Bema Gold Corporation: 2003 Third Quarter Results.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--Oct. 29, 2003 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 ("Bema or the "Company") (AMEX AMEX See: American Stock Exchange : 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) ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Symbol: BGO) (AIM Symbol: BAU BAU Business As Usual BAU Bangladesh Agricultural University BAU Beirut Arab University (Lebanon) BAU Behavioral Analysis Unit (FBI NCAVC) BAU Al-Balqa' Applied University (Jordan) ) is pleased to report the results from its operations for the third quarter ended September September: see month. 30, 2003. All dollar figures are in United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. dollars unless otherwise indicated. Highlights -- Produced 70,217 ounces of gold -- Revenue of $24.8 million -- Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses of $8.2 million -- Completed successful phase one drill program at Kupol gold and silver property, Russia Russia, officially the Russian Federation, Rus. Rossiya, republic (2005 est. pop. 143,420,000), 6,591,100 sq mi (17,070,949 sq km). -- Completed Petrex Mine plant expansion -- Raised $55.4 million through equity issues Financial Results Bema reported revenue of $24.8 million for the third quarter 2003 compared to $11.2 million for the same period last year. Cash flow from operations during the period was $8.2 million compared to $8 million for the third quarter 2002. The Company reported a net loss of $3.5 million ($0.011 per share) for the period primarily due to foreign exchange translation adjustments relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the rand of $2.2 million. In the third quarter 2002 Bema reported a restated net loss of $823,000 ($0.004 per share). For the first nine months of 2003, the Company reported a net loss of $8.8 million ($0.028 per share) on revenue of $62.9 million compared to a restated net loss of $1.1 million ($0.007 per share) on revenue of $27.8 million in the comparable period of 2002. Cash flow from operations improved to $10.1 million year to date compared to $8.9 million for the first nine months of 2002. Cash flow from operations in the first nine months of 2002 included $4.2 million relating to an arbitration arbitration Process of resolving a dispute or a grievance outside a court system by presenting it for decision to an impartial third party. Both sides in the dispute usually must agree in advance to the choice of arbitrator and certify that they will abide by the settlement awarded to Bema during that period. Cash flow from operations for the first nine months of 2003 is mainly a result of lower production costs at Julietta and partly from the acquisition of the Petrex Mines. Gold Production Bema produced 70,217 ounces of gold during the quarter at an operating cash cost of $234 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. and a total cash cost of $252 per ounce compared to 32,665 ounces of gold at an operating cash cost of $95 per ounce and a total cash cost of $126 per ounce during the third quarter last year. Operating costs operating costs npl → gastos mpl operacionales in the first nine months reflect the acquisition of the Petrex Mines from February 14, 2003 onwards on·ward adj. Moving or tending forward. adv. also on·wards In a direction or toward a position that is ahead in space or time; forward. Adv. 1. . For the first nine months Bema produced 181,360 ounces of gold at an operating cash cost of $246 per ounce and a total cash cost of $264 per ounce. The higher production costs are primarily due to the strength of the South African Rand “ZAR” redirects here. For the former republic, see South African Republic. The rand is the currency of South Africa. It takes its name from the Witwatersrand (White-waters-ridge versus the US dollar during the period and the expected higher operating costs at Petrex during the mill expansion and through put ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale . For details please refer to the "Petrex Mines" section of this news release. Operations The Julietta Mine, Russia (Bema 79%) The Julietta Mine produced 32,928 ounces of gold in the third quarter at an operating cash cost of $58 per ounce and a total cash cost of $97 per ounce, resulting in the most profitable quarter to date with the lowest operating costs since the commencement of production. In the third quarter of 2002, Julietta produced 32,665 ounces of gold at an operating cash cost of $95 per ounce and a total cash cost of $126 per ounce. Revenue from Julietta was $10.6 million from the sale of 32,651 ounces of gold sold at an averaged price of $325 per ounce. This is compared to 35,715 ounces of gold sold at an average spot price of $313 in the third quarter 2002 for revenue of $11.2 million. The Julietta Mine continues to perform well and gold production and costs are expected to meet or exceed fourth quarter and annual budget expectations. Management remains confident that the 