I would love to see a historic chart of Bre X when it first took off from the pennies. Not that SUGO fits that profile but it does reportedly have large deposits worth way more than .40 (40 mil mkt cap) if just 10% true and much more if permits are granted .
>>>Bre-X was a group of companies in Canada. A major part of the group, Bre-X Minerals Ltd. based in Calgary, was involved in a major gold mining scandal when it was reported to be sitting on an enormous gold deposit at Busang, Indonesia (on Borneo). 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. Originally a penny stock, its stock price reached a peak at CAD $286.50 (split adjusted) in May 1996 on the Toronto Stock Exchange (TSE), with a total capitalization of over CAD $6 billion.[when?] Bre-X Minerals collapsed in 1997 after the gold samples were found to be a fraud.
Busang's gold resource was estimated by Bre-X's independent consulting company, Kilborn Engineering (a division of SNC-Lavalin of Montreal), to be approximately 70,000,000 troy ounces (2,400 ST; 2,200 t). Reports of resource estimates of up to 200,000,000 troy ounces (6,900 ST; 6,200 t) were never made by Bre-X though the property was described[by whom?] as having this potential by Felderhof in an interview with Richard Behar of Fortune Magazine. Bre-X's gold resource at Busang was a massive fraud. Encouraging gold values were intersected in many drill-holes and the project received a positive technical assessment by Kilborn. Crushed core samples had been falsified by salting with gold that has a wide variety of characteristics that had been subjected to mineralogical examination by Bre-X's consultants. The salting of crushed core samples with placer or supergene gold constitutes the most elaborate fraud in the history of mining. In 1997, 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.
Serendipity is the effect by which one accidentally discovers something fortunate, especially while looking for something entirely unrelated.
