Chronology of Busang gold find

Chronology of Busang gold find

TORONTO (Reuter): Following are important events related to
the discovery of one of the world's biggest gold finds, in the
Busang area of East Kalimantan, and the subsequent controversy
over its ownership and development:

1993:

- Small Calgary-based exploration company Bre-X Minerals Ltd.
starts gold exploration in Busang, an area of rain forest and
rugged hills on the island of Kalimantan.

October - Bre-X says Busang could contain more than 30 million
ounces of gold.

1996:

Feb. 12 - Indonesian Mines and Energy Ministry says Bre-X has
found gold deposit of around 40 million ounces.

March 14 - Bre-X says Busang holds 30 million ounces of gold
"plus, plus, plus."

April 23 - Bre-X listed on Toronto Stock Exchange. Price rises
$5 Canadian to C$192.50 within minutes of opening.

June 20 - Bre-X announces Busang reserves may be up to 39.15
million ounces.

July 22 - Bre-X raises Busang gold estimate to 46.92 million
ounces.

Aug. 19 - Bre-X begins trading on U.S.-based Nasdaq system.

Nov. 26 - Bre-X says Indonesian government has told it the
government wants Barrick to have 75 percent stake in Busang.
Barrick confirms it is in talks with Bre-X over Busang.

Dec. 2 - Canadian miner Placer Dome Inc. says it wants to be a
partner with Bre-X in Busang.

Dec. 3 - Bre-X estimates Busang gold reserves at 57.33 million
ounces.

Dec. 9 - Indonesia says Bre-X and Barrick have agreed to split
Busang 25-75 and give 10 percent to government.

Dec. 17 - Indonesia says Bre-X and Barrick agreed to split
Busang 22.5-67.5 with 10 percent to government.

1997:

Jan. 23 - Mines and Energy Minister Sudjana says Indonesia
will seek other investors in Busang if Bre-X and Barrick fail to
meet February deadline.

Feb. 16 - Bre-X signs deal to develop Busang with New Orleans-
based Freeport McMoRan Gold and Copper Inc. and Indonesian
interests.

Bre-X gets 45 percent, down from original 90 percent stake.
Freeport receives 15 percent and remaining 40 percent goes to
Indonesian government and two Indonesian companies. Hasan signed
agreement on behalf of Indonesian interests.

Feb. 17 - Bre-X raises estimates of Busang gold reserves to
70.95 million ounces. Resource calculation completed by Kilborn
SNC Lavalin of Toronto.

Feb. 18 - Indonesian government approves Bre-X proposal to
develop Busang gold site.

Feb. 19 - Bre-X head of exploration John Felderhof says Busang
site could contain up to 200 million ounces of gold.

March 19 - Bre-X chief geologist at Busang site, Michael de
Guzman, falls out of helicopter while en route to site. De Guzman
was co-discoverer of Busang find.

March 20 - Indonesian officials suspect de Guzman's death was
a suicide.

March 25 - Indonesian government says processing contracts of
work for Busang II and III.