearing the same shirt and trousers as De Guzman boarded the helicopter.
In the days to come, Lilis de Guzman
Who did he marry a year ago?
Seeing the picture of the body, sure it was her husband.
Although his face was unknown, she knew well that there was a unique lump on her shoulder.
\"There is no uncertainty,\" Lily said in an interview with her samalinda family.
\"I believe he\'s dead.
\"A week after De Guzman apparently jumped,
Daniel Uma is in.
Samalinda\'s Wahab Syahranie hospital performed an autopsy.
The badly rotted body was wrapped in plastic and there was little clue as to what happened.
There are no internal organs in the chest and abdomen.
Many bones are broken.
\"The liver and heart are missing,\" Umar recalls . \".
\"This may be the result of an animal bite, but it is difficult to identify because the situation is very serious (decayed).
The genitals disappeared during the decomposition process, Umar said.
Others later concluded that the organs of De Guzman had been cut off. A two-
After an hour of autopsy, Umar concluded that the death was consistent with the helicopter crash.
Indonesian police have decided it was a suicide.
The RCMP later traveled to Indonesia as part of a criminal investigation into Bre.
And studied death.
Following several interviews, a review of police reports, photographs and an autopsy, Monti Perry Samma endorsed the findings of Indonesia.
\"I don\'t have any other signs in my head other than suicide,\" said Larry Ma, a retired homicide investigator in Calgary.
\"He left and committed suicide. I was really comfortable.
\"The funeral of De Guzman at the Holy Cross cemetery should be the end of the conspiracy to give a strange life a rest.
Instead, this is just the beginning.
Many believe that de Guzman is alive. X fortune.
It is reported that the Calgary trustee is still dealing with Bre-
It is rumored that his hiding place includes all the places from Malta to Brazil.
In the Philippines, the latest story is that De Guzman lives with the daughter of the Sultan of the Bahamas.
Ten years later, even Uma was not sure that the body he had examined in Samarinda was De Guzman\'s.
Umar, who had only had several autopsy sessions at the time and was not yet a forensic expert, said he had accepted that the body was de Guzman\'s body because that was what the police had told him.
Today, he will collect DNA and do a positive identification on his own.
\"The autopsy is not to find out who the body is, but to prove that his way of death is correct,\" Umar said . \". “It could be . . . (de)
Guzman is still alive.
In fact, the second wife, Genie de Guzman, claims that she has received his money twice since Michael went missing.
In 2005 interview with reporter John McBeth, Genie said it was reported that six weeks after her husband jumped off the building and died, he called her home and spoke to a maid.
\"Mike said he just woke up right after dawn,\" she said . \".
There was a message that the genie should check her bank account.
The woman found $200,000 when she found it.
Genie claimed that she received a fax notification from Brazil on 2005 requesting an additional $25,000 deposit.
The money was sent on Valentine\'s Day.
Although she was unable to produce a deposit slip that proved her claim, McBeth believed her.
\"I don\'t think anyone in this town believes he\'s dead,\" said McBeth, who is still a Jakarta journalist.
\"One person will go through this complex scam and it doesn\'t make sense to have only the exit strategy that jumps off the helicopter.
Similarly, a senior Indonesian government minister suspected that the body rescued from the jungle was DeGuzman.
Simon sembilin said it was too convenient for him to die just when the fraud was discovered.
\"I believe he is still alive,\" said sembilin, director general of Geology and Mineral Resources in Indonesia.
But according to anthropologist Jerome belleen, those who expect De Guzman to return are wrong.
Belene, known as Sherlock Holmes in the Philippines, led a team of three investigators who investigated the case for the family.
The report obtained by The Herald theoretically states that De Guzman was forced to divulge confidential information about Bussan and was forced to write down his final will and suicide notes before being executed.
His body was then thrown out of a helicopter and looked like a suicide.
Demlen speculated that death was a convenient way to silence anyone else who knew about the pickling scam.
A team of investigators, including a medical student and a second anthropologist, looked closely at dozens of documents.
These included photos of the rotten body, which they said showed traces of the neck and back.
The group believes there is evidence that de Guzman was strangled.
The style of sitting in a chair.
They claimed that De Guzman had been kidnapped by the Indonesian military before his death, seeking information about Bre. X.
