Bema Gold Corporation (AMEX: BGO)

http://chart.bigcharts.com/bc3/intchart/frames/chart.asp?symb=bgo&compidx=aaaaa%3A0&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&size=2&state=8&sid=1248&style=320&time=8&freq=1&nosettings=1&rand=9514&mocktick=1

Bema Gold Corporation - 2002 Second Quarter Results Updated: Tuesday, August 27, 2002
VANCOUVER, Aug. 27 /PRNewswire-FirstCall/ - Bema Gold Corporation ("Bema" or the "Company") reports results from its operations for the second quarter ended June 30, 2002.

Financials


The Company reported net earnings of $4 million (two cents per share) on revenue of $7.5 million for the second quarter of 2002 compared to a net loss of $2.2 million (one cent per share) on revenue of $7.1 million for the second quarter of 2001. Included in earnings for the second quarter 2002 are $3.9 million of settlement amounts relating to the Refugio Mine construction arbitration settlement and $2.8 million relating to a reversal of a notes receivable provision.

For the first six months of 2002, the Company reported net earnings of $2.5 million (one cent per share) on revenue of $16.6 million compared to a net loss of $5.1 million (three cents per share) on revenue of $14.9 million in 2001.

Operations


Bema's operating cash cost for the second quarter of 2002 was $138 per ounce of gold on production of 30,294 ounces compared to $224 per ounce on production of 22,726 ounces in the second quarter of 2001. For the six months ended June 30, 2002, the Company's gold production was 59,575 ounces at an operating cash cost per ounce of $132 compared to 48,486 ounces at $227 per ounce in the first half of 2001. Total cash costs per ounce for the first six months were $170 in 2002 and $233 in 2001.

In the second quarter 2002, the Julietta Mine, located in Far East Russia, produced 28,383 ounces of gold at an operating cash cost of $129 per ounce and a total cash cost of $171 per ounce compared to first quarter 2002 production of 22,717 ounces at an operating cost per ounce of $130 and a total cash cost per ounce of $173. Cash costs are forecast to continue to decrease for the remainder of the year, as mill modifications and training to improve the efficiency of the mine work force should result in increased production levels and reduced costs.

Bema's share of the Refugio Mine's second quarter 2002 gold production was 1,911 ounces produced in April and May at an operating cost per ounce of $272 and a total cash cost per ounce of $279 versus 6,564 ounces of gold produced in the first quarter 2002 at an operating cost per ounce of $116 and total cash cost per ounce of $123. As planned, the ADR processing plant at Refugio was shut down for the winter on June 3, 2002 and the joint venture partners are currently discussing the matter of restarting the plant in the fall of 2002. In the second quarter 2001, the Company's share of Refugio production totaled 22,726 gold ounces at an operating cost per ounce of $224 and a total cash cost per ounce of $229. The lower production at the Refugio Mine in 2002 was the result of the suspension of mining activities and commencement of residual leaching on June 1, 2001.

Bema realized a 3% increase in gold production during second quarter of 2002 however gold revenue was 17% lower than the previous quarter due to the delay in gold sales towards the end of the second quarter. These delays are attributed to the fact that, during the quarter, the Company began the process of exporting its gold rather than selling its gold to Russian banks. Proceeds from the Julietta Mine's first gold export, which occurred in July, were received at the beginning of August. Management anticipates that the timing of the receipt of sales proceeds from future export shipments will improve as minor procedural issues are resolved.

Capital Resources


At June 30, 2002, the Company had $20.4 million in cash and cash equivalents compared to $2.7 million at the end of the previous quarter and $4.1 million as at December 31, 2001. The bulk of the increase in cash was from the completion of a brokered share offering for net proceeds of $15.2 million and the exercise of warrants totaling $4.5 million as a result of the improved gold equity market and a dramatic increase in Bema's share price. The Company's working capital at the end of the second quarter 2002 was $28.8 million versus $556,000 at the end of 2001. Furthermore, during the quarter, the Company reduced its convertible debt by $13.3 million to $3 million as the holders of debentures converted to common shares. Subsequent to the second quarter, an additional $2 million has been converted leaving the remaining convertible debt at $1 million.

Refugio Mine Construction Arbitration Settlement


During the quarter ended June 30, 2002, Compania Minera Maricunga ("CMM"), the Company's 50% owned joint venture in Chile, received a favourable ruling, settled by binding arbitration, on its claims against Fluor Daniel Chile Ingenieria y Construccion S.A, Fluor Daniel Corporation, and Fluor Daniel Wright Ltd. ("Fluor") for damages relating to the original construction of the Refugio Mine. The net award to CMM is approximately $20 million (Bema's share - $10 million), of which approximately $10 million is being contested by Fluor through the normal legal process available in Chile. CMM anticipates payment of the uncontested amount of net $10 million (after legal fees) before the end of the third quarter. Bema remains confident that the full amount of the award shall be received within a six to twelve-month period and has accrued for the full amount of the award. The Company credited $3.9 million, relating to consequential damages, of the award settlement to operating earnings. The remainder of the settlement was credited to the carrying cost of the property and against legal and arbitration costs.

Outlook


The Company will remain focused on maximizing production at the Julietta Mine and advancing its exploration and development projects. Development and exploration drilling are ongoing at Julietta with the intention of expanding reserves and exploring the ultimate potential of the property. In September 2002 Bema is commencing a diamond drilling program at the Monument Bay property in Manitoba Canada with the intention of increasing the current high grade resource containing 300,000 ounces of gold. The Company is also actively pursuing acquisition opportunities for high grade gold properties in Russia and elsewhere. In addition to direct property acquisitions, management is reviewing and evaluating potential corporate acquisitions and merger. With the recent increase in the gold price, the Company and its joint venture partner are currently reviewing the economic feasibility of recommencing mining at the Refugio Mine in Chile.

All dollar amounts are expressed in United States dollars unless otherwise noted.

On behalf of BEMA GOLD CORPORATION


"Clive T. Johnson"
Chairman, C.E.O., & President



For more information on Bema Gold please contact Investor Relations at (604) 681-8371 or toll-free 1-800-316-8855 or alternatively contact our web- site at www.bema.com.

The Toronto Stock Exchanges neither approves nor disapproves the information contained in this News Release, Bema Gold Corporation trades on The Toronto and American stock exchanges. Symbol: BGO.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

VANCOUVER, Oct 7, 2002 /PRNewswire-FirstCall via COMTEX/ -- Bema Gold Corporation ("Bema" or the "Company") and EAGC Ventures Corp. ("EAGC"), owner of Chimera Mines and Minerals ("Chimera"), have entered into a business combination agreement ("the combination") whereby the shareholders of EAGC will receive one share of Bema in exchange for each share of EAGC. This transaction is subject to regulatory approval, EAGC shareholder approval and EAGC completion of the acquisition of Petrex (Proprietary) Ltd ("Petrex"). Petrex owns 100% of the Petrex Mining Camp (herein to be called "Golden Reefs Mines" or "Golden Reefs") that owns certain operating gold mining properties in East Rand South Africa.

The Golden Reefs Mines contain 1.6 million ounces of proven and probable gold reserves and 3.3 million ounces of gold resources. Based on an independently audited 10 year mine plan, the mine is projected to produce an average of 185,000 ounces of gold per year with operating cash costs estimated at approximately $185 per ounce. In addition, Chimera management has generated a strategic case that, if successfully implemented, would increase annual production to over 240,000 ounces of gold per year with operating cash costs estimated at $164 per ounce. In order to complete this business combination Bema will issue approximately 50 million shares.

This combination with EAGC will increase Bema's projected annual production to approximately 315,000 ounces of gold per year with projected operating cash costs of approximately $135 per ounce. Bema's reserves and resources combined with Golden Reefs' current reserves and resources will be approximately 2.8 million ounces of gold reserves and approximately 11 million ounces of resources. This business combination transforms Bema into a low cost intermediate gold producer, focused on growth with proven leverage to gold and extraordinary liquidity.

In order to complete the $67 million acquisition of Petrex, EAGC has arranged a $35 million loan facility and a $5 million working capital facility from Standard Bank London. In addition, EAGC has entered into an agreement with Griffith McBurney & Partners, BMO Nesbitt Burns and Canaccord Capital Corporation (the "Agents") to raise approximately $40 million by the sale of special warrants. Bema has agreed to acquire $10 million of the special warrants, with an option to acquire an additional $10 million. The offering consists of approximately 45 million units at CDN$1.40 per unit with each unit consisting of one common share and one half share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share of EAGC priced at CDN$1.90 for a period of 5 years. On completion of the business combination Bema or a subsidiary company will assume the bank facility.

