The batu hijau copper-gold deposit and the busang gold deposit indonesia is currently the focus of a thrust - teeth on overriding plate + major anticline sutures: br : bentong - raub lpu : luang prabang - uttaradit mr : ma river sk : sra kaeo 95 105 oj ::c 105 south china plate south. Their tests even showed that the gold flake they were examing was more what you'd expect to see in panned river gold and not what you'd find in anything mined from the ground while de guzman carried on tampering with samples and a small town began to rise from the mud along the busang river in. Bre-x bought the busang site in march 1993 and in october 1995 announced significant amounts of gold had been discovered, sending its stock price soaring profit before 1993, when walsh followed the advice of prospector john felderhof and bought a property in the middle of a jungle near busang river in borneo,. Felderhof convinces walsh to buy a property in the middle of the indonesian jungle, near the busang river soon thereafter, the manager in charge of the busang project, michael de guzman, reports to have found approximately 2 million troy ounces of gold as he continues to probe the territory, the. In the mid-1990's, a group of small calgary-based mineral exploration companies (bre-x minerals ltd) claimed to have discovered an enormous gold deposit at busang, in borneo their share price on the tsx sky-rocketed but eventually tanked when it was revealed that samples from the site had been. Mcconaughey's physique is suitably bloated, but so is his performance—and the movie patrick massett and jason zinman based their script very loosely on the story of the bre-x mining site in busang, borneo that took off like a megarocket in 1993 if you don't know anything about the resulting scandal.
In 1995, bre-x minerals, a tiny canadian mining firm, struck gold deep in the heart of the borneo jungle, it discovered what appeared to be one of the world's largest and most cost-effective gold deposits almost immediately, the firm's stock price shot upwards and its managers were besieged by eager. Freeport-mcmoran copper & gold, with long history in indonesia and ties to nation's political and business leaders, beats out several corporate rivals to like the miners of 1897 who frantically searched the klondike river in canada for gold, the companies that competed for busang make up a diverse list. The local peasantry have been panning the busang river in borneo for thousands of years, but it is wells and acosta that come in with a modern engineering approach and take a plethora of core-samples in the nearby mountains when the results indicate that the region contains rich deposits of gold, the. For nearly a year, until freeport was awarded the contract, the indonesian government had delayed giving bre-x control over busang big mining companies jockeyed for position as the gold estimates grew, indonesian officials were determined to select an established firm as the operator mining giants.
T/i: 11:21:52 indonesia replaced two senior mining officials on monday (7/4) amid a continuing furore over the true value of gold deposits found by a canadia. Bre-x was founded by david walsh in 1989 as a subsidiary of bresea resources ltd the eventual gold fraud didn't begin until 1993 when on the advice of the company's chief geologist, john felderhoff, walsh and bre-x purchased a parcel of land along the busang river in borneo, indonesia another.
One may remember the canadian company, bre-x minerals ltd in short, bre-x reported gold assays for a newly discovered gold deposit, located in the headwaters of the busang river in the jungle of borneo, which was touted as possibly the richest ever discovered in written history without going into all of the details,. Six weeks after de guzman's fateful helicopter trip, when a technical report confirmed that what was thought to be a massive gold deposit called busang was a $6-billion hoax ore samples had been faked by salting them with outside gold, including gold from rivers and jewelry shavings rumours that de. Buy river of gold: read digital music reviews - amazoncom.
Drill results from calgary-based bre-x's property in busang, indonesia, had been faked to indicate a massive gold find the busang discovery made the bre-x team rock stars in the mining world in early it appears the gold was purchased from local dayak tribesmen who panned in the nearby rivers. Start with the biggest deposit of gold ever reported, in the headwaters of the busang river in the steaming jungle of borneo the canadian company bre-x minerals ltd didn't know about that when it bought rights to the site in 1993 but after bre-x hired a high-living geologist to map the ore body, the. The big con: the gold is salted 1989 – david walsh founded bre-x minerals ltd as a subsidiary of bresea resources ltd 1993 – walsh followed the advice of geologist john felderhof and bought a property in the middle of a jungle near the busang river in borneo, indonesia 1994 – initial drill results. The problem: there was no gold as the story unraveled, records mysteriously burned and people unexpectedly died questions were left unanswered there are plenty of people who wish this story would just go away but just a few days ago, a lawyer representing one of the players in the bre-x story was.
Kenny and michael take a trip up the busang river for hours, passing native tribesmen panning for gold the two men hike through the jungle michael tells kenny it's taken 40 million years for all the geology to cook they get to the top of the ridge and michael points out a depression in the south bank which he suspects. I was in luck, i didn't need to resort to my plan “b” which was paying a local to take me up the mahakam river on an 8-hour river boat ride, where i would then hope to buy a motorcycle off a local to ride to the camp at busang at site i was bunked with a mining analyst and spent two days touring around site.
The company enjoyed little success until it ventured to borneo and bought a bit of property near a river in busang according to bre-x's chief geologist michael de guzman, their discovery would be the greatest gold find of a decade, if not more at the peak of its gold mania, the company was valued at over. To recap, david walsh, the penny stock promoter of bre-x, bought a property near the busang river in borneo on the advice of well-respected geologist john felderhof, and then hired a project manager, filipino geologist michael de guzman, who made the first glittering estimate of the site's potential. The bre-x saga began in 1993 in the headwaters of the busang river in the jungle of borneo with one of the biggest deposits of gold ever reported the first half of the story ended in 1997 with allegations of wrongdoing, deaths and the loss of billions of dollars the second half ended a decade later in.
The plot of land, at the head of the busang river, was bought up on the advice of geologist and explorer john felderhof, who had previously gained a name for himself for his part in discovering a massive gold and copper mine in papua new guinea despite the fact that some larger mining companies had. Egizio bianchini, stock broker and one of canada's top gold analysts, said “what most people are now realizing is that bre-x has made one of the 1993: walsh followed the advice of geologist john felderhof and bought a property in the middle of a jungle near the busang river in borneo, indonesia. On the advice of geologist john felderhof, penny stock promoter for bre-x, david walsh, bought land in borneo near the allegedly mineral rich busang river hiring filipino geologist michael de guzman as project manager, it was de guzman who espoused the site held at least 70 million ounces of gold walsh and. The independent geologist confirmed there was essentially no gold at busang it had all been a fraud de guzman had allegedly tampered with the ore samples, taking tiny grains of gold – first from his own wedding ring or wrist watch and then from small nuggets found in local rivers -they were addedto.