The cowlen report questioned whether de Guzman\'s internal organs were eaten by animals, but suggested that they be taken out with the genitals in order to insult the body.
Although De Guzman is fluent in English, suicide notes misspell his Filipino wife\'s nickname and are full of grammatical errors.
\"This is the way De Guzman shows the big word he wrote --
Or \"for writing\"
The report asked: \"He was not carefully filled in on the yellow note paper \". The 23-
De Guzman, a close friend of Page research, is a scapegoat for a complex scam and serves as a scapegoat for others.
\"The real cause and the way Sir died
\"Michael De Guzman can never be convicted of suicide,\" the report concluded . \".
Every week, Tess De Guzman makes a short trek through the chaotic streets of Quezon City, from her humble home to the nearby Holy Cross Memorial Park Cemetery. Its well-
The neatly trimmed ground is in sharp contrast to the shantytowns built next to it.
According to an administrator, Tess arrived in the morning and stayed behind after dark to clean the large mausoleum where her husband was buried in marble --
Other family members gather there on other special dates, such as the birthday of De Guzman or the anniversary of his death.
The surviving eldest son insisted that his family had not been sold by geologists for his Bre-X shares.
Life insurance was not available because death was judged to be suicide.
\"In fact, none of Michael\'s so-called\" rich \"have seen us (or Tess’s)bank accounts.
\"Most of them are in Indonesia,\" Jojo said . \".
Members of the extended family helped support Tess, who had six children to raise when her husband went missing.
Three graduated from college, and three are still in school.
Joe said it was hard for all of them.
\"If there is one thing I want to tell the world, it is that we have lost a brother,\" he said . \".
As for speculation that their brother is still alive, Lawrence de Guzman has heard it before.
He was recently looking for someone in Manila to spread a new \"lie\" about his brother, trying to wipe them out before they get the currency.
But Lawrence doesn\'t need to prove what happened.
He saw his brother\'s body just before it was buried.
Not cremated as is often reported, which is one of many misconceptions about the case.
Although he could not recognize the face, Lawrence knew it was his eldest brother as soon as he saw his hands and feet.
\"100, I\'m pretty sure it\'s Michael,\" he said simply . \". Jojo, vice-
The president of the country\'s largest electrical company doesn\'t care if Michael is guilty or not guilty. X hoax.
Although there are many views on whether Bre-
X explorer was pushed or killed and Jojo insisted his brother should not die like this
\"Even if he did something bad.
\"Today JoJo just wants to see his brother rest in peace so that the family can continue to live.
\"The most profound meaning of truth lies in your heart,\" he added . \".
\"It doesn\'t really matter what the world says.
I know he\'s gone, deep in my heart.
\"In theory, Bre-
According to an independent study in Toronto, the X tampering scam began.
Salt mining service company based in Strathcona
Or the behavior of adding external gold dust to the rock before Laboratory testing
It is believed that the central area of Bussang began using a combination of gold and copper as early as 1993.
The plan later became more complex, relying on more sophisticated
Get quality River gold from local Dayak panners.
Open Package: Canadian geologists working for Bre
X said that opening bags for exploration core samples to pile up in the billiard room of the company\'s office in the Indonesian city of Samarinda was routine before being transported to a test lab in nearby Balikpapan.
Strange practice: opening the core sample bag in the mining industry is almost unheard of due to possible contamination risks, but witnesses say that in order to maintain the quality of the Rock and prevent the custom backpacks from breaking, cesar pupos, a senior geologists, defended the practice as necessary.
Work strategy: President stracona Graham fakhasen believes that the scam was a runaway \"work protection strategy\" at the beginning \".
\"The bigger the scale, the more difficult it is to withdraw from the plan,\" he said . \".
\"When it started, I thought no one had imagined it would grow into a huge business.
Forensic investigation assistant:
X investigate the plan in 1997-
Blame it directly on geologists Michael de Guzman
The FIA blamed Bre-
X the exploration manager directed his right-
Hardman and several other trusted conspirators are near the Samarinda office, most likely late at night.
The Calgary Herald and the Edmonton Daily reported on the rise and fall of the Bre
XBy Ric Dolphin, Aimin month JournalMarch, 1996-
The story tells the story of an Edmonton investor whose stockbroker suggested last year that he consider adding \"this promising young man\" to his portfolio \".
