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The salting of crushed core samples with placer or supergene gold constitutes the most elaborate fraud in the history of mining. In , Bre-X collapsed and its shares became worthless in one of the biggest stock scandals in Canadian history, and the biggest mining scandal of all time.
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Many of the images are from reenactments of the events. Get the latest Gold price here. Account icon An icon in the shape of a person's head and shoulders. It often indicates a user profile.


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Login Subscribe. My Account. World globe An icon of the world globe, indicating different international options. Sam Ro. Michael de Guzman,a Filipino geologist, was struggling to get recognition from his employer.

‘It’s a fraud’: Bre-X memories still fresh as 'Gold' hits the big screen - BNN Bloomberg

So, he devised a plan to get rich. He would convince the world that he had found gold in Borneo. But first he needed someone with credibility to corroborate his story. Enter geologist John Felderhof, who immediately got excited about the news. De Guzman convinced Felderhof that they needed an investor. De Guzman pushed for an investor who had a hunger for risk and wasn't going to be asking questions. Felderhof recommended a Canadian businessman named David Walsh. Now that he had financing, de Guzman assembled a team and started pulling core samples out of the ground.

KIRKUS REVIEW

After the core samples were crushed and collected, de Guzman made sure he had some privacy with them before they were shipped off to be analyzed. De Guzman filed gold from his wedding ring and mixed the flakes in with the rock samples.


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This scheme is called "salting" and it happens frequently. De Guzman used a ratio of around 3oz of gold per ton of rock, which was small enough to not attract too much attention. Not sure which package to choose? Try full access for 4 weeks. For 4 weeks receive unlimited Premium digital access to the FT's trusted, award-winning business news. Premium Digital. Team or Enterprise. Premium FT. Pay based on use. Group Subscription. Bre-X Minerals, the Canadian firm that lured multitudes of investors by boasting the gold find of the century, was headed for oblivion yesterday after outside experts exposed the claim as one of the biggest scams in the history of world mining.

In a devastating report, independent consultants said that the supposed gold find at Busang, in the jungles of Indonesian Borneo, was so paltry as to be unworthy of mining. There was "virtually no possibility of an economic gold deposit". Moreover, the report by Strathcona Mineral Services of Toronto suggested that the results of earlier test drillings, on which Bre-X based its estimates, had been falsified to give the impression of a giant find.

It said that projections had been based on "falsified data" and that there had been "tampering with samples delivered to the labs". Bre-X, based in Calgary, saw its stock value soar when it began to promote the Busang mine in It told investors the deposit contained 71 million ounces of gold. Such was the excitement that some experts speculated the total amount might touch million oz. Strathcona's conclusions will almost certainly doom Bre-X and expose it to a tidal wave of litigation from angry shareholders.

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Already, several groups of shareholders in Canada and the US have filed suit. In its audit, Strathcona concluded: "The magnitude of the tampering with core samples that we believe has occurred and resulting falsification of assay values at Busang is of a scale and over a period of time and with a precision that, to our knowledge, is without precedent in the history of mining anywhere in the world".

The release of the report also prompted the withdrawal from the project of two of Bre-X's putative partners, Musamba, of Indonesia, and Freeport-McMoran of New Orleans. Freeport-McMoran first cast grave doubt on the importance of Busang when it revealed on 26 March that test drillings it had completed at the site were showing "insignificant" quantities of gold.

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The news panicked investors into a panic and Bre-X lost 80 per cent of its value in 30 minutes in Toronto before trading was suspended. On the report's release, the chairman of Bre-X, David Walsh, issued a statement: "We share the shock and dismay of shareholders and others that the gold we thought we had appears not to be there". Suspicions about the authenticity of the Busang find were reinforced in March when one of Bre-X's leading geologists at the site, Michael de Guzman, fell to his death from a helicopter in Borneo.

He was on his way to Busang to answer questions about sampling from Freeport-McMoran officers. It remains unclear whether the death was by suicide or whether there are grounds to suspect murder. An early official explanation was that Mr de Guzman had shortly before discovered that he was suffering from a terminal illness. But his family protested his innocence yesterday saying he "had never been involved with any kind of fraudulent acts". But Kilborn has already insisted that it was not responsible for the sampling itself. The implication of Strathcona's references to "tampering" is that gold from other sources may have been added to the samples provided to Kilborn.

Gold (2017)

Bre-X has hired Price Waterhouse and a forensic investigations firm to determine how the mine's data was falsified. Shares later split 10 for one. March Bre-X chief geologist Michael de Guzman falls to his death out of helicopter en route to site. May 5: Strathcona Mineral Services says gold find "was falsified on a scale without precedent in mining history.

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