Golden Reefs is located 45km from Johannesburg in the Witwatersrand Basin of South Africa, one of the world's most prolific gold producing regions with historical production of approximately 1.48 billion ounces of gold. The East Rand gold mining camp has been the largest gold producing camp within the Witwatersrand Basin, having produced over 300 million ounces. Management is confident that it can extend the current 10 year mine life by converting resources into reserves and through additional exploration on the 325 square kilometre mine license.


On behalf of BEMA GOLD CORPORATION
"Clive T. Johnson"
Chairman, C.E.O., & President
(x)All figures are expressed in US dollars unless otherwise stated

The Toronto Stock Exchanges neither approves nor disapproves the information contained in this News Release, Bema Gold Corporation trades on The Toronto and American stock exchanges. Symbol: BGO.

The special warrants and any securities which may be issued thereunder have not been registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the U.S. or to a U.S. person in the absence of such registration or an exemption therefrom.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

SOURCE Bema Gold Corporation

on Bema Gold and EAGC please contact Investor
Relations at 604-681-8371 or toll-free 1-800-316-8855 or alternatively
contact our web-site at www.bema.com;
To request a free copy of this organization's annual report, please go to
http://www.newswire.ca and click on reports@cnw.
(BGO. BGO)

Copyright (C) 2002 PR Newswire. All rights reserved.

Reuters Company News
Bema Gold to combine operations with EAGC
Monday October 7, 10:20 am ET


VANCOUVER, British Columbia, Oct 7 (Reuters) - Bema Gold (Toronto:BGO.TO - News) said on Monday it would combine its business with EAGC Ventures, owner of Chimera Mines and Minerals, and double its output.
Bema said it will offer EAGC shareholders one share of Bema in exchange for one share of EAGC.

The combination will increase Bema's annual production to about 315,000 ounces of gold per year at a cost of $135 an ounce.

EAGC is in the process of a $67 million acquisition of Petrex Mining, which owns gold properties in East Rand South Africa.

Bema shares were halted pending the announcement. They closed at C$1.91 on Friday.

($1=$1.59 Canadian)

Du setzt Dich doch sehr intensiv mit dem Goldsektor auseinander, Goldbulle. Und die von Dir geposteten News scheinen sich bei Deinem täglichen Research als besonders wichtig oder interessant herauskristallisiert zu haben.
Warum tust Du uns nicht den Gefallen und interpretierst diese auch ein wenig oder fasst die herausragenden Facts in ein zwei Sätzen zusammen? Ich bin sicher, das würde die Verwertbarkeit deutlich steigern!

Gruss
Swingie

Date : October 14, 2002

Thistle Mining and Bema Gold Go Head-To-Head For Value In South Africa.


Thistle Mining crossed the Atlantic this summer for its dual listing while most of the players in London were building sandcastles with their children and looking forward to a return to their offices with little in the way of anticipation. Small wonder, then, that Thistle, or rather Thistle’s brokers Canaccord Capital, found it hard to raise much money for the company. Not much more, in fact, than the price of listing which was pretty high as its auditors, KPMG, were said to have made a fair old meal out of checking figures for operations in Canada, Scotland, Kazakhstan, the Philippines and South Africa.

It also appears that the corporate finance team , on one side of the Chinese wall, got out of sync with the sales side on the other and left it with the unenviable task of telephoning empty desks. Whatever, it does not appear to have ended in sweetness and light as Willy McLucas, Thistle’s boss is said to have subsequently turned down a shooting invitation from the redoubtable Tim Hoare of Canaccord.

All of which is a pity as the results Thistle is generating from the President Steyn mines in South Africa, acquired earlier this year for US$32 million, are good. In the second quarter to end June these operations generated a cash operating profit – profit before interest, depreciation and amortization - of US$5.2 million compared with US$1.4 million in the previous quarter. As a result Thistle was able to post a pre-tax profit of US$1.7 million for the first six months. Willie McLucas claims that this is due to improved output and efficiencies introduced at President Steyn since Thistle took over the management and points to the fact that gold production in June was 17,064 ounces compared with an average of 14,000 ounces a month in the previous five months.

As to its other activities, 52.9 per cent owned Eurasia Gold in Kazakhstan saw a slippage in gold sales though actual production was significantly better in the second quarter as the worst effects of winter receded. This is not a big operation and the aim is for the company to repay its debt to Thistle before embarking on an exploration programme to increase its mine life. Meanwhile at the Masbate project in the Philippines, the pre-feasibility drilling programme involved some 9,000 metres of reverse circulation and 2,200 metres of diamond coring work. Results are anticipated shortly. At the same time, an aerial survey extending to 210 sq km has been commissioned which will cover the proposed mining area and surrounding areas.

In the past couple of weeks Thistle has announced an 18 per cent increase in the mineable reserves at President Steyn to 3.2 million ounces. It has always been the company’s intention to open up the ‘Golden Triangle’ – a new and adjacent area with a substantial resource – and now this is happening.. The Golden Triangle is the name given to the roughly triangular area facing south from the Steyn 3 shaft towards the Steyn 7 and 9 shafts near the town of Odendalsruus in the Free State. The triangle is approximately 4.5 kilometres across at its widest point and 3 kilometres long on each of the sides. The largest increase in these reserves; 295,000 ounces; are attributable to the Golden Triangle project, located between the Steyn 3, 7 and 9 shafts.

In addition to the Golden Triangle, Thistle has identified a new exploration project, which has been named the ‘Massives’ project at President Steyn number 3 shaft. The project can be accessed from the existing shaft at a depth of 1,500 metres, some 300 metres shallower than the existing operations in the Basal Reef. Historically, Anglo Vaal, the original owners of the shaft, mined in the same area using bulk mining techniques in seams 19 metres thick, dipping at 70 degrees. The initial phase of exploration; to the end of the current financial year, calls for the drilling of 54 underground boreholes to a depth of 50 metres. This will be followed up by a more detailed programme in the next financial year. At this stage only 1 per cent of the current reserve base is attributable to this project so there would seem to be much to go for.

It will be interesting to compare the price paid by Thistle for its President Steyn operations with that paid by another Canadian company, Bema Gold, which is also in process of listing on AIM, for a company called EAGC Ventures. This smacks of a Canadian ‘mirrors windows’ deal as EAGC Ventures has only just been refinanced by an interesting group of entrepreneurs and it still has not completed its deal to purchase the East Rand gold mines owned by Petra Mining (nb not Petra Diamonds). Initial reaction seems to be that Thistle got a better bargain than Bema is getting and Bema’s shares fell by over 10 per cent. Minews will be watching this with great interest.

Date : October 18, 2002

Bema Gold’s Purchase Of Golden Reefs Mines Looks Good For Buyer And Seller, But How Long Will The Shares Reflect It?


Right in the middle of its listing on AIM, the Canadian company Bema Gold which has its primary listing in Toronto has done an intriguing deal with a very small Vancouver listed company called EAGC Ventures. It appears that a bunch of new investors took control of EAGC not long ago at a price of C$0.20 cents a share and agreed an ambitious deal to buy the South African gold mining assets of a company called Petra Mining for a sum of C$67 million. These assets are on the Witwatersrand which is one of the world’s most prolific gold producing regions.

In order to complete this acquisition of EAGC arranged a C$35 million loan facility and a C$5 million working capital facility from Standard Bank London. In addition, EAGC entered into an agreement with Griffith McBurney & Partners, BMO Nesbitt Burns and Canaccord Capital Corporation to raise approximately C$40 million by the sale of special warrants. These warrants were priced at C$1.40 per unit with each unit consisting of one common share and one half share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share of EAGC priced at CDN$1.90 for a period of 5 years. Unfortunately a queue of investors did not form round the block for this attractive offering, although a certain amount was taken up in Canada. Next port of call was London where the appetite for such a deal in current market conditions was reported to be small.

By great good fortune, however, Canaccord had Bema Gold laid out on the operating table, as it were, while its AIM listing prospectus was assembled. The possibility of more than doubling its production in one fell swoop was too good for Clive Johnson, the company’s chairman and CEO, to forgo so a deal was agreed whereby Bema Gold and EAGC would merge with shareholders of EAGC receiving one share of Bema in exchange for each share of EAGC through the issue of 49.1 million shares. Bema has agreed to acquire C$10 million of the special warrants, with an option to acquire an additional C$10 million so the deal can be completed with Standard Bank’s loan.

The Golden Reefs mines contain 1.6 million ounces of proven and probable gold reserves and 3.3 million ounces of gold resources. According to Canadian stockbrokers Loewen, Ondaatje, McCutcheon the mines bring with them eight production shafts and a mill which produced 146,000 ounces of gold in the year to end June 2002 at a cash cost of US$194/ounce. Based on an independently audited 10 year mine plan, the mine is projected to produce an average of 185,000 ounces of gold per year with operating cash costs estimated at approximately US$185 per ounce. With some expansion here and there, plus mining slightly higher grade material it could even get up to 200,000 ounces per annum.