The broker says its trading price is around $2 and is likely to hit $5.
The investor is said to be \"how many junior mining companies a person needs, I already have three or four\" and declined to buy shares worth $5,000 from Calgary gold
Mining company Bre-X Minerals.
Multiply $5,000 by $75 and you may know how many times investors have kicked themselves in the back end since then. Bre-
X is a gold mining stock in Canada this century, changing from 30 cents to 170 dollars in two years, past Canadian dramas such as Hemlo, Stikine and Golden Star look sorry
Calgary stock broker David Walsh began exploring gold in the northwest region in 1989
Until 1993, Walsh met with an Australian geologists who raised $150,000 to file a claim on the island of garimantan, Indonesia.
An estimated deposit of 42 million ounces of gold (
Compared to 17 million of Hemlo), Bre-
X accounts for half of all companies on the Alberta Stock Exchange, and David Walsh has a book value of $0. 3 billion.
Dreams are made up of these things, and for every Edmund who kicks his feet, and another person\'s financial dreams have come true.
One of them is Midland warvin stockbroker Aaron Thompson, who used to be a car dealer with matching diamonds
For the past 15 years, the padded finger ring has been driving the conversion of primary resource stocks.
Thompson took part in Bre-
He said that the X presentation a year ago left a deep impression on Calgary.
According to his contact with geologists who told his company to underestimate the size of the deposit, he was very excited. (Back then, Bre-
X is expected to be six to 8 million ounces. )
He bought 100,000 shares for about $3 and bought about the same amount of Brescia, the Montreal Stock Exchange, Wales, with Bre-
The value of its stock kept the same pace. The 59-year-
Old Thompson also bought the same amount of stock for customers who like to get into speculative stocks.
\"This is Cinderella of this century\" has become his favorite phrase.
The man who brought the Bre-
Edmonton\'s X show, veteran mining promoter George Milton, also bought the stock at the low end.
He is now worth $40 million and cannot be reached for comment at his winter residence in Ariz Tuscon.
David essch, a broker at Levesque Securities, said he knows that more brokers and clients make millions on the Bre
There are X stocks but no name is given.
Angus Watt, Levesque\'s top agent, did not attend Bre-
The theme of Cinderella stock seems cool.
He said he had some Bre-
X at a certain point, but sold at a very small profit, feels personally uncomfortable with stocks with such a rapid rise in value.
He recited: \"Long profit, short profit, pig was slaughtered.
People should not be greedy.
Thompson thinks so high.
Eat so many sour grapes
He said he did this not just for money, but for excitement.
While he was playing Bre-
X, he is also ahead of the Oldsmobile challenge, a national stockbroker competition, with the aim of seeing who can take the hypothetical $500,000 in the six months between August
1995 and March 1.
On Thursday afternoon, Thompson\'s $ half a million has risen to $2.
82 million, $600,000 ahead of the nearest competitor, mainly due to a significant hypothetical investment in BreX.
Winning the race will mean 1996 Oldsmobile Aurora, saving him the hassle of replacing a somewhat old ac song.
For someone who can afford a thousand Aurora with just the money, Thompson seems particularly interested in this upcoming victory --
But in this industry, chasing always seems to be much sweeter than loot.
Making these things produce so much adrenaline, it seems like spending it will only reverseclimactic.
It\'s not that Thompson is going to cash his Bre-X stocks —not just yet.
His wife, a former banker, convinced him to sell 15,000 when the stock hit $140.
She thinks the couple should have at least a nest. egg.
But Thompson is still insisting and advising his clients to do the same. Bre-
The price of X will exceed $250, he said.
From this point of view, Barrick, the world\'s third-largest gold producer, has more than 0. 35 billion tradable shares at $42.
Its gold reserves are 38 million ounces. ”Bre-
X, on the other hand, is quoted more than 40 million ounces of gold, with only 24 million shares unreleased.
It has a lot to explore. . .
The meeting at the Hilton Hotel in last March was not the first time Thompson heard about Bre-X.
One of his clients, a bus driver in Edmonton, bought 10,000 shares for 30 cents two years ago.
Thompson didn\'t pay as much attention as Bre did.
After a quick glance, X doesn\'t seem to move very fast.
Thompson has traditionally been looking for a quick return on mining stocks, while bus drivers are one of those who hold stocks for a long time.
