Bre-X investors pressured not to sell stock, court told

Article Abstract:

Calgary, Alberta-based Bre-X Minerals Ltd. investors who lost a total C$3 billion have filed lawsuits against seven brokerage firms and a number of company insiders for pressuring them to invest in the firm. The seven brokerage firms and the insiders allegedly advised complainants to continue their investments despite rumors that the the Bre-X Busang property in Indonesia was declared to have insignificant gold reserves in May 1997. Some investors claim to have asked their brokers to sell their stocks in Bre-X, while others claim to have been advised to further buy instead of withdrawing despite expressing doubts due to the rumors.

Comment:

Some investors who lost a total C$3 bil file suits vs 7 brokerage cos & several co insiders for pressuring them to invest in co

Alberta

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Golden Eagle investor bound for Bolivia to try to verify claim

Article Abstract:

Denver, CO-based Golden Eagle International Inc.'s shareholder, Cam Birge, intends to venture into Bolivia in an effort to confirm the mining company's claim of finding the largest gold deposit in the area. Birge, who owns and controls 100,000 shares of Golden Eagle stock and will be accompanied by a geologist-shareholder, will also be tasked to evaluate the firm's operations in the region. Golden Eagle claims to have discovered a gold deposit, containing 157 million ounces of the mineral in Cangali, Bolivia.

Comment:

Its shareholder, Cam Birge, to confirm mining co's claim of biggest gold deposit in Bolivia

Bolivia, Golden Eagle International Inc.

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U.S. trial date for Bre-X class action set for June, 2000

Article Abstract:

The US trial for the class action suit against Bre-X Minerals Ltd. of Calgary, Alberta, will start on June 5, 2000, in Texas. The national class action suit has named most of the company's executives including former head David Walsh and the Bre-X's financial advisers. A similar lawsuit filed in Ontario will cover all Canadian shareholders if it is certified as a class action. The defendants have denied the charges and said that the fraud was committed by a group of geologists at Busang, Indonesia.

United States

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