This combination with EAGC should initially increase Bema’s projected annual production from the current 130,000 ounces /annum from the Julietta mine in Russia to approximately 315,000 ounces of gold per year with projected operating cash costs of approximately US$135 per ounce. Bema’s reserves and resources combined with Golden Reefs’ current reserves and resources will be approximately 2.8 million ounces of gold reserves and approximately 11 million ounces of resources. This business combination transforms Bema into a low cost intermediate gold producer so Clive Johnson should be happy with his deal

LOM point out, however, that the price being paid for Golden Reefs is about twice, on a production basis, that which Thistle Mining paid for the President Steyn mines in the Free State back in February. This point will not be missed by Bema’s existing shareholders , nor by the new ones entering via EAGC. Bema prices itself on being a very liquid stock and the total equity was apparently turned over more than once last year. This hardly indicates a stable shareholding base and the new shareholders, who will account for about 20 per cent of the equity, are an interesting bunch who are hardly likely to fall in love with a stock, though they may be escrowed for a period. An insider suggests that several of the names appear on pages 30 and 31 of the book The Big Score when describing the early funding of Robert Friedland’s company Vengold. They stand to make around seven times on money invested not that long ago at the present price of Bema shares. The question, therefore, is how long Bema Gold’s shares will maintain their present level?

..............jaaaaa, die hätte ich gern als wochentipp genommen........

gruß
sw ;)

Canada's Bema eyes another Russian gold project
Reuters, 10.29.02, 2:29 PM ET

TORONTO, Oct 29 (Reuters) - Canada's Bema Gold Corp <BGO.TO>, which recently said it would combine its business with EAGC Ventures <YEV.V> to double output, said on Tuesday it plans to buy a 75 percent stake in the high-grade Kupol gold and silver project in northeastern Russia.

The company already owns the Julietta gold mine in far eastern Russia. Kupol is about 950 km (590 miles) northeast of Julietta, and 200 km (125 miles) east of the city of Bilibino.

Bema said it would acquire the stake through a series of payments and after the completion of a feasibility study. Details of the agreement will be revealed after a definitive deal that is expected in November.

The company said it intends to deliver camps, drill rigs and supplies to Kupol during the winter and plans an extensive trenching, drilling and metallurgical sampling program starting in April next year.

Bema also has stakes in mines or gold properties in northern Chile, Arizona, and has an option on the Monument Bay deposit in Canada.

(Lesley Wroughton, Reuters Toronto newsroom +416-941-8101, toronto.newsroom@reuters.com)

Copyright 2002, Reuters News Service

Press Release Source: Bema Gold Corporation


Bema Enters Into Financing Agreement For CDN$16 Million
Friday November 8, 9:30 am ET


VANCOUVER, Nov. 8 /PRNewswire-FirstCall/ - Bema Gold Corporation ("Bema") is pleased to announce that it has entered into an agreement for a bought deal financing with a syndicate of Canadian underwriters ("the Underwriters"). Bema will issue 3,125,000 units at $1.60 per unit for gross proceeds of CDN$5 million. Bema will file a short form prospectus to clear these units. Each unit will consist of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to subscribe for one additional common share at a price of $2.00 for a period of 18 months from closing. The Underwriters will have an option to purchase up to an additional 6,875,000 units at the issue price. The purchase of these additional units will result in gross proceeds of CDN$16 million. Proceeds from this offering will be used for general working capital.
On behalf of BEMA GOLD CORPORATION

"Clive T. Johnson"
Chairman, C.E.O., & President



The Toronto Stock Exchanges neither approves nor disapproves the information contained in this News Release, Bema Gold Corporation trades on The Toronto and American stock exchanges. Symbol: BGO.

The common shares and warrants described herein and any securities which may be issued thereunder have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the U.S. or to a U.S. person in the absence of such registration or an exemption therefrom.

--------------------------------------------------------------------------------
Source: Bema Gold Corporation

COMMENTS FROM JIM SINCLAIR:

This is going to be the toughest call of this entire $300 - $330 sideways movement. The reason why is because, as we enter the $320 - $325 range, there is a knee-jerk reaction in the gold market. The gold market is so used to the arrival of JPM, Lehman, Goldman and Merrill as sellers pounding the market, that gold shares now almost automatically decelerate, as a knee-jerk reaction to gold being at the the $320 -$325 price. At this price, the gold shares` appreciation decelerates and actually stops dead in their tracks.

What the market has failed to realize is that these gold dealers, due to their own liquidity situations, are now no longer the big position takers in gold as they were before. All they have been doing lately is exercising clients` orders. The sellers of gold that have come into gold market at the $320 - $325 area have not been the gold cartel. They have been the local floor traders and speculator computer traders. Again, not the cartel. This is why we have had higher lows as we chop sideways.

I firmly believe the chances of taking out the $330 level to the upside before Christmas is real because the significant enemy of the gold price, the gold cartel, is out of business. They have had their trading capital called back to the parent holding company because of the effects of the credit downgrade on the parent holding companies. When the market wakes up that the enemy is no longer there, no event will be required to take gold above $330. It will simply go there.

Here is how we will determine if gold is going to break out above $330:

Have you wondered how I was able to determine the heads up and buy/sell points in this rally? Well, thanks to RGLD/GG and the use of proprietary measures in the duration period of the chart, the slow stochastic and Williams %R, I have when these leading (action-wise) gold shares entered an oversold condition, began to look for the buy and overbought for the sell. Now as gold approaches $330, if the gold shares (which historically know more about gold than gold does) are not into the overbought condition that have been so accurate, we will assume $330 is going to breach and NOT SELL our 1/3.

This means we are remaining disciplined, but being superbly focused. I will, as we near this situation, be doing daily technical reviews. I consider the market at this time more critically positive than ever before in this 11-month rally. The magnificently symmetric, three-year golden tea cup formation* would break to the upside out of the handle at a close above $330. This type of a formation, over this amount of time, is extremely rare and super bullish. I have in my 43 years never seen a technical formation of this kind for this long a duration with this type of symmetry. It is rare and important. This type of a formation will launch only one thing, a huge Bull market, if resolved to the upside. The probability of failure after gold breaks to the upside above $330 from this type of a formation is less than 10%. Those odds are outrageously good for the long.

We know the bull market in gold started 11 months ago, but history will record the breakout above the handle on the golden tea cup as "The Birth of the Gold Bull Market." This will occur because the amount of appreciation above the handle will be orders of magnitude compared to the 11-month appreciation we have already witnessed. Be assured that I am focused and will be keeping the Gold community as closely focused.

The Fifteeth Annual
San Francisco Precious Metals Conference
December 1-2, 2002
The San Francisco Marriott, 55 and 4th Street

Focusing on value investments and wealth preservation with the global leaders in gold, precious metals and mining.

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Top of The Pops
Strongest Gold Stocks
Clive Maund
4 December, 2002
http://www.321gold.com/editorials/maund/maund120402_goldstocks.html
http://www.321gold.com/editorials/maund/120402_best_us.gif

A package of cheapies that you can buy and put away for the third phase of the gold bull market -- BGO, CBJ, DROOY, ECO, GSS, KGC, SLGLF, CDE.

China and Gold

Richard Russell
Snippet
Dow Theory Letters
4 December, 2002

http://www.321gold.com/editorials/russell/russell120402.html

Bema Gold Corporation
...a three-arc fan correction?
by Clive Maund
4 December, 2002
http://www.321gold.com/editorials/maund/maund120402_bgo.html

Forbes Newsletter Watch
Gold Buggin'
John Dobosz, 12.11.02, 10:32 AM ET

NEW YORK -

http://www.forbes.com/2002/12/11/cz_jd_1211watch.html?partner=yahoo&referrer=

Dow Jones Business News
Canada's Bema Buys 75% Stake In Russian Gold Prospect
Wednesday December 18, 3:50 am ET


MOSCOW (Dow Jones)--

http://biz.yahoo.com/djus/021218/0350000142_1.html

Bema Gold Corporation - Third Quarter Results Friday, November 29, 2002 02:41 PM ET VANCOUVER, Nov. 29 /PRNewswire-FirstCall/ - Bema Gold Corporation ("Bema or the "Company") is pleased to report results from its operations for the third quarter ended September 30, 2002. Bema experienced a strong third quarter as the Julietta Mine in Russia reported its best production to date, mine operating earnings and cash flow from operations improved significantly and the company maintained a strong cash balance.

