Bema Gold Corporation: 2004 Fourth Quarter and Year End Results/Updated Kupol Mineral Resource Estimate.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Please replace the release due to multiple revisions. The corrected release reads: 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: 2004 FOURTH QUARTER AND YEAR END RESULTS/UPDATED KUPOL MINERAL RESOURCE ESTIMATE Bema Gold Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :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) )(AMEX AMEX See: American Stock Exchange :BGO)(AIM: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) ) reports the results from its operations for the fourth quarter and year ended December 31, 2004. Bema remains leveraged to growth through the development of three key projects; the Kupol deposit in Russia and in Chile the Refugio Mine and the Cerro Casale project. In 2004, 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 continued to appreciate versus the US dollar, negatively affecting the operations at Petrex, while at Julietta a fire in the warehouse early in the year contributed to lower than budgeted gold production. Despite these challenges, Bema was able to significantly advance each of its development projects during the year. Refugio commenced a major construction program and is scheduled to recommence Re`com`mence´ v. i. 1. To commence or begin again. 2. To begin anew to be; to act again as. He seems desirous enough of recommencing courtier. - Johnson. v. t. 1. To commence again or anew. production in May 2005. At Kupol, Bema completed an extensive exploration and development program while at Cerro Casale, 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. continues to use reasonable efforts to arrange financing for the project and are required to make a financing decision in 2005. 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. Financial Results Bema's loss for the year ended December 31, 2004 was $79.6 million or $0.22 per share compared to a loss of $30.6 million or $0.09 per share in 2003. The largest contributor to the loss during the year was a write down of the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the goodwill at Petrex in the amount of $27.3 million. The valuation of Petrex is highly sensitive Adj. 1. highly sensitive - readily affected by various agents; "a highly sensitive explosive is easily exploded by a shock"; "a sensitive colloid is readily coagulated" to assumptions regarding the South African rand / U.S. dollar exchange rates and to the price of gold. Management has determined that the carrying value of the Petrex Mines was not impaired based on the projected undiscounted cash flows of the mines. However, in determining the fair value of the Petrex reporting unit, management determined that the overall goodwill was impaired. The loss in 2004 was also a result of a number of other non cash charges during the year, including an $8.5 million write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of the carrying value of the Yarnell property (refer to Q-1 press release dated 05-14-04) a write-down of $4 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the cessation cessation Vox populi The stopping of a thing. See Smoking cessation. of the open pit operations at the Petrex Mines in the fourth quarter and a $6.1 million decrease in the value of the mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. , non-hedge derivatives derivatives In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. . Further contributing to the loss was $6.4 million of Refugio Mine start-up Start-up The earliest stage of a new business venture. costs, which were expensed during the year ($3.2 million in the fourth quarter), lower than forecasted production at Julietta (see: "Julietta Mine" section) and high operating costs operating costs npl → gastos mpl operacionales at the Petrex Mines. (see: "Petrex Mines" section). Removing the non cash items from the $79.6 million loss for the year would result in a loss of $33.7 million or $0.09 per share. The Company reported a loss of $44.6 million ($0.12 per share) during the fourth quarter of 2004 compared to a net loss of $20.2 million ($0.06 per share) in the same period of 2003. The loss for the quarter was due mainly to the write downs at Petrex and the Refugio Mine start up costs. Gold Revenue Gold revenue improved by 6% in 2004 to $92.1 million on sales of 232,925 ounces at an average realized price of $396 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. . The Julietta Mine accounted for $32.7 million from the sale of 86,000 ounces of gold at an average price of $380 per ounce, while $59.5 million was contributed by the Petrex Mines from 146,925 ounces of gold sold at an average price of $405 per ounce. Gold revenue in 2003 totaled $86.8 million on sales of 245,523 ounces at an average realized price of $354 per ounce. The Julietta Mine contributed $39.5 million from 116,066 ounces of gold sold at an average price of $340 per ounce, while the Petrex Mines accounted for $47.4 million from sale of 129,457 ounces of gold sold at an average price of $366 per ounce. In 2004, gold revenue for the fourth quarter was $26.4 million on sales of 65,674 ounces at an average realized price of $403 per ounce. Julietta contributed $7.4 million from the sale of 19,033 ounces at an average price of $387 per ounce and Petrex accounted for $19.1 million from the sale of 46,641 ounces at an average price of $410 per ounce. Operations Bema's consolidated gold production for the year was 229,545 ounces with an operating cash cost of $315(1)(2) and total cash cost of $332 per ounce(1)(2). In 2003, Bema produced 250,315 ounces of gold with an operating cash cost of $242(3) and total cash cost of $259 per ounce(3). Lower than forecasted production at Julietta, due mainly to a fire in the warehouse in February, and higher operating cost at Petrex, due to the strong South African Rand, were the primary reasons for the shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. in production ounces and the higher operating costs. For more detail please refer to the "Julietta Mine" and "Petrex Mines" sections, respectively. Consolidated gold production for the fourth quarter was 61,501 ounces with an operating cash cost of $353 per ounce(1)(2) and a total cash cost of $371 per ounce(1)(2). (1) In 2004, consolidated production costs are adjusted to reflect a cash gain of $41 per ounce gold (Q4-$30 per ounce) from the exercise of South African rand denominated gold put options. At Petrex the cash gain from the puts was $64 per ounce gold (Q4-$43 per ounce). (2) Julietta costs are net of silver by-product by·prod·uct or by-prod·uct n. 1. Something produced in the making of something else. 2. A secondary result; a side effect. by-product Noun 1. credit. (3) Adjusted for rand denominated put option gains from 2003- please refer to the year end news release dated 03/25/04 for more detail. Operating cash costs are calculated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the Gold Institute Production Cost Standard and include direct mining, smelting smelting, in metallurgy, any process of melting or fusion, especially to extract a metal from its ore. Smelting processes vary in detail depending on the nature of the ore and the metal involved, but they are typified in the use of the blast furnace. , refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar and transportation costs, less silver by-product credits. Total cash costs, calculated in accordance with this standard, include operating cash costs, royalties and production taxes. Liquidity and Capital Resources The Company ended the year with $87.1 million in cash and working capital of $85.6 million compared to cash of $30.8 million and a working capital deficiency of $9.3 at the end of 2003. During the year, Bema made scheduled payments towards the Julietta project loans and also prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. an additional $5.6 million of the
project loans six months ahead of schedule. The Company has now repaid
in its entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. the Julietta project loans with the exception of the
$1.5 million IFC (Internet Foundation Classes) A class library from Netscape that provides an application framework and graphical user interface (GUI) routines for Java programmers. IFC was later made part of the Java Foundation Classes (JFC). See JFC, AFC and AWT. See also ICF. C loan. This loan can be extended beyond the September
15, 2005 maturity date at the option of the IFC.At Petrex, the lenders have agreed to provide all of the necessary waivers for covenant compliance to the end of 2005 and to defer de·fer 1 v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. the loan principal payments until 2006. During the third quarter of 2004, Petrex closed out rand denominated gold put option contracts maturing between October 2005 and December 2008 for a total cash consideration of $15.3 million. Of this amount, $3.4 million was applied against a deferred premium owed relating to the original purchase of the put options. The remaining $11.87 million was applied to the project loan balance of $24 million outstanding at the time to reduce the amount outstanding to approximately $12.1 million at the end 2004. By prepaying a portion of the project loan, annual interest expense is expected to be reduced by over $500,000. Furthermore, the outstanding debt has been reclassified from current to a long-term liability as at December 31, 2004. Petrex also made the two scheduled principal payments of $1.5 million each in March 2004 and in June 2004. As a result, the Petrex project loan currently totals $12.1 million, while the rand denominated working capital loan is $9 million. It is anticipated that a formal agreement will be signed with the lenders over the next several months. The Petrex project loans are non-recourse to Bema. Bema made a $10 million payment during the fourth quarter to earn an additional 10% interest in the Kupol project from the Government of Chukotka. As a result of this payment, Bema now owns 40% of the Kupol property. To earn the remaining 35%, Bema is required to make a payment within 90 days of the completion of 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. of $5 per ounce on 75% of the proven and probable gold reserves as determined by the study. Julietta Mine, Russia (Bema 79%) In 2004, Julietta produced 83,317 ounces of gold at an operating cash cost of $189 per ounce and a total cash cost of $234 per ounce from 159,816 tonnes of ore milled at an average grade of 18.2 grams per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. . In 2003, Julietta produced a total of 118,145 ounces of gold at an operating cash cost of $111 per ounce and a total cash cost of $148 per ounce. The lower than forecast production at Julietta is mainly a result of a fire in the warehouse during the first quarter and delays in accessing higher grade working faces that were scheduled to be mined during the year. The fire destroyed the majority of spare parts Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. inventory, which resulted in mining and milling rates at Julietta being temporarily reduced while the spare parts were replaced. The loss from the warehouse fire of $2.3 million and a hedging loss of $2.5 million resulted in an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. at Julietta of $532,000 in 2004. In the fourth quarter, 38,535 tonnes of ore were milled at Julietta at an average grade of 16.5 grams per tonne producing 17,743 ounces of gold, at an operating cash cost of $266 per ounce and a total cash cost of $327 per ounce. In the fourth quarter of 2003, Julietta produced a total of 30,519 ounces of gold at an operating cash cost of $123 per ounce and a total cash cost of $156 per ounce. The decline in production and the increase in operating costs during the fourth quarter was a result of not accessing high grade