2003 projected total annual production of 116,000 ounces at an operating cash cost of $110 per ounce will be achieved. The Petrex Mines, South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. (Bema 100%) Expansions to the mill processing plant at the Petrex Mines were completed during the third quarter and through put is continuing to improve. During the period, mill through put averaged approximately 175,000 tonnes per month, exceeding forecast by 7%. In the fourth quarter, through put is projected to reach 185,000 per month resulting in lower operating costs. Due to the lower tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. through put during the mill expansion, cash costs for the first nine months of 2003 were budgeted to be significantly higher than those budgeted for the remainder of the year and beyond. In the third quarter the Petrex Mines produced 37,289 ounces of gold at total cash cost of $389 per ounce. The main reasons for the high cash costs were the strength of the South African rand versus the U.S. dollar and the mill ramp up. The South African rand continued to strengthen against the U.S. dollar during the third quarter and gained an additional 4% over the previous quarter. The rand, however was 35% higher during the quarter versus the budgeted rate of exchange (10 Rand to 1 USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ). This equates to an additional $102 per ounce to the total cash cost for the quarter. For the remainder of 2003, should the rand retain its strength, approximately 80% of the resulting higher U.S. dollar denominated cash costs will be mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. by increased revenue realized from the rand denominated gold put options purchased. Over the next six years approximately 70% of expected production is protected by Rand denominated put options. (see "Gold Forward and Option Contracts" section). Third quarter revenue from Petrex was $14.2 million from the sale of 35,337 ounces of gold sold at an average realized price of $402 per ounce compared to an average spot gold price for the period of $363 per ounce. The average realized price benefited from the exercise of rand denominated gold put options having a strike price of 3,000 rand per ounce. Bema completed the acquisition of the Petrex Mines on February 14, 2003. Production from the first seven and one half months from the date of the acquisition was 93,734 ounces of gold at total cash costs of $375 per ounce which was better than budget based on the budgeted conversion rate of 10 rand to 1 U.S. dollar The Refugio Mine, Chile (Bema 50%) During the third quarter of 2003 and nine months ended September 30, 2003, the Refugio Mine recovered 2,431 and 10,239 ounces of gold, respectively, from residual leaching leaching, method of extraction in which a solvent is passed through a mixture to remove some desired substance from it. A simple example is the passage of boiling water through ground coffee to dissolve and carry out the chemicals necessary for producing the beverage. operations which have substantially outperformed the budget estimates. All revenue from gold recovered is credited to Refugio care and maintenance costs. Gold and silver recoveries will begin to increase again in October when different leaching areas are brought on line as the Chilean summer begins. When mining was suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. at the Refugio Mine in June 2001, due to low gold prices, there were four years of reserves remaining at the Verde deposit. The Company and its joint venture partner agreed to consider recommencing production at Refugio when the gold price recovered to $325 per ounce. Bema's joint venture partner completed an extensive drill program in May 2003 with the goal of increasing reserves and thereby extending the projected mine life. The drilling program has been successful, extending ore grade Ore grade is a measure that describes the concentration of a valuable natural material (such as metals or minerals) in its surrounding ore. Ore grade is used to assess the economic feasibility of a mining operation: the cost of extracting a natural material from its ore is directly mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. well below the previously projected pit bottom. Based on the recent drill program, updated independent reserves are being calculated. Management believes this will result in an increase in reserves and significantly extend Refugio's mine life. A new reserve calculation and production decision for Refugio is expected in the fourth quarter of 2003. With the inclusion of the Company's 50% share of the Refugio Mine production, the Company's projected annual production (based on the original Refugio development plan) would increase by an additional 115,000 ounces to approximately 400,000 ounces of gold. The Kupol Project, Russia (Bema 75%) Bema has recently concluded a successful phase I drill program at Kupol. From these results, the Company plans to publish an initial geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. resource estimate for Kupol by the end of the fourth quarter 2003. Furthermore, based on the exploration results to date, Bema intends to fast track the development of the Kupol Property. The Company is currently procuring Procuring, in general, is the act of acquiring goods or services, usually by contract. It may refer to:
The planned exploration and development program at Kupol in 2004 will include approximately 55,000 metres of drilling to further explore the property and conduct infill in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. drilling. The program will also include construction of a runway runway: see airport. for fixed wing aircraft, earth works for mine and mill facilities, geotechnical and condemnation Condemnation bell, book, and candle symbols of Catholic excommunication rite. [Christianity: Brewer Note-Book, 85] Bridge of Sighs passage from Doge’s court to execution chamber in Renaissance Venice. [Ital. Hist. drill programs, final metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. test work, and procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. of equipment for 2005 construction. The Cerro Casale Deposit, Chile (Bema 24%) The Alderberan Property, which hosts the Cerro Casale deposit, is held by Compania Minera Casale ("CMC (Common Messaging Calls) A programming interface specified by the XAPIA as the standard messaging API for X.400 and other messaging systems. CMC is intended to provide a common API for applications that want to become mail enabled. 1. ") a Chilean contractual mining company owned indirectly by Placer Dome Placer Dome was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada. Barrick has acquired 100% of the Placer Dome shares on January 20, 2006, and has integrated the company into its own. Inc.(Placer) (51%), Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). Star Resource Corp. (25%) and Bema (24%). A feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. completed by Placer Dome Technical Services, in January 2000, has outlined a reserve of 23 million ounces of gold and 6 billion pounds of copper. The feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. contemplates a large scale open pit gold copper mine assuming a gold price of $350 per ounce and a copper price of $0.95 per pound. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the feasibility study, Cerro Casale is projected to produce 975,000 ounces of gold and 130,000 tonnes of copper per year over the 18 year mine life. Cash production costs are estimated to be less than $100 per ounce of gold with total costs estimated at $203 per ounce of gold (assuming credits for copper at $0.95 per pound). Based on the feasibility study for Cerro Casale the Net Present Value of the project, at a 5% discount, is $736.2 million. During 2001, CMC secured sufficient water rights to build and operate a plant as envisioned in the feasibility study. In March 2002, CMC received formal approval of an Environmental Impact Study from the Chilean regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities (COREMA). Given the recent improvement of both gold and copper prices during the first nine months of 2003, the joint venture partners have scheduled meetings to discuss upgrading the feasibility study and the financibility of the Cerro Casale project. The Monument Anything by which the memory of a person, thing, idea, art, science or event is preserved or perpetuated. A tomb where a dead body has been deposited. In real-property Bay Project, Manitoba (Bema 70%) During the third quarter Bema commenced a 7,500 metre metre In poetry, the rhythmic pattern of a poetic line. Various principles have been devised to organize poetic lines into rhythmic units. Quantitative verse, the metre of Classical Greek and Latin poetry, measures the length of time required to pronounce syllables, , 30 hole, drill program at Monument Bay to continue to test the Twin Lakes Twin Lakes may refer to: Communities
measure of weight or mass; 1 tonne=1000 kg. See also ton. containing 418,371 ounces of gold. Results from the current drill program will be available during the fourth quarter. Liquidity and Capital Resources The Company ended the quarter with $65 million in cash and cash equivalents compared to $17.5 million at June 30, 2003. The increase in cash is due mainly to an equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. completed during the quarter and cash flow from operations. During the quarter Bema made scheduled debt payments to Julietta and Petrex of $5.6 million and $1.5 million respectively.
Gold forward and Option Contracts
The Company's hedging program
as of September 30, 2003
consists of the following 2006-
gold contracts: 2003 2004 2005 2010
--------------------------------------
Forward contracts (ounces) 24,900 71,100 38,550 -
Average price per ounce $ 344 $ 331 $ 338 $ -
Dollar denominated - Put
options purchased (ounces) 10,648 32,086 26,364 83,778
Average price per ounce $ 288 $ 289 $ 290 $ 290
Rand denominated - Put options