Financials


The Company reports mine operating earnings of $2.6 million during the third quarter of 2002 compared to a loss of $2.9 million for the same period in 2001. The improved results were achieved partially as a result of the higher average gold price of $313 per ounce for the quarter and the fact that 100% of the gold production in the quarter was from the low cost Julietta Mine located in far eastern Russia. Cash flow from operations was $8 million for the third quarter of 2002 compared to cash used in operations in the amount of $1.7 million during the same period last year. The increase was mainly due to the improved Julietta Mine production results and from the receipt of a $4.2 million arbitration settlement related to construction problems at the Refugio Mine in Chile.

Bema reported a net loss of $1.9 million after taxes ($0.008 per share) on revenue of $11.2 million for the period compared to a net loss of $4.4 million ($0.027 per share) on revenue of $2.7 million for the third quarter of 2001. The loss for the period is mainly due to unrealized foreign exchange losses. During the third quarter, the Company recorded a foreign exchange loss of $1.2 million, of which approximately $945,000 was an unrealized exchange loss on approximately CDN$27 million relating mainly to funds received from the equity financing completed in May 2002.

For the nine months of 2002, the Company reported net earnings after taxes of $642,000 ($0.002 per share) on revenue of $27.8 million compared to a net loss of $9.5 million ($0.060 per share) on revenue of $17.6 million in 2001.

http://www.quicken.com/investments/news/story/?story=NewsStory/PR/20021129/VA090_1038609848.var&p=BGO

GOLD: Prepare for the Meltup
Clive Maund
2 January, 2003
http://www.321gold.com/editorials/maund/maund010203_melt.html

Bema Gold Corp. (BGO on Amex)

"Dull recent performance. Getting close to very strong support in the 0.90's - if it gets down into the 0.90's, scoop it up for cyclical upswing back towards $1.50 minimum. Set a stop at about $0.87 in case it busts the support. Although not one of my favourites it is attractive right now because of the clearly defined support, which permits close stops and a very favourable risk/reward ratio."

A Gold Shares Shopping List
Clive Maund
7 March, 2003

http://www.321gold.com/editorials/maund/maund030703.html

Press Release Source: Bema Gold Corporation

Bema Gold Corporation: Notice Of 2003 First Quarter Results And Conference Call
Thursday May 8, 9:02 am ET

VANCOUVER, British Columbia--(BUSINESS WIRE)--May 8, 2003--Bema Gold Corporation ("Bema") will release its first quarter results after the market closes on Tuesday, May 13, 2003.

Clive Johnson, President, Chief Executive Officer, and Chairman of Bema, will host a conference call and webcast to discuss First Quarter results on Wednesday, May 14, 2003 at 9:30 am EDT.

You may access the call by calling the operator at 416-695-5261 or toll free 1-877-888-7019 prior to the scheduled start time. A playback version of the call will be available for two weeks after the call at 416-252-1143 or North America toll free 1-866-518-1010.

This meeting is being webcast by CCBN and can be accessed at Bema Gold's web site at www.bema.com.

The webcast is also being distributed over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center at www.companyboardroom.com or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (www.streetevents.com).

Bema Gold Corporation (TSX:BGO; AMEX:BGO) is an intermediate gold producer with key assets in Russia, South Africa, Chile and Canada. The company has recently more than doubled its projected production for 2003 and plans to further increase its projected production by reopening the Refugio Mine in 2004. Over the last decade, Bema has demonstrated an exceptional exploration track record and the ability to develop its assets to production. In 2003 Bema will be actively exploring six projects with over 150,000 metres of drilling planned.
Contact:

Bema Gold
Investor Relations, 604/681-8371
or toll-free 1-800-316-8855
www.bema.com


Source: Bema Gold Corporation

Press Release Source: Bema Gold Corporation

Bema Gold Corporation - High Grade Drill Results from Monument Bay Project, Manitoba
Wednesday May 21, 10:30 am ET

VANCOUVER, May 21 /PRNewswire-FirstCall/ - Bema Gold Corporation ("Bema" or the "Company") is pleased to announce diamond drilling at the Monument Bay Project (a joint venture with Wolfden Resources Inc.) has intersected high- grade gold mineralization further expanding the recently discovered Twin Lakes West Zone.

mehr: http://biz.yahoo.com/prnews/030521/to123_1.html

Bema Gold Corp [BGO], a higher priced stock but a crackin' chart!

Exploration Stock Giveaway - back up the truck!

Clive Maund
Clive.Maund@t-online.de
27 May, 2003

http://www.321gold.com/editorials/maund/maund052703.html

Bema Gold Corp.
The Panhandler's favourite

Clive Maund
Clive.Maund@t-online.de
23 Jun, 2003

Eine exzellente Analyse von Herrn Maund.

xttp://www.321gold.com/editorials/maund/maund062303/maund062303.html

BGO IS A STRONG BUY
xhttp://trending123.com/annotated/chart_of__gold.htm

"I've been looking at a group of lower-priced and more speculative gold shares plus two silver shares. The group consists of BGO, EGO, GSS, CBJ, WHT and CDE. You can check 'em out on Big Charts. I own most of these, and subscriberS may want to buy equal dollar quantities of these six and "put 'em away." They may not look exciting now, but if and as the precious metal bull market moves on, these six stocks may take on an ultimate "bull market glow."

Remember, also that as the gold bull market matures, the "big" stocks will become too expensive for the crowd to buy. At that point the herd will go for the "cheapies," the kind of stocks that I listed above.

Some subscribers may want to simply check the price of say 100 shares of each of the six. I don't have the time to do this myself, but I would appreciate any subscriber taking over the task and maybe reporting the price of the group every two weeks or so. That could be reported on our Bulletin Board."

The Doubting Generation

Richard Russell
Dow Theory Letters
Jul 25, 2003
xhttp://www.321gold.com/editorials/russell/russell072503.html

Diese Aktie ist im Juni nach oben ausgebrochen.

xhttp://trending123.com/annotated/chart_of__gold.htm

VANCOUVER, British Columbia--(BUSINESS WIRE)--July 31, 2003--Bema Gold Corporation (TSX:BGO; AMEX:BGO;
"Bema") will release its second quarter results before the market opens on Thursday, August 7, 2003.

Thom Calandra
Heads-up on Bema

Six weeks ago, when the shares were below $1.25, we gave you the heads-up on Bema Gold (BGO), the scrappy miner that has an interest in the high-grade Kupol gold and silver property in Chukotka, Russia. Now, Bema's shares are pressing $1.80, and one banker tells me they're headed far higher. See: The June heads-up on Bema.

More test results and assays on the Russia project are due out any day now. "If the results are consistent with the last ones, this is a 10 million ounce-plus deposit, maybe more, and you don't find ones like that," the banker, a reliable source, told me Wednesday from his headquarters.

At a recent trip to the mine, several analysts were impressed with prospects for the Russia gold and silver deposit. Several of them publicly speculated about Bema's gold grades exceeding 30 grams per ton and 350 grams of silver for every ton of ore, levels that are being discussed these days only at one or two other blockbuster deposits, among them Nevsun Resources' (CA:NSU) properties in Eritrea, Africa.

Canada-based Bema, which already produces from the far eastern regions of Russia, has shares that trade on the American Stock Exchange and in Toronto. The company has drilled about 100 holes at Kupol, so a stream of test results is headed investors' way. If one large shareholder is correct, "the grades could blow everyone away, and this one goes much, much higher, even if gold just stays at $350 an ounce."

Wolfden Closes $14,712,500 Million Financing Monument Bay Resource Totals 639,377 Tonnes Grading 20.4g/T Au
08:57 EDT Friday, August 08, 2003

THUNDER BAY, ONTARIO--WOLFDEN RESOURCES INC. (TSX:WLF) is pleased to announce that it has completed the previously announced offering of (i) 2,750,000 Units (the "Units") at a price of $2.60 per Unit, consisting of one common share of Wolfden and one-half of one common share purchase warrant, each whole warrant entitling the holder to purchase one additional common share of Wolfden at a price of $3.25 per share at any time prior to January 31, 2005 for gross proceeds of $7,150,000 and (ii) 2,750,000 flow-through common shares of Wolfden ("Flow-Through Shares") at a price of $2.75 per Flow-Through Share, for gross proceeds of $7,562,500 through Canaccord Capital Corporation, Dundee Securities Corporation, Pacific International Securities Inc., Griffiths McBurney & Partners, and Haywood Securities Inc. (collectively the "Underwriters").

The Underwriters received for their services in connection with the offering an aggregate fee of $735,625 and an aggregate of 275,000 underwriter warrants. Each underwriter warrant entitles the holder thereof to purchase one common share of Wolfden at a price of $2.60 until July 31, 2004.

