Bema Gold 1996 Third Quarter Financial Results.VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 2, 1996-- Bema Gold Bema Gold Corporation is a Vancouver, British Columbia based intermediate gold producer with operating mines and development projects in Russia, South Africa, Chile and Canada. Corporation (VSE/TSE/AMEX:BGO BGO Bismuth Germanate BGO Baguio City (Philippines) BGO Blinding Glimpse of the Obvious BGO Bergen, Norway - Flesland (Airport Code) BGO Blue and Gold Officer (United States Naval Academy) ) REVIEW OF OPERATIONS Bema Gold Corporation ("the Company") is pleased to report its 1996 Third Quarter Final Results. FINANCIAL For the nine months ended September 30, 1996 the Company recorded a net loss of $1,306,000 or $0.034 per share compared to a net loss of $800,000 or $0.035 per share for the same period in 1995. The Company's net loss of $1,238,000 for the third quarter of 1996 or $0.019 per share compared to $420,000 or $0.014 per share in 1996 is mainly attributed to an investment loss resulting from the write-off of a resource property in Argentina by an affiliate, Puma Minerals Corp. During the quarter, the Company received gross proceeds of Cdn $88 million issuing 8 million common shares from a financing, Cdn $2,085,000 from the exercise of share purchase warrants and Cdn $868,000 for the exercise of stock options. Also during the quarter, $3,174,000 of principal amount of convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. were converted at $2.05 per share. To date in 1996 a total of $10,293,000 principal amount of convertible debentures has now been converted which reduces the total debentures outstanding to $22,707,000 at September 20, 1996. Since the first gold pour on April 13, 1996, the Company's 50 percent owned Refugio Mine in Chile produced 40,054 ounces of gold by the end of the third quarter 1996. Since period end, full commercial production was announced effective October 1, 1996 with 16,781 ounces of gold produced in October with operating costs operating costs npl → gastos mpl operacionales of $245.40 per ounce. In November, approximately 20,000 ounces of gold were produced at the Refugio Mine. Mine throughput for this month averaged 37,136 tonnes per day of ore through the primary crusher and 28,824 tonnes per day through the secondary and tertiary tertiary (tûr`shēârē), in the Roman Catholic Church, member of a third order. The third orders are chiefly supplements of the friars—Franciscans (the most numerous), Dominicans, and Carmelites. crushers. The average grade of ore mined was 1.018 grams per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. . The Refugio Mine is scheduled to produce over 230,000 ounces of gold annually at an operating cost of $237.00 per ounce. On Behalf of BEMA GOLD CORPORATION Clive T. Johnson Chairman, C.E.O. & President -0- Note to Editors: The Vancouver and Toronto Stock Exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. neither approve nor disapprove dis·ap·prove v. dis·ap·proved, dis·ap·prov·ing, dis·ap·proves v.tr. 1. To have an unfavorable opinion of; condemn. 2. To refuse to approve; reject. v.intr. the information contained in this news release. CONTACT: Bema Gold Corporation John Anderson/Andrea Bell, 604/681-8371 |
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