purchased (ounces) 37,647 146,244 136,086 351,204
Average price per ounce (ZAR) 3,000 3,050 3,100 3,200
Call options sold (ounces) 2,500 - - -
Average price per ounce $ 400 $ - $ - $ -
Contingent forwards (maximum)
$320 strike price (ounces) 5,000 20,000 10,000 -
$350 strike price (ounces) 8,250 33,000 34,500 204,000
The Company was required by the lenders of the Julietta and Petrex project loan facilities to enter into gold hedge contracts over the loan life period in order to cover the value of the mine's future operating and debt service costs. The $320 contingent forward contracts ("CFC CFC See: Controlled foreign corporation ") are exercisable based on the average quarterly spot price of gold. The number of ounces exercisable per quarter under the CFC is prorated based on a gold price between $320 and $370 per ounce. The $350 CFC are exercisable each month-end evenly throughout the year based on the spot price. The number of ounces deliverable for the month is prorated based on a gold price between $350 and $400. The rand denominated put options provide the Company with some protection against a strengthening South African rand without limiting the Company's leverage to a rising gold price or a declining rand. For example, at a conversion rate of seven rand to one U.S. dollar, the Company will receive $429 per ounce of gold on its rand put options in 2003. The mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. value of the Company's hedges as at September 30, 2003 was negative $15.6 million. Outlook Management is focused on continued production growth and exploration for the remainder of 2003 and beyond. With the mill expansion at Petrex complete, Bema's projected gold production rate is 300,000 ounces per year. With the expected recommencement Re`com`mence´ment n. 1. A commencement made anew. Noun 1. recommencement - beginning again resumption of production at Refugio in late 2004, Bema's annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. gold production rate is projected to increase to over 400,000 ounces. The Company's goal is to continue to increase annual gold production to over 1,000,000 ounces from the further development of existing assets. On Behalf of BEMA GOLD CORPORATION Clive CLIVE Computer-aided Learning in Veterinary Education. A consortium of six veterinary schools in the United Kingdom providing computer based learning in veterinary undergraduates courses. T. Johnson, Chairman, C.E.O., & President Bema Gold Corporation trades on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. . Symbol: BGO. Marc Simpson Simp·son , Sir James Young 1811-1870. British obstetrician and a founder of gynecology. He is also known for introducing the use of chloroform as an anesthetic. (P.Geo) is the project manager and qualified person for the Monument Bay Project, and is a member of APEGBC APEGBC Association of Professional Engineers and Geoscientists of British Columbia and APEGM APEGM Association of Professional Engineers and Geoscientists of Manitoba APEGM Alkaline Poly-Ethylene Glycolate Monomethyl-Ether . Mr. Simpson has supervised su·per·vise tr.v. su·per·vised, su·per·vis·ing, su·per·vis·es To have the charge and direction of; superintend. [Middle English *supervisen, from Medieval Latin all aspects of drill hole planning, implementation and quality control programs. Some of the statements contained in this release are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding: the Company's projections regarding annual gold production in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks; the risk of commodity price fluctuations; political and regulatory risks; and other risks and uncertainties detailed in the Company's Form 40-F Annual Report for the year ended December 31, 2001, which has been filed with the Securities and Exchange Commission, and the Company's Renewal Annual Information Form for the year ended December 31, 2001, which is an exhibit to the Company's Form 40-F and is available at the Canadian Depository for Securities The Canadian Depository for Securities Ltd. (CDS Limited) is the holding company for three operating subsidiaries: CDS Clearing and Depository Services Inc. CDS INC. CDS Innovations Inc. CDS Clearing and Depository Services Inc. Web site. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
BEMA GOLD CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
For the periods ended September 30
(Unaudited)
(in thousands of United States dollars,
except shares and per share amounts)
Third Quarter Nine Months
As restated As restated
(Note 3) (Note 3)
2003 2002 2003 2002
---------- ---------- ---------- ----------
GOLD REVENUE $ 24,812 $ 11,194 $ 62,917 $ 27,796
---------- ---------- ---------- ----------
EXPENSES
Operating costs 16,844 4,689 46,818 13,928
Depreciation
and depletion 4,800 3,642 12,201 8,983
Other 703 521 1,369 718
---------- ---------- ---------- ----------
22,347 8,852 60,388 23,629
---------- ---------- ---------- ----------
OPERATING EARNINGS -
BEFORE ARBITRATION
SETTLEMENT 2,465 2,342 2,529 4,167