The securities issued by the Corporation in connection with the offering are subject to a "hold period" which expires on December 1, 2003.

The Monument Bay Project, Manitoba

Bema has provided a revised resource at the Monument Bay Project (Press Release Aug. 7, 2003). Based on the 2003 winter drill program and previous work, Bema has increased the inferred resource to 639,377 tonnes averaging 20.4 grams per tonne containing 418,371 ounces of gold. The resource was calculated using 50 meter radius polygons on an inclined two-dimension long-section with a cut off grade of 8 g/t gold and a minimum true width of 1 metre. High gold assays were cut to 100 g/t.

The majority of the winter 2003 program tested the recently discovered Twin Lakes West Zone. The increase in the inferred resource at Monument Bay is mainly as a result of this new discovery. A summer 2003 program has commenced consisting of geological mapping and geochemical sampling. Diamond drilling should recommence shortly.

The proceeds from the private placement will be used primarily to fund the exploration of the Wolfden's High Lake Property, and for general working capital.

Wolfden is a Canadian based mineral exploration and development company engaged in the exploration for economic mineral deposits.

Shares Issued: 35,117,646

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

FOR FURTHER INFORMATION PLEASE CONTACT:

Wolfden Resources Inc.
Ewan Downie
President
(807) 346-1668
(807) 473-1977 (FAX)
Email: wolfden@baynet.net
Website: www.wolfdenresources.com

Finally, shares of Bema Gold are rising swiftly (up 8 percent Friday morning) as investors lick their chops in anticipation another round of drill results from the Canadian company's Russia project, Kupol. Bema (BGO) may find itself with one of the world's most lucrative gold projects, along with explorers Crystallex, Nevsun and Ivanhoe Mines, if the company next week can provide more confirmation of extremely high grades at the far eastern Russia field it controls. Some bankers see Bema's shares doubling in short order if the test results exceed 30 grams of gold per each ton of ore.

The Monument Bay Project, Manitoba
----------------------------------

Bema has provided a revised resource at the Monument Bay Project (Press
Release Aug. 7, 2003). Based on the 2003 winter drill program and previous
work, Bema has increased the inferred resource to 639,377 tonnes averaging
20.4 grams per tonne containing 418,371 ounces of gold. The resource was
calculated using 50 meter radius polygons on an inclined two-dimension
long-section with a cut off grade of 8 g/t gold and a minimum true width of
1 metre. High gold assays were cut to 100 g/t.
The majority of the winter 2003 program tested the recently discovered
Twin Lakes West Zone. The increase in the inferred resource at Monument Bay is
mainly as a result of this new discovery. A summer 2003 program has commenced
consisting of geological mapping and geochemical sampling. Diamond drilling
should recommence shortly.
The proceeds from the private placement will be used primarily to fund
the exploration of the Wolfden's High Lake Property, and for general working
capital.

Wolfden is a Canadian based mineral exploration and development company
engaged in the exploration for economic mineral deposits.

The statements made in this Press Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events
or results could differ materially from the Company's expectations and
projections.




-30-


For further information: please contact: Ewan Downie, President, Phone:
(807) 346-1668, Fax: (807) 473-1977, e-mail: wolfden@baynet.net, Web Site:
www.wolfdenresources.com

Bema Gold Corp. update 21 08 03

In seiner Analyse meint Clive Maund, das wir bei dem Gold vor einem major breakout nach oben stehen, welches den Goldpreis in die hohen $400ern bringen kann. Er hat übrigens eine separate Analyse über den Goldpreis geschrieben, die man auf seiner Website nachlesen kann. Sollte dieser major breakout bei dem Goldpreis passieren, glaubt Clive Maund, das weil Bema Gold im Moment keinen wichtigen Widerstand nach oben hat, das Bema Gold vertikal nach oben steigen wird. Und das man kein Raketenwissenschaftler sein muß, um dieses auszurechnen. Ebenso ist er sicher, das ein Raketenwissenschaftler mit der Flugbahn hoch einverstanden wäre. Bei diesen Konditionen erwartet Clive Maund, das die Aktie sehr schnell auf $4,-+++ steigen wird.

xhttp://www.clivemaund.com/article.php?art_id=56

Dow Jones Business News
Bema Gold Sees Tenfold Production Rise To Over 1M Ounces
Wednesday September 24, 8:01 am ET
By Tom Locke, Of DOW JONES NEWSWIRES

DENVER (Dow Jones)--Bema Gold Corp. foresees a tenfold rise in its gold production to more than a million ounces per year, said Chairman Clive Johnson.

That expansion, up from about 117,000 ounces in 2002, is expected to come from a number of different existing projects, said Johnson in a Tuesday presentation at the Denver Gold Forum 2003 in Denver, sponsored by the Denver Gold Group.

The most significant of them is the Kupol project in Russia, where Bema expects to commence production in 2007. A pre-feasibility study for Kupol is expected in March 2004, followed by a complete feasibility study in March 2005. Projected capital costs for the project are $200 million.

Kupol alone, which has "spectacular grades over tremendous widths," could have production of 700,000 ounces to 1 million ounces of gold per year, said Johnson. He believes the cash costs of production at Kupol will be extremely low, at less than $50 an ounce for the life of the project.

Johnson noted that Bema has had success with its Julietta Mine in Russia, where a mining company needs high grades of ore, a good local partner, and government support to succeed.

Also adding to Bema's future production will likely be the Refugio Mine in Chile, which was shut down in May 2001 because of low gold prices. Johnson expects Refugio, which is owned 50% by Bema and 50% by Kinross Gold Corp. , to go back into production by late 2004, but he is uncertain about what level of production will be instituted then.

The operating Petrex Mines in South Africa and the potential of the Cerro Casale deposit in Chile round out the Bema picture.

The Cerro Casale gold and copper deposit, in which Bema has a 24% interest in a joint venture with Placer Dome Inc. , would require an initial capital cost of $1.43 billion, according to Johnson's presentation. He expects the project to get off the ground when it becomes possible to finance it, and with gold prices rising, that prospect appears as a more likely possibility.

>Bema takes million-ounce story to London


By: Stewart Bailey

Posted: 2003/09/24 Wed 08:33 ZE2 | © Mineweb 1997-2003
DENVER – Bema Gold, Canada’s most exciting mid-tier gold prospect, will take a million ounce a year growth story to London in October when it floats on the LSE’s Alternative Investment Market (AIM).
xhttp://www.mips1.net/mgdg3.nsf/Current/80256D9600425A8142256DAB0023E0C8?OpenDocument

Johnson reckons the open pit mine at Kupol will be in full production in 2007, producing between 700,000 ounces and a million ounces a year at operating costs of below $50/oz.

“It’s still early days, but trust me,” Johnson told investors at the Denver Gold Forum.

Initial forecasts have pinned the capital required for the mine at only $20 million, which Johnson said would be funded from “other people’s money”, given the short payback of only 18 months on the project.

License to kupol gold lode re-registered
The Ministry of Natural Resources of the Russian Federation and the government of the Chukotka autonomous district have decided to transfer the license to develop the Kupol gold lode in Sakhalin region to the Chukotka Mining and Geological Company.
The ministry said the license was being re-registered because the license holder, Metall Trade and Industrial Company, set up the new company Chukotka Mining and Geological Company in order to continue operations at the deposit, which is located on the island of Urup.
Canada's Bema Gold Corporation plans to acquire up to a 75% interest in the Kupol gold and silver project. Bema is planning to begin a trenching, drilling and metallurgical sampling program in April 2003.
The Kupol deposit has a large epithermal gold and silver vein system that is up to 30 meters wide with significant values over a true width of up to 15 meters. The vein system has been defined by a Russian operator using geological mapping, diamond drilling, trenching, geochemistry and geophysics over 4 kilometers of strike length.
The Russian company that carried out the exploration work has calculated a C-l/C-2 reserve of 780,000 tons containing 835,000 ounces of gold (about 26 tons) and 9,350,000 ounces of silver (290.7 tons), with an average grade of 33.3 g/t gold and 372.8 g/t sliver.
Bema believes that the Kupol property has the potential to host a multi million ounce high grade gold and silver deposit that could be exploited by both open pit and underground mining.
The Kupol project is located approximately 950 kilometers northeast of the Julietta Mine, in which Bema holds a 79% stake, and 200 kilometers east of the city of Bilibino.

xhttp://www.russian-mining.com/news/total_news.php?news_id=89

Bema AIMs at U.K. small-cap investors

Financial Post - Monday September 29, 2003

By Drew Hasselback

xhttp://finance.canada.com/bin/story?StoryId=Cp3EUqd8bmZa1mZm0&FQ=c%25BGO-CA%20

Bema gehört zu den Outperformern und hat u.a. aufgrund von dem Kupol Projekt das Potenzial weiter zu den Favoriten zu gehören.