working faces as well as increased fuel, shipping and maintenance charges. Furthermore, while the mill performed well through most of the year, during November the leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. and recovery circuit was upset, which took several days to recover from and resulted in gold recovery of 79% compared to normal recovery of 89% for that month. In addition, late in December, the mantle mantle, portion of the earth's interior lying beneath the crust and above the core. No direct observation of the mantle, or its upper boundary, has been made; its boundaries have been determined solely by abrupt changes in the velocities and character of seismic shaft shaft (shaft) a long slender part, such as the diaphysis of a long bone. shaft n. 1. An elongated rodlike structure, such as the midsection of a long bone. 2. of the cone cone, in botany cone or strobilus (strŏb`ələs), in botany, reproductive organ of the gymnosperms (the conifers, cycads, and ginkgoes). crusher crusher, machine used to reduce materials such as ore, coal, stone, and slag to particle sizes that are convenient for their intended uses. Crushers operate by slowly applying a large force to the material to be reduced. broke, resulting in downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. which was the main reason for the shortfall in tonnes milled of 21% during the month. The crusher was fully operational again by the end of the first week in January 2005. 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%) In 2004, Petrex produced 146,228 ounces of gold at a total cash cost of $388 per ounce(1) from 1,862,635 tonnes of ore milled at an average grade of 2.65 grams per tonne. During the first two quarters of 2004 Bema successfully completed a program designed to improve mining efficiencies and cut costs at Petrex. As a result, tonnes milled, recoveries, operating costs, capital expenditures and ounces produced were all improved during the second half of the year. However, operating costs will remain high if the South African rand retains its strength versus the US dollar. Petrex incurred an operating loss for the year of $8.9 million(2), most of which occurred in the first half of the year. Petrex produced 43,758 ounces of gold during the fourth quarter ending December 31, 2004, at a total cash cost $388 per ounce(1) from 478,314 tonnes of ore milled at an average grade of 3 grams per tonne. Petrex produced 38,436 ounces of gold during the fourth quarter of 2003 at total cash cost of $395 per ounce(3). (1) Consolidated production costs are adjusted to reflect a cash gain of $41 per ounce gold from the exercise of South African rand denominated gold put options in 2004. At Petrex the cash gain from the puts is $64 per ounce gold (Q4-$43 per ounce). (2) Adjusting for a rand denominated put gain of $9.4 million during the year. (3) Adjusted for rand denominated put option gains from 2003 please refer to the year end news release dated 03/25/04 for more details. Refugio Mine, Chile (Bema 50%) Start up of the crushing crushing deaths of newborn animals, especially those in litters, caused by the mother lying on them accidentally. Contributed to by weakness of the neonate or awkward accommodation. A problem in piglets and puppies. Called also overlying. facilities at Refugio is scheduled to commence on May 1, 2005. A two-month ramp-up period is projected prior to reaching full plant capacity of 40,000 tonnes per day. As a result, Bema's share of estimated production at Refugio for the remainder of the year should be approximately 50,000 ounces of gold. Total operating costs are projected at $298 per ounce in 2005, slightly higher than the life of mine projections of $250 per ounce, due to the 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 period.(i) The mine plan at Refugio is being updated and is expected to be completed by mid year. (i) These projections have been estimated by Bema and are not necessarily the view of the Refugio joint venture. Kupol Deposit, Russia (Bema 75%) The following is the updated mineral resource estimate for the Kupol gold and silver property in Chukotka, north-eastern Russia. The 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 in 2004 has resulted in a 230% increase in contained gold ounces and a 273% increase in contained silver ounces in the Indicated category over the 2003 resource estimate (published in February 2004). The resource estimate also confirms the large, high grade nature of the Kupol project. The deposit remains open to the north, at depth in the north and to the south. In addition several parallel structures remain untested. The new indicated and inferred resource estimates are tabulated below.
Indicated Resource: Undiluted Risk-Adjusted, Vein,
Above 6 g/t Gold Cutoff
--------------------------------------------------------------------
Tonnes Gold Silver Contained Contained
(000's) Grade Grade Metal Metal
(g/t) (g/t) Gold Troy Silver Troy
Ounces (000's) Ounces (000's)
(ii)
--------------------------------------------------------------------
Big Bend Zone 2,208 29.1 358.6 2,064 25,454
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All Kupol
Vein(i) 6,403 20.3 257.0 4,184 52,911
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Inferred Resource: Undiluted Risk-Adjusted, Vein,
Above 6 g/t Gold Cutoff
--------------------------------------------------------------------
Tonnes Gold Silver Contained Contained
(000's) Grade Grade Metal Metal
(g/t) (g/t) Gold Troy Silver Troy
Ounces (000's) Ounces (000's)
(ii)
--------------------------------------------------------------------
Big Bend Zone 532 12.4 188.6 212 3,226
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All Kupol
Vein(i) 4,090 12.4 171.4 1,637 22,539
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(i) Including Big Bend
(ii) Subject to mine planning, metallurgical recovery studies and
infill drilling to be converted to reserves. Subject to mining
dilution and recovery losses.