Arbitration settlement - 262 - 4,169
---------- ---------- ---------- ----------
OPERATING EARNINGS -
AFTER ARBITRATION
SETTLEMENT 2,465 2,604 2,529 8,336
---------- ---------- ---------- ----------
OTHER EXPENSES (INCOME)
General and
administrative 1,923 1,225 5,688 2,784
Interest on
long-term debt 1,140 1,000 3,273 3,258
Amortization of
deferred financing
costs 427 424 1,280 2,409
General exploration 38 16 203 247
Foreign exchange loss 1,753 1,185 778 809
Other 3 265 (809) 1,067
---------- ---------- ---------- ----------
5,284 4,115 10,413 10,574
---------- ---------- ---------- ----------
LOSS BEFORE THE
UNDERNOTED ITEMS (2,819) (1,511) (7,884) (2,238)
Equity in losses of
associated companies (46) (9) (53) (416)
Investment gains
(losses) (105) 1,110 (99) 1,945
---------- ---------- ---------- ----------
LOSS BEFORE INCOME TAXES (2,970) (410) (8,036) (709)
Current income taxes (565) (413) (809) (413)
---------- ---------- ---------- ----------
LOSS FOR THE PERIOD $ (3,535) $ (823) $ (8,845) $ (1,122)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
LOSS PER COMMON SHARE
- basic and diluted $ (0.011) $ (0.004) $ (0.028) $ (0.007)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Weighted average number
of common shares
outstanding
(in thousands) 331,399 237,777 313,308 211,746
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
BEMA GOLD CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the periods ended September 30
(Unaudited)
(in thousands of United States dollars)
Third Quarter Nine Months
As restated As restated
(Note 3) (Note 3)
2003 2002 2003 2002
---------- ---------- ---------- ----------
OPERATING ACTIVITIES
Loss for the period $ (3,535) $ (823) $ (8,845) $ (1,122)
Non-cash charges (credits)
Depreciation and
depletion 4,800 3,642 12,201 8,983
Amortization of
deferred financing
costs 427 424 1,280 2,409
Equity in losses
of associated
companies 46 9 53 416
Derivative
instruments 1,583 110 926 183
Investment (gains)
losses 105 (1,110) 99 (1,945)
Arbitration settlement,
net - 3,907 - -
Other 1,798 1,568 1,640 1,901
Change in non-cash
working capital 2,984 276 2,774 (1,933)
---------- ---------- ---------- ----------
8,208 8,003 10,128 8,892
---------- ---------- ---------- ----------
FINANCING ACTIVITIES
Common shares issued,
net of issue costs 55,403 2,170 55,677 23,963
Julietta project
loan repayments (5,584) (5,583) (11,167) (5,583)
Petrex loan repayments (1,500) - (6,500) -
Refugio loan repayments - (3,500) - (4,000)
Other (102) (433) (232) (433)
---------- ---------- ---------- ----------
48,217 (7,346) 37,778 13,947
---------- ---------- ---------- ----------
INVESTING ACTIVITIES
Arbitration settlement - 5,512 - 5,512
Julietta Mine (669) (679) (2,158) (1,241)
Petrex Mine (2,359) - (5,670) -
Refugio exploration
and development (655) - (2,534) -
Acquisition, exploration
and development (4,828) (63) (13,165) (1,377)
Julietta development
and construction - - - (2,435)
Acquisition of EAGC
Ventures Corp., net
cash acquired - - 6,742 -
Purchase of marketable
securities - - - (1,039)
Proceeds on sale of
investments and
marketable securities - 1,039 17,015 1,048
Other (141) 1,304 (448) 524
---------- ---------- ---------- ----------
(8,652) 7,113 (218) 992
---------- ---------- ---------- ----------
Effect of exchange rate
changes on cash and
cash equivalents (244) (782) 694 (597)
---------- ---------- ---------- ----------
Increase in cash and
cash equivalents 47,529 6,988 48,382 23,234
Cash and cash
equivalents,
beginning of period 17,511 20,379 16,658 4,133
---------- ---------- ---------- ----------
Cash and cash
equivalents,
end of period $ 65,040 $ 27,367 $ 65,040 $ 27,367
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
BEMA GOLD CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands of United States dollars)
As at As at
September 30 December 31
2003 2002
ASSETS
Current
Cash and cash equivalents $ 65,040 $ 16,658
Accounts receivable 3,682 2,278
Marketable securities 3,557 3,272
Inventories 15,733 9,519
Other 3,507 892
---------- ----------
91,519 32,619
Investments 2,123 12,664
Property, plant and equipment 263,177 146,711
Goodwill 27,549 -
Other assets 13,682 11,787
---------- ----------
$ 398,050 $ 203,781
---------- ----------
---------- ----------
LIABILITIES
Current
Accounts payable $ 20,589 $ 3,979
Current portion of long-term debt 17,166 11,167
---------- ----------
37,755 15,146
Deferred revenue and derivative
liability 15,587 1,045
Long-term debt 36,787 18,250
Future income tax liabilities 9,683 -
Other liabilities 8,873 3,511
Non-controlling interest 859 892
---------- ----------
109,544 38,844
---------- ----------
SHAREHOLDERS' EQUITY
Capital stock 438,072 317,494
Share purchase warrants and
stock options 11,836 -
Deficit (161,402) (152,557)
---------- ----------
288,506 164,937
---------- ----------
$ 398,050 $ 203,781
---------- ----------
---------- ----------
Approved by the Directors
Clive T. Johnson Robert J. Gayton
The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release. |
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