The bus driver.
Who\'s the name Thompson won\'t reveal?
He has since bought another £ 17,000, bringing his total value on paper to around $4. 5 million.
According to Thompson, the bus driver has not been sold yet.
Calgary coat of arms 20,1997-Stephen EwattCalgary’s Bre-X Minerals Ltd.
On Tuesday, when geologists found the world\'s largest gold mine falling from helicopters over the Indonesian jungle, Saga changed.
Mike De Guzman, 41, is missing and is presumed dead. Bre-
President David Walsh said it seemed like an accident, not a foul.
DeGuzman is traveling in a helicopter about 250 metres
Slightly higher than oil prices in CalgaryCanada Tower (
It\'s the Suncor Energy Center)—
Walsh said that when he suddenly passed through a previously closed door and disappeared into a dense jungle on the island of Borneo.
\"There are all kinds of rumors circulating, but we are waiting for the results of the investigation,\" said a melancholy Walsh on Wednesday. A search-and-
The rescue team is looking for De Guzman, Bre-X said. Bre-X, a penny-
Spot exploration company in 1992 gained its interest in the world\'s largest gold mine in Busang, Indonesia in 1993.
It started a crazy journey in the stock market, and now it\'s worth $3. 8 billion.
Shares fell 40 cents to $17.
The Toronto Stock Exchange traded fiercely on Wednesday, but mining analysts said the death of de Guzman should not be too long. term impact.
Norm Duncan, who worked as a geologists for 15 years before becoming a trader in C. M. Oliver and Co.
Bloomberg Business News in Vancouver said the incident was strange.
\"I spent more time on the helicopter than I thought, and I \'ve never heard of someone falling down,\" Duncan said . \".
De Guzman was born in the Philippines.
He got married and had six children.
He is the chief geologists of Bre.
X, at an exploration conference in Toronto last week, he discovered the huge Busan deposit in 1992.
\"It\'s still a small company, and a tragedy like this hits your stomach,\" Walsh said . \" He also attended the meeting.
The incident sparked speculation on Wall Street and Bay Street about whether De Guzman was pushed, jumped or dropped.
\"To figure this out, you have to be Sherlock Holmes,\" said John Ning, president of home Canada. in Toronto.
\"This is another twist in the ongoing saga.
\"It\'s a tragedy, but I don\'t think it\'s a major event,\" said John pipel, an analyst at Knight Capital Management in Vancouver.
De Guzman joined the team with other geologists, John felderhoff, who is now a deputy geologists(Bre-
The company said it could hold up to 0. 2 billion ounces of gold.
Mining analysts call the gold discovery of the century.
In a recent interview with the Far East Economic Review, de Guzman recalled that he traveled 30 kilometers on foot with all his equipment and came to the site of Bussan and found yellow volcanic rocks.
\"My brain was dead at the time because I did a tough five-
A wire of kilometers, \"he said.
But I wrote the word Check Out.
After a later test, he added a word: \"check mate.
With the report on the growth of Bussang\'s wealth, it has attracted the attention of almost all major gold companies in the world.
Last fall, Indonesian officials ordered the U-X and Toronto-
Based in Barrick Gold
Put into production.
The deal has never been completed, but, in the event that the government threatens that it will seize all of Bussan, Bre-
X reached a production agreement with New Orleans-
Headquartered in Freeport of McMoRan Copper & Gold
Shares of the company fell sharply after Walsh announced Bre
When the share of X in Busang was reduced from 45, it would not receive any compensation because free ports accounted for 15 and Indonesia\'s entities accounted for 40.
Calgary Herald and Herald 1997-
Investors ruthlessly hit shares in Calgary BreX Minerals Ltd.
On Friday, a newspaper in Indonesia reported that the company\'s Busang gold mine may not be as large as it was estimated and may not be worth mining at all.
The report was released two days after Bre\'s Mike de Guzman.
X\'s top geologists in Bussang died from a helicopter crash.
A company spokesman said deGuzman committed suicide after being diagnosed with hepatitis B.
He also has chronic malaria.
Over 9 million Bre-
X shares changed hands on Friday as 41-year-old De Guzman jumped after learning about worries about the size of Bussan\'s deposits.
\"These are just unconfirmed rumors so far, but it\'s easy to understand why investors are nervous,\" said Richard Cohen, mining analyst at Goepel Shields in Vancouver.