*DJ Griffiths Raises Bema Gold Tgt To C$5 From C$4.35 >BGO

10/17/2003
Dow Jones News Services
(Copyright © 2003 Dow Jones & Company, Inc.)



(END) Dow Jones Newswires

10-17-03 1022ET

xhttp://www.amtddj.inlumen.com/bin/djstory?StoryId=Cp49PqaebqLqWmdmXnJu

Kupol is significant "because of the sheer volume of the high-grade mineralization," Mustard said. The gold grade is consistently near 1 ounce/ton with significant silver credits, he said. The material is "NEAR SURFACE", meaning mining could be done initially by OPEN PIT FOR SEVERAL YEARS ...

=DJ UPDATE: Bema Gold Fast-Tracking Kupol Project In Russia

10/16/2003
Dow Jones News Services
(Copyright © 2003 Dow Jones & Company, Inc.)


By Lynne Olver
Of DOW JONES NEWSWIRES


VANCOUVER (Dow Jones)--Bema Gold Corp. (BGO) is accelerating work on its Kupol gold/silver project in northeastern Russia and aims to be mining there by 2007, chairman and chief executive Clive Johnson said Thursday.

Vancouver-based Bema plans to spend $34 million at Kupol in 2004, about half of which would go toward further exploration work, Johnson told Dow Jones. The other half would be pre-construction spending, he said. The preliminary 2004 budget compares with about $23 million to be spent at Kupol this year.

In a release, the company said it intends to complete a resource estimate by year-end and a pre-feasibility study by April 2004.

Analysts have suggested the Kupol deposit could contain many million ounces of gold, and greater quantities of silver, but the company can't comment on size until a formal resource estimate that meets regulatory guidelines is done. Johnson has previously said Kupol could have annual production of 700,000-1 million ounces of gold.

Kupol is about 940 kilometers northeast of Bema's 79%-owned Julietta mine and 200 kilometers east of Bilibino in northeastern Russia.

The company released results Thursday from another 35 drill holes at Kupol. While nothing surprising emerged from the known zones, there was positive news from the project's north zone extension, analyst Jim Mustard of Haywood Securities said. Drilling there confirmed that the same structure extends lower, with considerable thickness and elevated gold grades, Mustard said.

Kupol is significant "because of the sheer volume of the high-grade mineralization," Mustard said. The gold grade is consistently near 1 ounce/ton with significant silver credits, he said. The material is near surface, meaning mining could be done initially by open pit for several years. Mustard expects Kupol to become Bema's principal asset.

He doesn't own Bema shares. Haywood has an investment-banking relationship with the company.

Merrill Lynch analyst Brad Humphrey started coverage of Bema this week at "neutral," calling the stock fairly valued at current prices. Kupol exploration is still at an early stage, but Humphrey said he expects to see continued positive results, which in turn will drive Bema's share price in the near- to mid-term.

It wasn't immediately known whether Humphrey owns Bema shares or if Merrill has an investment-banking relationship with the company. Merrill may seek business from companies under research coverage.

Based on "excellent" exploration results to date, Bema said it's procuring equipment and supplies to be shipped to the Kupol site for exploration and development work in 2004. The equipment includes three more drill rigs, earth-moving equipment, and additional facilities to increase camp capacity from 60 to 200 personnel.

The 2004 program will include construction of a runway for aircraft, earth works for mine and mill facilities, other geotechnical and metallurgical work, and procurement of equipment for a full year of construction in 2005, it said.

Bema can earn a 75% interest in the Kupol property from its joint-venture partner, the government of Chukotka.

Earlier this week, Barrick Gold Corp. (ABX) said it would take a small step into Russia by acquiring 19% of mid-tier producer Highland Gold Mining Ltd. (HGM.LN). That deal is subject to due diligence.

Johnson said he expects other major gold producers to eventually follow suit in Russia, just as western oil companies are striking big deals with Russian energy companies.

In Toronto Thusday, Bema shares are up 14 Canadian cents or 3.7% at C$3.90 on 6.1 million shares. They've traded as high as C$3.96, a 52-week high.

Company Web Site: http://www.bema.com

-Lynne Olver, Dow Jones Newswires; 604-669-1595

lynne.olver@dowjones.com



(END) Dow Jones Newswires

10-16-03 1419ET

Big Bend zone..........................
Hole 143 (1 hole)intercepted 4 seperate high grade veins. These veins extend below previously drilled depths.
Central zone............................
Hole 122 49g/t gold and 526g/t silcer over 30 feet of width (top to bottom)
North zone................................
Hole 133 70g/t gold and 709g/t silver over a width of 36 feet.
Importantly, new drilling below the previous 250 meter depth level has uncovered very good results.
Drill results so far have been limited to near surface areas which would be easily mined via open pit methods(shallow drilling) These zones should be extended to much greater depth with future, deeper drilling.
In addition 4 new vein structures have been discovered by surface sampling (to be drilled in 2004)

Press Release Source: Bema Gold Corporation

Bema Gold Corporation: More High Grade Drill Results from the Kupol Property, Russia
Thursday October 16, 11:14 am ET

VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 16, 2003--Bema Gold Corporation ("Bema") announces additional high-grade drill results from the Kupol Property in Chukotka, Far East Russia. A total of 162 holes (including redrills) totaling 21,860 metres, have been drilled to date. The Kupol mineralized epithermal vein system has now been traced for 3.5 kilometres of strike length. Significant gold mineralization has been intercepted over 3.1 kilometres of drilled strike length and to a depth of at least 300 metres (with a vertical extent of at least 400 metres). The system remains open along strike and to depth. Please refer to www.bema.com for an updated drill hole location map and a long section of the Kupol property.

Assay results have now been received for 151 drill holes (116 of which were previously released). The results from holes 117 to 151 continue to confirm grade continuity and extend mineralization in the four contiguous zones; the Big Bend Zone, the Central Zone, the North Zone and the South Zone. In addition these results indicate that the North Zone continues underneath the clay alteration north of the fault and remains open to the north and at depth.

Detailed assay results from the new holes are summarized by zone below. Drill hole locations, a summary of Bema's lab procedures and QAQC (Quality Assurance Quality Control) are on the last page.

xhttp://biz.yahoo.com/bw/031016/165478_1.html

Bema held a conference call to discuss the latest Kupol drill results. A one week playback will be available until until October 23.
Tel: 1-877-653-0545 (Within North America)
PIN Number: 72625#
Conference Call Reference Number: S200042
http://www.bema.com/

UPGRADE

21/10/2003 09:24 *DJ Canaccord Ups Bema Gold Target To US$4 From US$3.25 >BGO

Upcoming Events


November 23-24
Bema will be at booth #602 during the San Francisco Precious Metals Conference being held at the Hilton Hotel

FH: We are very excited about is Bema Gold (AMEX:BGO) Their discovery in Russia is absolutely huge. They will probably come out with a 10-million ounce resource, high grade, at a production cost of about $200 million. The return on capital is projected at 18 months. I expect someone is going to come in and take it out at $5 or $6 a share. Right now, the stock is trading at $3.

An Interview with Frank Holmes, U.S. Global Investors

xhttp://www.kitco.com/ind/GoldReport/oct212003.html

THE STOCKPICKERS
U.S. Global puts chips on China
Dunn picks: Bema Gold, Louisiana Pacific, Aber Diamond
By Rachel Koning, CBS.MarketWatch.com
Last Update: 12:01 AM ET Nov. 5, 2003

CHICAGO (CBS.MW) -- With construction cranes swinging throughout China and commodity prices hovering at five-year peaks, a global fund focused on metals, lumber and other natural resources can reward those willing to stomach some risk, says manager Aaron Dunn.

His first pick is a Canadian company, American Stock Exchange-listed Bema Gold (BGO: news, chart, profile), which last year acquired up to 75 percent mining interest in the Kupol high-grade gold and silver mine in northeast Russia. Recent drilling reports have led the company to increase its gold reserve estimates for the mine, while their cost basis is helped by silver byproducts, Dunn says.

The stock on Oct. 24 hit a 52-week high of $3.45. The company on Oct. 29 reported a wider net third-quarter loss because of currency exchange adjustments tied to the South African rand. See related story. Shares Tuesday rose 4.5 percent at $3.05.

xhttp://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&dist=yhoo&guid=%7B205B750D%2DAEFB%2D4F8D%2DBEB1%2D6858FD4600 F4%7D

Refugio gold mine receives US$71mil investment

Chile, Dec 10, 2003 (El Diario/SABI via COMTEX) --Canadian gold mining companies Kinross Gold and Bema Gold, together with Compania Minera Maricunga, the Chilean mining company, have decided to resume operations at the Refugio gold mine, in the III Region. The partners have invested US$71mil in the project and expect the mine to be operational by the end of 2004. They want to increase the mine's daily processing capacity by 25% from 32,000 m tons to 40,000 m tons. Plans also involve a new pit (Pancho) with a processing capacity of 35,000 m tons per day, which will extend the mine's life by a further ten years. The mine is expected to produce between 230,000 and 260,000 ounces of gold per year. The decision to invest in the mine was based on increasing international gold prices.