The details of the resource estimation estimation In mathematics, use of a function or formula to derive a solution or make a prediction. Unlike approximation, it has precise connotations. In statistics, for example, it connotes the careful selection and testing of a function called an estimator. techniques and cutting can be found at the end of the news release. The major difference between the 2004 and the 2003 resource calculation is the large increase in the Indicated category with a corresponding decrease in the Inferred category as a result of the infill drilling. The specific gravity specific gravity, ratio of the weight of a given volume of a substance to the weight of an equal volume of some reference substance, or, equivalently, the ratio of the masses of equal volumes of the two substances. with more sampling has decreased to 2.48 from 2.55. In addition, further drilling has removed 50 metres from the bottom of the Big Bend Big Bend A region of southwest Texas on the Mexican border in a triangle formed by a bend in the Rio Grande. The area includes deep river canyons, desert wilderness, mountains rising to 2,386. zone which was included in last year's Inferred resource. The resources lost in these two situations were gained back due to several previously unknown parallel veins in the North Zone, the increase in grade of the Big Bend Inferred resource when converted to an Indicated resource by infill drilling and a lower metal at risk factor. In addition, the 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. has been extended a further 350 metres north and 150 metres deep in the north based on 2004 drilling. The metal at risk adjusted factors were used as a result of guidance from Bema's consultant Dr. Harry Parker
AMEC Agent Mediated Electronic Commerce AMEC Arctic Military Environmental Cooperation AMEC Advanced Micro-Fabrication Equipment Inc AMEC Association of Media Evaluation Companies E&C Services and the final review of this resource will be completed by Dr. Parker for the feasibility study. The following table shows the uncut 2004 resource that can be compared with the uncut resource calculation derived from the 2003 drill program (published in February 2004).
Indicated Resource: Undiluted Not Cut, Vein,
Above 6 g/t Gold Cutoff
--------------------------------------------------------------------
Tonnes Gold Silver Contained Contained
(000's) Grade Grade Metal Metal
(g/t) (g/t) Gold Troy Silver Troy
Ounces (000's) Ounces (000's)
(ii)
--------------------------------------------------------------------
Big Bend Zone 2,209 31.0 382.6 2,201 27,165
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All Kupol
Vein(i) 6,417 21.7 275.7 4,486 56,874
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Inferred Resource: Undiluted Not Cut, Vein,
Above 6 g/t Gold Cutoff
--------------------------------------------------------------------
Tonnes Gold Silver Contained Contained
(000's) Grade Grade Metal Metal
(g/t) (g/t) Gold Troy Silver Troy
Ounces (000's) Ounces (000's)
(ii)
--------------------------------------------------------------------
Big Bend Zone 532 13.1 198.8 223 3,400
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All Kupol
Vein(i) 4,102 13.1 179.4 1,723 23,659
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(i) Including Big Bend
(ii) Subject to mine planning, metallurgical recovery studies and
infill drilling to be converted to reserves. Subject to mining
dilution and recovery losses.
The feasibility study work is underway and is scheduled to be completed in May 2005. Drilling at Kupol is expected to recommence this May and will consist of approximately 45,000 metres to test the deposit to the north and to depth in the north, to test the offset of the structure southwards south·ward adv. & adj. Toward, to, or in the south. n. A southward direction, point, or region. south and to test parallel veins. Approximately 1/3 to 1/2 of the drilling will also be used for further infill, 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. and mine planning. Cerro Casale, Chile (Bema 24%) In September 2004, Placer Dome issued a certificate (Certificate B) under the shareholders' agreement shareholders' agreement n. an employment agreement among the shareholders of a small corporation permitting a shareholder to take a management position with the corporation without any claim of conflict of interest or self-dealing against the shareholder/manager. indicating that it has commenced or is continuing to use reasonable commercial efforts to arrange financing for the Cerro Casale project on commercially reasonable and customary reasonable and customary (R&C) plan, n a dental benefits plan that determines benefits based only on “reasonable and customary” fee criteria. See also usual fee; customary fee; reasonable fee. terms in accordance with the financing requirements of the shareholders' agreement. Subject to the terms of the shareholders' agreement, Placer Dome has until the end of 2005 to arrange such financing. Placer Dome is also advancing discussions on key commercial contracts and long-term marketing off-take arrangements. If Placer Dome elects not to proceed with the project and it is still deemed financeable under the terms of the shareholders agreement, they will relinquish their interest in Cerro Casale. The Cerro Casale project is located in Chile and is a joint venture between Placer Dome (51%), Bema (24%) and Arizona Star Resource Corp. (25%). Bid for Arizona Star On December 20, 2004, Bema announced that it intends to make an offer to all Arizona Star Resource Corp. ("Arizona Star") shareholders to exchange each Arizona Star share for 1.85 shares of Bema. The offer valued Arizona Star at CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $7.01 per common share based on that day's closing price and represented a premium of 33% based on the 20 day moving average trading share prices for both companies at the time of the offer. Bema currently owns approximately 5% of the common shares of Arizona Star. Gold forward and Option Contracts The Company reduced the number of outstanding gold forward and contingent forward contracts by 92,325 ounces in 2004. The Company intends to deliver into all of the outstanding Julietta forward contracts on the designated maturity dates out to 2006.
