EXHIBIT 99.1



               FREEPORT-McMoRan COPPER & GOLD
           ANNOUNCES RESULTS OF STRATHCONA AUDIT


NEW ORLEANS, LA., May 5,  1997 -- Freeport-McMoRan Copper  &
Gold Inc. (FCX) announced today that it was provided late in
the  afternoon  on  May  4,  1997,  the  interim  report  of
Strathcona Mineral  Services  Limited  (Strathcona)  on  its
technical audit  of the  Busang project  prepared for  BRE-X
Minerals LTD  (BRE-X).    In  connection  with  this  audit,
Strathcona completed  a  closely  supervised  six-hole  core
drilling  program  with  1,470  meters  drilled,  which  FCX
monitored.   Strathcona selected  an initial  350 meters  of
core for assaying  at laboratories  in Australia,  Indonesia
and Canada.

     Strathcona  described  its  assay  results  as   "quite
conclusive" and stated that these results "...along with work
done by  Freeport, results  from recent  drill core  samples
submitted   by   BRE-X,   and   other   investigations   and
observations we have  made, we are  able to express  without
reservation   the   following   opinions   and   conclusions
concerning the main area of interest on the Busang property,
the Southeast Zone 1  South, and to  which we anticipate  no
changes in our final report...

1)Only trace amounts of gold have been found in the  samples
  assayed, and there  were no samples that gave gold  values
  of economic interest.
2)As  a consequence,  we believe  there to  be virtually  no
  possibility of an  economic gold deposit in the  Southeast
  Zone 1 South of the Busang property.
3)The  assaying of  the  samples from  the  Busang  property
  submitted  by   BRE-X  to  Indo   Assay  Laboratories   in
  Balikpapan, Indonesia  has been  of a  good standard,  and
  the gold  values reported have reflected  the gold in  the
  samples delivered to the laboratory.
4)The due diligence  program conducted by Freeport has  been
  very thorough and  of a high professional standard in  all
  respects.
5)The  gold recovered  in  samples submitted  by  BRE-X  has
  originated from a source other than the Southeast Zone  of
  the Busang property and has resulted in falsification  and
  misrepresentation  of  many  thousands  of  samples   with
  consequent  and  subsequent erroneous  estimates  of  gold
  resources."

     As  previously  announced,   FCX  has   the  right   to
participate as a  15 percent  owner of  the Busang  project,
subject  to  the   confirmation  of  the   existence  of   a
commercially viable resource, which does not appear to exist
based on  the information  obtained by  FCX during  its  due
diligence review, confirmed by the results of the Strathcona
audit.   Consequently,  FCX will  notify  BRE-X that  it  is
withdrawing from the Busang project pursuant to the terms of
its contractual agreement.

     Mr. James  R.  Moffett, Chairman  and  Chief  Executive
Officer of FCX, stated, "We  are very disappointed that  the
apparent opportunity for FCX to develop the Busang  property
has been eliminated  by the  findings of  our due  diligence
efforts, as now  confirmed by the  Strathcona audit  report.
However,  we were able to identify  this situation promptly, 
prior  to  the expenditure  of  any  funds  other  than  due  
diligence expenditures, which were not significant."