Bre-X may sell all or part of Busang

Following consultation with Republic National Bank of New York and J.P.

Morgan & Co., Bre-X Minerals (BXM-T) may be willing to sell part or all of its Busang deposit in Indonesia.

Bre-X announced it would “consider a broad range of transactions,” which might include bringing in a major producer as a joint-venture partner, selling a majority interest in the property, or accepting a takeover bid.

Bre-X previously suggested it would sell only a 25% interest in the property.

Several large gold companies are prospective suitors, including Placer Dome (PDG-T), whose president, John Willson, says the company has been waiting for Bre-X to announce a bidding process.