2005 2006 2007 2008-2012
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Gold
Forward contracts (ounces) 38,550 43,350 - -
Average price per ounce $ 341 $ 319 $ - $ -
Dollar denominated -
Put options purchased
$290 strike price (ounces) 26,364 23,790 21,342 38,646
$390 to $422 strike price
(ounces) 49,000 68,000 68,000 38,500
Rand ("ZAR") denominated -
Put options purchased
(ounces) 103,914 - - -
Average price per ounce
(ZAR) 3,100 - - -
Average price per ounce
(U.S.)(1) $ 552 $ - $ - $ -
Call options sold (ounces) 57,000 59,000 59,000 33,000
Average price per ounce $ 467 $ 464 $ 464 $ 466
Contingent forwards (maximum)
$320 strike price
(ounces) 10,000 - - -
$350 strike price
(ounces) 34,500 36,000 36,000 132,000
Silver
Forward contracts (ounces) 200,000 - - -
Average price per ounce $ 6.23 $ - $ - $ -
Put options purchased
(ounces) 600,000 600,000 - -
Average price per ounce $ 6.34 $ 6.34 $ - $ -
Call options sold (ounces) 600,000 600,000 - -
Average price per ounce $ 7.65 $ 7.65 $ - $ -
(1) Based on 5.6153 rand to one U.S. dollar, being the closing rate
at December 31, 2004.
The mark-to-market value of the Company's off balance sheet gold hedge contracts as at December 31, 2004 was negative $2.2 million. Outlook Bema's projected gold production in 2005 is approximately 309,000 ounces at an estimated operating cash cost of $295 per ounce (1)(2) and a total cash cost of $312 per ounce(1)(2). This would represent a 35% increase over the number of ounces produced in 2004 and a 6% decrease in total operating cost per ounce. The main reason for the increase in production is the recommencement Re`com`mence´ment n. 1. A commencement made anew. Noun 1. recommencement - beginning again resumption of operations at the 50% owned Refugio Mine and an estimated 18% increase in production at the Petrex Mines. In 2006, Bema's consolidated production is projected to increase further and operating costs to decline, as the Refugio Mine records a full year of gold production. At Kupol the majority of supplies for the 2005 exploration and development work have been shipped to the seaports This is a list of the world's seaports: Atlantic Ocean
Organization of a nation's armed forces for active military service in time of war or other national emergency. It includes recruiting and training, building military bases and training camps, and procuring and distributing weapons, ammunition, uniforms, of that material to site along winter roads is underway. The 2005 Kupol development program has commenced and Bema has received permits for preliminary construction, which includes, roads and site earth works. In addition, a 45,000 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, drill program is planned to further infill drill the resource and continue exploration drilling to further test the ultimate potential of the Kupol deposit. Bema is earning a 75% interest in the Kupol Project from the Government of Chukotka. Through the development of the Kupol deposit and the continued advancement of the Cerro Casale project by Placer Dome Inc. Bema is one of the world's fastest growing gold mining companies with a goal of producing over 1 million ounces by 2008. (1) Net of silver credits at Julietta assuming a $6.50 per ounce spot price (2) Based on a 6.5 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. conversion rate, a $400 per ounce spot gold price and accounting for any potential gains from the 2005 rand gold put option program. A Quality Control Program ("QC") has been designed in concert with an independent consultant to meet or exceed the requirements of N1 43-101. This QC program includes the use of certified See certification. standard reference samples, coarse field blank material and duplicate DUPLICATE. The double of anything. 2. It is usually applied to agreements, letters, receipts, and the like, when two originals are made of either of them. Each copy has the same effect. sampling. Tom Garagan, Vice President of Exploration, is the Qualified Person for Bema Gold Corporation. For more detailed information on the Kupol Mineral Resource estimate please refer to the "Kupol Mineral Resource" section. On Behalf of BEMA GOLD CORPORATION Clive T. Johnson, Chairman, C.E.O., & President Kupol Mineral Resource QA/QC QA/QC Quality Assurance/Quality Control on Assay and Logged Database The Kupol QA/QC program used to monitor the accuracy of the assay database was managed by Bema's Qualified Person Tom Garagan and was audited by Smee and Associates, who found it to be compliant with 43-101 regulations. The lithology li·thol·o·gy n. 1. The gross physical character of a rock or rock formation. 2. The microscopic study, description, and classification of rock. database was verified ver·i·fy tr.v. ver·i·fied, ver·i·fy·ing, ver·i·fies 1. To prove the truth of by presentation of evidence or testimony; substantiate. 