Copyright (c) 2003, South American Business Information, All rights reserved.NewsProvided by COMTEX

Bema takes a shine to Russia. Khodorkovsky's woes haven't spooked the gold miner,which has high hopes for a stake in the Kupol mine,By WENDY STUECK 00:00EST Wednesday,December24, 2003VANCOUVER When Russian police arrested oil magnate Mikhail Khodorkovsky in October, some speculated the businessman's plight would spook foreign investors.If Clive Johnson, chief executive officer of Bema Gold Corp. is spooked, he isn't showing it."Bema's been built around the strategy of what you could call 'measured risk' -- which is doing your homework and being prepared to go somewhere where not everybody is prepared to go yet," Mr. Johnson says. Vancouver-based Bema's homework led it to Russia, where it first ventured in 1998 and where it's now banking on the Kupol gold deposit to make it a one-million-ounce-plus producer.Other miners are also warming up to Russia, after a decade when several companies lost the rights to their deposits or became bogged down in legal wrangles with Russian interests.In October, Toronto-based Barrick Gold Corp. bought a stake in Russian operator Highland Gold Mining Ltd., with Barrick CEO Gregory Wilkins citing Russia's "markedly improved investment climate" as a factor in the deal. Several London-listed firms are focusing on Russian projects and brisk bidding is expected for Russia's Sukhoi Log gold deposit when it's put up for auction, likely next year.But Mr. Khodorkovsky's arrest has led some to question whether Russia's much-vaunted market reforms are at risk. The former chairman of oil giant OAO Yukos, Mr. Khodorkovsky faces charges of fraud and other crimes, but many see the charges as politically motivated because the businessman was funding parties opposed to Russian President Vladimir Putin.There is also speculation that Mr. Khodorkovsky's arrest could be the beginning of a wider crackdown on Russia's oligarchs, businessmen who snapped up stakes in former state-controlled assets after the collapse of the Soviet Union in 1991.One such oligarch is Roman Abramovich -- Russia's second-richest man (behind Mr. Khodorkovsky), the owner of England's Chelsea football club and, through his role as Governor of Chukotka, Bema's business partner.Mr. Abramovich was elected governor of the remote, sparsely populated province in late 2000 for a four-year term, and has been spending millions of his own money to build hotels, hospitals and invest in business ventures in an attempt to modernize the region's economy, with resource development leading the agenda.Last year, Bema agreed to pay $30.5-million (U.S.) for the right to earn a 75-per-cent interest in the Kupol gold project in Chukotka.
The owner of the other 25 per cent is the government of Chukotka.Mr. Johnson says Bema's deal is with Chukotka, not Mr. Abramovich or any of his corporate interests. As well, Mr. Johnson says, Bema's Kupol project was set up to ensure, as much as possible, that the project benefits Chukotka residents -- with or without Mr. Abramovich in office."The biggest criticism of many [mining] deals is why should these western companies come in and take Mother Russia's gold," Mr. Johnson says. "This is a deal where the local government gets not only a tremendous amount of payment up front, it gets ongoing cash flow for many years to come. "Under the terms of an agreement between Bema and Chukotka, the government will receive royalties once a mine begins production, possibly by 2007.Jim Mustard, an analyst with Canaccord Capital Corp. in Vancouver, said Bema's Russian experience and the structure of its deal with Chukotka should remove at least some of the potential risk that remains in investing in Russia."Because the asset is held in connection with the province,I see less risk with respect to that asset being challenged," he said.Analysts say Russia's gold sector is dominated by a host of small,inefficient players and that the next decade could see a surge in foreign investment and consolidation.

© The Globe and Mail

LONDON, Feb 10 (Reuters) - Bema Gold Corp. (Toronto:BGO.TO - News) said it launched a convertible bond on Tuesday worth $70 million, partly to fund mining in Russia and Chile.
The Vancouver-based gold miner's unsecured convertible note is expected to carry a coupon of between 3.0 percent and 3.5 percent per annum and the conversion price is seen at a premium of 35-40 percent, it said.

Bema Gold will use the proceeds of the seven-year bond to restart gold mining at the Refugio Mine in Chile and develop the Kupol property in Russia as well as for general corporate purposes.

Barclays Capital is the sole bookrunner on the deal. Barclays Capital and HVB Corporate & Markets are joint lead managers.

Drilling Intersects High Grade Gold at Mill Canyon, Nevada

Vancouver, February 26, 2004

- Victoria Resource Corporation (VIT-TSXV), a 36% owned affiliate of Bema Gold Corporation, releases additional diamond drill results from the Mill Canyon Property in Nevada. Mill Canyon is a gold and silver exploration property located in the Cortez Mountains of North Central Nevada on the Battle Mountain Gold Belt. The property is adjacent to the old Cortez and Horse Canyon Mines and 1.6 kilometres east of Placer Dome's recently announced 5.5 million ounce Cortez Hills gold discovery.

Drilling has concentrated on the Open Cut target which is believed to be in a structurally similar environment to the Cortez Mine and the Cortez Hills discovery. A total of 10 holes totaling 2,100 metres have been drilled to date in this section of the Open Cut target. Drilling has identified four high grade “Carlin Type” gold zones over a minimum width of 185 metres and minimum length of 125 metres. The system is part of a larger structural corridor which is a minimum of 430 metres wide and 4.6 kilometres long, the system remains open along strike and at depth. High grade gold mineralization has been intersected in 8 of the 10 holes including OC-6 which intersected 7.6 metres of 24.5 grams per tonne (g/t) gold, hole OC-10; 9.1 metres of 40 g/t gold, OC-12; 3.1 metres of 66.8 g/t gold and hole OC-13; 7.6 metres of 35.5 g/t gold.

Michael Curran von CIBC World Markets empfahl BGO als seinen Top pick für 2004 am Freitag in der letzten Woche auf www.robtv.com. Zum Abhören von seiner Empfehlung gehe auf 'Past Programs', danach auf Friday, auf 8 PM, dann play drücken und wenn dieses Replay beginnt dann gehe auf minute 41.

May 14, 2004 06:00 AM US Eastern Timezone

Bema Gold Corporation: 2004 First Quarter Results


VANCOUVER, British Columbia--(BUSINESS WIRE)--May 14, 2004--Bema Gold Corporation (AMEX:BGO) (TSX:BGO) (AIM:BAU) reports the results from its operations for the first quarter ended March 31, 2004. All dollar figures are in United States dollars (USD) unless otherwise indicated.


Gold Revenue

Gold revenue in the first quarter of 2004 totaled $19.7 million on sales of 49,989 ounces at an average realized price of $393 per ounce. The Julietta Mine accounted for $6.4 million from the sale of 17,099 ounces of gold at an average price of $371 per ounce, while $13.3 million was contributed by the Petrex Mines from 32,890 ounces sold at an average price of $405 per ounce. Gold revenue increased by 71% over the first quarter of 2003 mainly due to the higher spot gold price and the acquisition of the Petrex Mines in February 2003.

In the first quarter of 2003 gold revenue totaled $11.5 million on sales of 35,100 ounces at an average realized price of $329 per ounce. The Julietta Mine contributed $5.8 million from 18,586 ounces sold at an average price of $313 per ounce while $5.7 million was contributed by the Petrex Mines from 16,514 ounces sold at an average price of $346 per ounce.

mehr:

hxxp://home.businesswire.com/portal/site/moreover/index.jsp?epi-content=GENERIC&newsId=20040514005134&newsLang=en&beanID=1868105982&viewID=news_view

Our top picks continue to be Kinross, Agnico-Eagle, and Goldcorp. And among the junior developers, we continue to recommend Eldorado, Bema Gold, Campbell Resources, Crystallex International, Miramar Mining, Northgate Exploration.

May 14, 2004

Gold: The China Syndrome
by John Ing

hxxp://www.safehaven.com/article-1537.htm

Bema mines around 400k ounces of gold a year on four continents, with its flagship Russian Far East project yielding 100k ounces. BGO is now in the sweet spot, growing out of junior status but not yet a major 1m+ annual ounces player. It is much easier for these smaller blue-chip gold companies to grow faster than the monoliths like Newmont, so they grant us some of their greatest leverage to gold.

