I will be vindibated: Bre-X chief<\/p>\n
ARLINGTON, Virginia (AP): David Walsh, chairman of Bre-X
\nMinerals Ltd., told USA Today he is not a swindler or foolhardy
\ngold prospector despite the crash of his company's stock after
\nquestions were raised about its Indonesian gold holdings.<\/p>\n
Walsh told the paper he will be vindicated of accusations he
\nlied about the amount of gold in the Indonesian field.<\/p>\n
\"There's really been a well-oiled disinformation campaign
\nagainst us,\" Walsh said in the Wednesday interview. \"I stand by
\nour test results.\"<\/p>\n
The tiny Calgary, Canada, firm Walsh heads captivated
\ninvestors across North America with claims that it had discovered
\nthe biggest gold find of the century in Indonesia.<\/p>\n
Bre-X shares purchased for a few cents in 1993 soared to more
\nthan US$200 last September, then lost more than 80 percent of
\ntheir value in frenzied selloff on March 27 after tests by a
\nprospective partner - Freeport McMoRan - turned up no evidence of
\nmineable gold at the site.<\/p>\n
Walsh, a former stockbroker, said the meteoritic rise of his
\ncompany was legitimate.<\/p>\n
\"We wanted to build this company on a business-like basis, not
\nwith promotion or as a fly-by-night operation,\" he told USA
\nToday. He advised shareholders to: \"Do what I'm doing. Be
\npatient. Wait for the audit results. This problem is not Bre-X's
\ndoing.\"<\/p>\n
He predicted independent tests to be released in early May
\nwill back Bre-X's initial claim that the side on the Indonesian
\nisland of Borneo contains gold.<\/p>\n
If it turns out to be as vast as the 71 million ounces
\nestimated by Bre-X, the find would be worth more than US$24
\nbillion at Wednesday's gold price of $341.10 per ounce.<\/p>\n
\"I tried to keep our share price equal to the value of the
\ndeposit,\" Walsh told the paper. \"If we hadn't done that and
\nlagged behind, we were a target for a takeover and at a very
\ncheap price. That wouldn't have been good for our shareholders.\"<\/p>",
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"sponsor": "Okusi Associates",
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