2. by redundant checks against original and quick log information. Methodology Used to Estimate the Kupol Resource The construction of the Resource Model was performed using Datamine software by Bema personnel and several contractors. The process of building the resource model was overseen by Susan Meister (Resource Modeling consultant) and Ken Brisebois (AMEC, Principle Geostatistician). The resource was estimated from a three-dimensional block model, which was created by interpreting the vein, stockwork zone, dyke and faults on east-west trending vertical cross sections and reconciling the interpretations on levels. Three-dimensional solids (wireframe An umbrella term for a general outline of some structure. For example, the rough design of Web pages may be called wireframes. See wireframe modeling. ) models were built from the interpretations and were the basis for coding the block model. Within the vein and stockwork interpretation, 1.5-metre composites were created from the assay intervals. To best represent the high and lower grade portions of the vein, an indicator variable was created using the intensity of sulfosalts and Au grade. Variograms were run on composites for the indicator variable in addition to Au and Ag within the high-grade portion and Au and Ag within the lower grade portion of the vein. The indicator (high-sulfosalt) variable, high-grade Au, low-grade Au, high-grade Ag and low-grade Ag were estimated with four passes of ordinary kriging, using 15 search orientations from south-to-north that match the local strike and dip Strike and dip refer to the orientation or attitude of a geologic feature. The strike of a stratum or planar feature is a line representing the intersection of that feature with the horizontal. of the vein. Each of the passes was used to control the amount of data mixing with consideration given to the drill hole spacing. The whole block grade for vein was calculated using the kriged indicator to weight the high and low grade kriged estimates. The formula used in this calculation was determined by visual inspection of the block grades relative to the drill hole and trench trench: see ocean. data, comparison of the average grade at a zero cutoff to the average of the declustered composites and comparison of profiles of kriged versus nearest neighbor See point sampling. results by northing north·ing n. 1. The difference in latitude between two positions as a result of a movement to the north. 2. Progress toward the north. Northward, that is, from bottom to top, reading of grid values on a map. and elevation elevation, vertical distance from a datum plane, usually mean sea level to a point above the earth. Often used synonymously with altitude, elevation is the height on the earth's surface and altitude, the height in space above the surface. . An in-situ dry density of 2.48 tonnes per cubic metre Noun 1. cubic metre - a metric unit of volume or capacity equal to 1000 liters cubic meter, kiloliter, kilolitre metric capacity unit - a capacity unit defined in metric terms was used for 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. calculations. This is based on 543 vein samples collected from throughout the deposit. These were tested at site using the wax-coated density technique as specified in ASTM ASTM abbr. American Society for Testing and Materials standard C914-95 (reapproved 1999). Checks made on the model include a comparison of the kriged estimate to the nearest neighbor (block polygon polygon, closed plane figure bounded by straight line segments as sides. A polygon is convex if any two points inside the polygon can be connected by a line segment that does not intersect any side. If a side is intersected, the polygon is called concave. ) models and to the declustered composites. The effect of edge (contact) dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. and ore loss will be assessed in a mining study that is in progress. Visual checks of the block grades relative to the drill hole and trench data were completed in detail on cross sections and levels on the computer screen. Resource Classification Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature have been categorized cat·e·go·rize tr.v. cat·e·go·rized, cat·e·go·riz·ing, cat·e·go·riz·es To put into a category or categories; classify. cat using the classification of the Canadian Institute of Mining, Metallurgy and Petroleum The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) is a technical society of professionals in the Canadian minerals, metals, materials and energy industries. It was founded in 1898. In 2006, the organization had 12,000 national members. (2000), relevant definitions being quoted below. This classification is the basis for Technical Reports by Qualified Persons in Canada, and the classification is virtually the same as that of the JORC JORC Joint Ore Reserves Committee code (Australia), SME (1) (Small and Medium-sized Enterprise) See SMB. (2) (Subject Matter Expert) An individual who is well-versed in the policies and procedures of a particular department or division. guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. (USA), SAMREC SAMREC South African Mineral Resource Committee (South Africa) and that of the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community . The CIM (1) (Computer-Integrated Manufacturing) Integrating office/accounting functions with automated factory systems. Point of sale, billing, machine tool scheduling and supply ordering are part of CIM. Mineral Resource Definitions state that an Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shapes and physical characteristics can be estimated with a level of confidence sufficient to allow appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced close-enough for 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. and grade continuity to be assumed. Mineral resources under NI 43-101 must show a reasonable chance of economic viability however are not mineral reserves and do not have demonstrated economic viability. An Inferred Mineral Resource can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified geological and grade continuity. The