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BRE-X: Inside The $6 Billion Gold Fraud That Shocked The Mining Industry

Oct 3, 2014, 20:16 IST

In 1993, a prospector named Michael de Guzman walked out of the jungles of Borneo with extraordinary news: he found gold.

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This is according to MasterMinds, a Canadian true crime documentary television series produced by truTV.

For the next three years, de Guzman produced thousands of core samples riddled with gold. Canada's CBC News has a detailed timeline of the events.

During that period, the market value of de Guzman's employer, Bre-X Minerals, went from nothing to $6 billion. BusinessWeek notes that Wall Street's top analysts were extremely bullish on the stock. Big funds poured money into the stock and the world's major miners wrestled for a piece of the action.

The problem: there was no gold.

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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 disbarred.

What follows is a summary of MasterMinds' telling of the incredible story.

NOTE: The images and the details in this feature are from MasterMinds. Many of the images are from reenactments of the events.

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