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. Last Updated: 07/27/2016

Bre-X Stock Valuation Plummets

THE ASSOCIATED PRESS


TORONTO -- Bre-X Minerals made its debut on the unlisted market Monday, and the stock's price sank to one cent a share.


The Calgary gold exploration company traded 5.7 million shares, extremely heavy volume for the Canadian Dealing Network, where unlisted shares trade.


The stock was delisted from the Toronto Stock Exchange last week and suspended from the Alberta, Nasdaq and Montreal exchanges. The stock's final trade on the Toronto Stock Exchange was at 9 cents.


Bre-X shares traded as high as $286 during the past year before a 10-for-one stock split.


The stock became almost worthless when it was revealed that the company's gold property on the Indonesian island of Borneo, once labeled the most spectacular gold find in the world this century, was a massive fraud.