estimate is based on limited information from locations such as outcrops, trenches, pits, workings and drill holes. Due to the uncertainty which may attach to Inferred Mineral Resources, it cannot be assumed that all or part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. At Kupol, Indicated and Inferred Resources were defined by reviewing grade and mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. vein width on east/west trending cross sections and on a vertical longitudinal lon·gi·tu·di·nal adj. Running in the direction of the long axis of the body or any of its parts. projection. Indicated Mineral Resources are estimated where drill holes or trenches intersect In a relational database, to match two files and produce a third file with records that are common in both. For example, intersecting an American file and a programmer file would yield American programmers. the vein(s) at an approximate 50-metre spacing. Eighty-three percent of the Indicated Resource is supported by approximately 25x50-metre drill hole spacing. Projection of Indicated Resources is limited to 25 metres down-dip in the vein and 12.5 to 25 metres along strike. Within Indicated Resources, the vein structure is continuous, although the vein thickness may be affected locally by faulting and dikes. The grade appears continuous from hole to hole; this continuity has been confirmed by 141 trenches spaced at 4- to 5-metre intervals and 27 trenches at 10-metre intervals across the outcrop of the vein. Additionally, 63 close spaced drill holes were completed in Big Bend and South Zones, which confirm the grade and vein continuity. The average spacing of the detailed drilling is 10-metres along strike and 5 to 10-metres down dip. Inferred Mineral Resources are estimated down dip and along strike from Indicated Resources in areas that have been drilled on an approximate 100-metre spacing. Projection distances have been limited to within 100 m of a drill hole. Metal-at-Risk (Capping Levels) The Mineral Resource is risk-adjusted with an average 5.8% metal reduction in the 25x50-metre spaced drill area (within Indicated Resource), 11.3% metal reduction in the 50x50-metre spaced drill area (within Indicated Resource) and 3.7% metal reduction in Inferred Resource. These approximately correspond to reductions of 5.8, 12.2 and 5% targets developed by Dr. Parker and Mr. Brisebois. The risk-adjustment accounts for a large portion of the gold being represented by a relatively small proportion of samples having very high grades. Blocks in the three-dimensional block model with gold grades greater than 8 g/t were adjusted downward by factoring the indicator to attain the metal reduction suggested by the metal-at-risk analysis. Risk Adjustment (Description of Methodology) Precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. deposits have skewed skewed curve of a usually unimodal distribution with one tail drawn out more than the other and the median will lie above or below the mean. skewed Epidemiology adjective Referring to an asymmetrical distribution of a population or of data grade distributions. Skewed grade distributions have the property that a small proportion of samples can represent a disproportionately dis·pro·por·tion·ate adj. Out of proportion, as in size, shape, or amount. dis  pro·por large amount of metal. The limited
number of these samples can introduce significant uncertainty into a
resource estimate. It is a common practice to cut the grades of very
high-grade samples, restrict their projection distance or to adjust
resource models to mitigate mit·i·gatev. To moderate in force or intensity. mit i·gation n. risk.In many precious metals deposits, Kupol included, the highest grade samples are scattered Scattered Used for listed equity securities. Unconcentrated buy or sell interest. and discontinuous discontinuous /dis·con·tin·u·ous/ (dis?kon-tin´u-us) 1. interrupted; intermittent; marked by breaks. 2. discrete; separate. 3. lacking logical order or coherence. at the exploration drill-hole spacing. The number of high-grade samples intersected can vary 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 positioning of the drill holes, and it is impossible to know in advance which positions would give the most accurate estimate of the amount of high-grade metal actually present. The uncertainty related to the amount of high-grade metal can be evaluated using a Monte Carlo simulation Monte Carlo Simulation A problem solving technique used to approximate the probability of certain outcomes by running multiple trial runs, called simulations, using random variables. technique developed by Mineral Resources Development/AMEC that has been applied over a 14-year period. This method simulates re-drilling the deposit 1000 times and notes the variation in the amount of high-grade metal present in annual or global production increments. The 20th percentile percentile, n the number in a frequency distribution below which a certain percentage of fees will fall. E.g., the ninetieth percentile is the number that divides the distribution of fees into the lower 90% and the upper 10%, or that fee level of the simulated metal contents is added to the metal content represented by the remaining samples to give a risk-adjusted metal content. The difference between total metal content and risk-adjusted metal content is termed metal at risk. Theoretically, in four periods out of five, the mine should do better than the estimate; however there is additional and largely unquantifiable uncertainty related to how representative the assay distribution input is to the simulation. The appropriate time-period for Indicated Resources is annual, as Indicated Resources will be used to prepare annual production schedules as part of scoping and feasibility studies. For Inferred Resources, there is inadequate information to support annual planning; therefore a global time-period is used. The method has advantages over other top-cutting methods in that it takes into account 1) the data density, and 2) the volumes used for production scheduling. As the data density is increased, the amount of metal at risk declines; longer production increments will have less risk than shorter ones. 