Bema exits horrible quarter
By: Dorothy Kosich
Posted: '17-MAY-04 07:27' GMT © Mineweb 1997-2004

RENO, NV (Mineweb.com) -- Bema Gold President and CEO Clive Johnson referred to the first quarter of this year as one that were happy to have behind us. Small wonder, given the fire that hit the companys Julietta gold mine in Russia and allegations of substandard underground mining practices dogged its South African operations.

Nevertheless, in a conference with analysts Friday, Johnson said he hoped to have debt-free cash flow by the end of this year from two out of the three mines operated by Vancouver-based Bema [BGO], as well as good news concerning the economic potential of its mammoth Kupol Deposit in Russia at the end of the month.

mehr:

hxxp://www.mineweb.net/sections/gold_silver/323249.htm

Bema Gold "buy"
Monday, May 17, 2004 11:35:36 AM ET
NEW YORK, May 17 (New Ratings) - Analyst Tony Lesiak of UBS maintains his "buy" rating on Bema Gold (BGO.TOR). The target price is set to C$4.75.
According to UBS' research note published this morning, Bema Gold reported its 1Q04 EPS lower than the consensus. The company posted EPS of -$0.03 for the quarter due to the lower-than-expected production of its Petrex assets and unfavourable currency effects, the analyst says. Sluggish contractor performance and low pit feed adversely affected the production at Petrex during the quarter, the analyst adds.
According to UBS, the preliminary economic assessment of Bema Gold's Kupol project in Russia is expected shortly. Although the preliminary results are likely to be positive, the assessment is expected to be conservative, the analyst says. Kupol results are expected to drive the company's stock performance in the near term, the analyst adds.
UBS maintains its "buy" rating on Bema Gold

Press Release Source: Bema Gold Corporation

Bema Announces Preliminary Economic Assessment for the Kupol Project/Commences Phase II Drill Program
Wednesday May 26, 4:05 pm ET

VANCOUVER, British Columbia--(BUSINESS WIRE)--May 26, 2004--Bema Gold Corporation (AMEX:BGO; TSX:BGO; AIM:BAU) is pleased to announce the results of a Preliminary Economic Assessment (PEA) for the Kupol gold and silver project located in Chukotka, North Eastern Russia. The PEA demonstrates that Kupol can be developed as a high grade, low cost gold and silver mine with robust project economics. Bema is earning a 75% interest in the project, from the Government of Chukotka, through cash payments and work requirements. All dollar figures are in United States dollars unless otherwise indicated.

mehr:

hxxp://biz.yahoo.com/bw/040526/265703_1.html

Victoria Currently Deep Drilling Mill Canyon Property

Vancouver, June 17, 2004- Victoria Resource Corporation (VIT-TSX-V) is not aware of any material change in its affairs.

In February, Victoria released drill results from the Open Cut Target at the Mill Canyon Property in Nevada. Mill Canyon is a gold and silver exploration property located in the Cortez Mountains of North Central Nevada on the Battle Mountain Gold Belt. The property is adjacent to the old Cortez and Horse Canyon Mines and 1.6 kilometres east of Placer Dome's Cortez Hills gold discovery.

The previously announced drill program concentrated on the Open Cut target which is believed to be in a structurally similar environment to the Cortez Mine and the Cortez Hills discovery. A total of 10 holes totaling 2,100 metres were drilled in this section of the Open Cut target. Drilling identified four high grade “Carlin Type” gold zones over a minimum width of 185 metres and minimum length of 125 metres. The system was identified as part of a larger structural corridor which is a minimum of 430 metres wide and 4.6 kilometres long, the system remains open along strike and at depth. High grade gold mineralization was intersected in 8 of the 10 holes. For a detailed table of the February results please refer to the press release dated 02/26/04 at the company’s website: www.victoriaresource.com.

Poor weather conditions and permitting requirements have delayed drilling to test these zones at depth. Victoria has recently secured permits and drilling has commenced to the south east of the four zones identified in the previous program.

On Behalf of VICTORIA RESOURCE CORPORATION

“Roger T. Richer”
President

For more information, contact Investor Relations at 604-681-8371 or toll-free 1-800-316-8855.

Bema Gold earns US$745,000 in Q2, reversing US$4.2M loss last year


Canadian Press


August 12, 2004

VANCOUVER (CP) - Bema Gold Corp., a junior mining company with interests in mines in Russia, South Africa and South America, went from a loss in last year's second quarter to a profit of $745,000 US for the three months ended June 30.

The profit, which amounted to a slim 0.2 cents per share, was an improvement on the restated net loss of $4.2 million, or 1.3 cents per share, for the same period last year. The Vancouver-based company, which reports results in U.S. dollars, attributed the improvement on its bottom line to gains on derivative instruments related to its gold-hedging program.

Gold revenue in the second quarter was $21.2 million on sales of 54,036 ounces at an average realized price of $391 US per ounce.

That was down from a year earlier, when gold revenue totalled $24.6 million

on sales of 72,890 ounces at an average realized price of $337 per ounce.

The Julietta Mine in Russia, which is 79 per cent owned by Bema, contributed $10.4 million to revenues in the second quarter, down $300,000 from a year earlier.

Another $10.7 million was contributed by the Petrex Mines in South Africa, down from $13.9 million in the second quarter of 2003.

The company said its focus for the remainder of 2004 will be to optimize production at the Petrex Mines and continuing to increase reserves at the Julietta Mine.

It also expects to make significant advances at its three major development projects, Refugio and Cerro Casale in Chile and Kupol in Russia.

The company said its goal is to increase annual gold production to over one million ounces from the development of these existing assets.

Gold rises back above $400 (BGO) By Myra P. Saefong
SAN FRANCISCO (CBS.MW) -- Gold futures prices climbed for the first time in four sessions to trade back above $400 as disappointing U.S. economic data fueled a decline in the dollar. December gold is up $4.20 at $400.80 an ounce on the New York Mercantile Exchange. "Gold continues to build a long term base that ... can lead to a move above the old highs of $430 to $435, and on towards $500 as we get into 2005," said Peter Grandich, editor of the Grandich Letter. Mining shares are also higher for a second day, with shares of Vancouver-based Bema Gold (BGO) up 6 percent. The company reported late Thursday a net profit for its second quarter, compared to a loss a year earlier.

Press Release Source: Bema Gold Corporation

CORRECTION FROM SOURCE: Bema Gold Corporation; 2004 Second Quarter Results, Kupol Drill Results, Cerro Casale Update
Thursday August 12, 10:15 pm ET

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 12, 2004) -

Bema advises that the following paragraphs contain corrections to the first two paragraphs of the Julietta Mine section and the second paragraph of the Kupol Deposit section from today's earlier news release entitled: "2004 Second Quarter Results; Kupol Drill Results, Cerro Casale Update". The complete and corrected press release follows.

Bema Gold Corporation (TSX: BGO; AMEX: BGO; AIM: BAU) reports the results from its operations for the second quarter ended June 30, 2004. All dollar figures are in United States dollars (USD) unless otherwise indicated.

mehr:

hxxp://biz.yahoo.com/ccn/040812/635a0a7ebfa6a2209e534333f00f7cb5_1.html

BGO

aktuell:

US-$ 2,26

http://stockcharts.com/def/servlet/SC.web?c=bgo,uu[w,a]daclyyay[pc10!c50][vc60][iUb14!La12,26,9]&pref=G

10-day EMA: 2,35 < 50-day EMA: 2,66

BGO:$GOLD

aktuell: 0,01

http://stockcharts.com/def/servlet/SC.web?c=BGO:$GOLD,uu[w,a]daclyyay[pc10!c50][vc60][iUb14!La12,26,9]&pref=G

10-day EMA: 0,01 < 50-day EMA: 0,01

Bema Gold

Take another look at Bema Gold (148.5p), the precious metals producer with assets in Russia, Chile and South Africa. The company listed on Aim at 160p in September 2003, but despite a brief period at above 200p, its shares have traded below that price for all of this year.

In some ways, Bema is a victim of its own success in acquiring big, new projects. Despite successfully bringing its mines into operation, giving it production of about 300,000 oz of gold per year, investors remain worried about the more than $1bn required to bring its other projects on line.

However, Bema is in discussions with larger partners and, given the huge scale and quality of the deposits, seems likely to agree funding for the schemes over the next few months. By 2009, Bema should be producing around 1m oz of gold per year, making it one of the fastest growing producers. Buy.

http://money.telegraph.co.uk/money/main.jhtml?xml=/money/2005/11/13/ccmm13.xml

http://www.marketwatch.com/tools/quotes/newsarticle.asp?guid={0F135A75-2AA0-4C94-9223-CA51EEE7D10A}&siteid=mktw&dist=nbs&symb=