\"There are billions of dollars in shares here, and we are suffering one by one. ”Bre-
Shares of X fell $2.
Toronto securities closed at $15.
A newspaper in Jakarta reported that McMoran Copper Gold Company in Freeport
Suspicious of Busang\'s findings.
9 million ounces of gold worth about $25 billion.
The report quoted an anonymous source close to the companies as saying that he had seen a Freeport study showing that the deposits may not be able to produce an economic gold mine. Trading in Bre-
Bre-x shares stopped trading on Friday morning
The request for the stock of X to enter the free fall. Bre-
X issued a press release saying officials in New Orleans
Free-based in Freeport-
X. president David Walsh said, \"they are still conducting due diligence on the Busang website in East Kalimantan, Indonesia, and have not commented to the media on the progress in this regard. ”Bre-
X did not respond to the call from Herald.
Freeport spokesman Garan Robinette said the drilling project was designed to assess the size and exploitable nature of Bussang
Called due diligence. is incomplete.
He says there are 15 free ports. per-
Cents Interest on deposits, as well as control over the way deposits are developed, continue to fulfill its legal obligations by looking at the finding results before taking over the deposits.
He will not comment further.
Kerry Smith, an analyst at First Marathon Securities, said Freeport could withdraw from trading if due diligence showed that the project would not produce an initial estimate
Analysts say it is incredible that De Guzman crashed from a helicopter into the Indonesian swamp jungle because the Bussang sampling program is not standardized.
\"These false pictures are depicted behind the tragedy,\" said Dorothy Atkinson, senior mining analyst at bellevo Whalen. in Vancouver.
\"I think this is just a completely false article based on the personal tragedy of De Guzman.
However, Cohen said it was difficult to understand why the Freeport did not simply make a statement that the allegations were false and ended the speculation.
Pacific Kilburn Engineering Co. , Ltd.
Vancouver, this is the initial assessment of Bre
X\'s drilling and analysis results said Friday it insisted on its findings.
The company estimates that the Busan deposit contains 70 million ounces of gold, although the Bre-
After that, John Felderhof, X\'s chief geologists, said the discovery could contain an astonishing 0. 2 billion ounces.
Wilf Pickles, deputy Kilburn Engineering, said: \"This is a very viable ore body.
President and General Manager
This is just the latest one in the Bre-riches Series eventX.
Last summer, with news that the company may have found the world\'s largest gold mine, almost every major gold company began planning to benefit from it.
Last fall, Indonesian officials ordered the U-X and Toronto-
Based in Barrick Gold
This agreement has never been completed, and in the event of a threat from the government, it will seize all of Bussan, Bre-
X reached an unexpected deal with Freeport.
\"When the story of Bre --
X wrote, you don\'t know which part of the library can find it-under . . .
Mystery or conspiracy, \"Cohen said. When Bre-
X got on fire and conspiracy theory started.
Even in the relatively elementary age of the Internet, stories about gold, wealth and what might happen to key players spread like crazy.
Here are some theories put forward by investors: the life of De Guzman: in this popular yarn, Bre-
Michael De Guzman, a geologists
Known as a big boss by subordinates
He faked his own death and took his millions to South America.
Like Bigfoot, the story is occasionally witnessed but not confirmed.
Filipanos: like it was picked from Mario Puzo\'s novel, the believer of this theory says the whole Bre-
The X scam was fabricated by the Philippine mafia, which has become rich in soaring stocks.
Finally, de Guzman was killed in order to keep him quiet.
Golden Finger: in his time, Indonesian President Suharto was as strong as a bond --movie villain.
In this story, Suharto
A person with only one name, such as a golden finger.
X\'s crash was actually a bad test result released in 1997.
His government then took control of the huge gold mine.
Unfortunate soldier: welcomed by people who do not trust the Indonesian army of Suharto, the soldier allegedly kidnapped and tortured de Guzman for information on the Gold of Bussang.
After they finished, they threw the body in the jungle.
Rumors include that there should be rope marks on the body of De Guzman.
David Walsh is not an innocent pawn for believers in this theory.
They say Walsh did not die of a brain aneurysm in 1998.
On the contrary, the sponsor of Calgary faked his death and lived a noble life elsewhere --
Probably Michael de Guzman.
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