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 gold production, costs of production, drilling and development programs, financings and the proposed bid for Arizona Star. 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, 2003, which has been filed with the Securities and Exchange Commission, and the Company's Renewal Annual Information Form for the year ended December 31, 2003, 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 December 31
(Unaudited)
(in thousands of United States dollars,
except shares and per share amounts)
Fourth Quarter Twelve Months
2004 2003 2004 2003
-------- --------- -------- ---------
(Restated) (Restated)
GOLD REVENUE $ 26,445 $ 26,716 $ 92,133 $ 86,817
-------- --------- -------- ---------
EXPENSES
Operating costs 25,567 22,292 85,365 69,110
Depreciation and depletion 6,910 5,614 20,231 17,909
Refugio re-start of
operations 3,158 (57) 6,354 682
Julietta warehouse
fire loss 521 - 2,321 -
Other 1,441 736 4,528 2,041
-------- --------- -------- ---------
37,597 28,585 118,799 89,742
-------- --------- -------- ---------
MINE OPERATING LOSS 11,152 1,869 26,666 2,925
-------- --------- -------- ---------
OTHER EXPENSES (INCOME)
General and
administrative 2,003 1,437 8,901 7,125
Interest and
financing costs (255) 2,109 7,251 6,662
General exploration 915 137 1,593 340
Stock-based compensation 1,185 1,188 4,980 3,147
Foreign exchange
loss (gains) 2,090 (2,163) 3,311 (1,747)
Other (375) (181) (690) (133)
-------- --------- -------- ---------
5,563 2,527 25,346 15,394
-------- --------- -------- ---------
LOSS BEFORE THE
UNDERNOTED ITEMS 16,715 4,396 52,012 18,319
Write-down of
mineral properties 3,957 720 12,484 720
Write-off of goodwill 27,344 - 27,344 -
Realized derivative
(gains) (930) (172) (16,895) (2,362)
Unrealized derivative
losses (gains) (660) 13,494 6,087 7,481
Equity in losses of
associated companies 40 41 272 94
Investment losses (gains) (1,308) (54) (1,706) 45
-------- --------- -------- ---------
LOSS BEFORE INCOME TAXES 45,158 18,425 79,598 24,297
Current income
taxes (recovery) (1,170) 4,215 (678) 5,024
Future income
taxes (recovery) 661 (2,488) 695 1,255
-------- --------- -------- ---------
LOSS FOR THE PERIOD $ 44,649 $ 20,152 $ 79,615 $ 30,576
-------- --------- -------- ---------
-------- --------- -------- ---------
LOSS PER COMMON SHARE
- basic and diluted $ 0.12 $ 0.06 $ 0.22 $ 0.09
-------- --------- -------- ---------
-------- --------- -------- ---------
Weighted average number
of common shares
outstanding
(in thousands) 382,888 352,851 364,788 323,475
-------- --------- -------- ---------
-------- --------- -------- ---------
BEMA GOLD CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the periods ended December 31
(Unaudited)
(in thousands of United States dollars)
Fourth Quarter Twelve Months
2004 2003 2004 2003
-------- -------- -------- ---------
(Restated) (Restated)
OPERATING ACTIVITIES
Loss for the period $(44,649) $(20,152) $(79,615) $ (30,576)
Non-cash charges (credits)
Depreciation and depletion 6,910 5,614 20,231 17,909
Amortization of deferred
financing costs (242) 427 1,809 1,707
Accretion of Convertible
Notes (1,245) - 1,345 -
Accretion of asset
retirement obligations 370 376 1,477 1,340
Equity in losses of
associated companies 40 41 272 94
Derivative instruments (1,971) 14,169 5,195 10,565
Investment losses (gains) (1,308) (54) (1,706) 45
Future income tax expense
(recovery) 661 (2,488) 695 1,255
Stock-based compensation 1,185 1,188 4,980 3,147
Write-off of goodwill 27,344 - 27,344 -
Write-down of mineral
properties 3,957 720 12,484 720
Other 3,953 (696) 2,548 293
Change in non-cash
working capital (1,208) (1,145) (4,935) 1,629
-------- -------- -------- ---------
(6,203) (2,000) (7,876) 8,128
-------- -------- -------- ---------
FINANCING ACTIVITIES
Common shares issued,
net of issue costs 104,863 3,037 115,130 58,714
Subsidiary shares issued,
net of issue costs 3,046 - 3,046 -
Convertible loan,
net of issue costs (69) - 66,534 -
Kupol bridge financing 8,000 - 46,000 -
Julietta project
loan repayment - - (16,750) (11,167)
Petrex loan repayments (11,870) (1,500) (14,870) (8,000)
Capital lease repayments (540) - (770) -
Other (273) (218) (1,950) (450)
-------- -------- -------- ---------
103,157 1,319 196,370 39,097
-------- -------- -------- ---------
INVESTING ACTIVITIES
Julietta Mine (1,738) (615) (3,222) (1,441)
Julietta Mine exploration (1,397) (1,040) (6,456) (2,372)
Petrex Mines (1,385) (1,480) (7,454) (6,947)
Petrex exploration 61 (443) (1,415) (646)
Refugio exploration
and construction (6,291) (447) (20,019) (2,981)
Kupol exploration and
development (32,114) (27,996) (82,331) (35,920)
Acquisition, exploration
and development (1,444) (1,034) (7,010) (6,275)
Investment purchases - - (3,059) (869)
Acquisition of EAGC
Ventures Corp.,
net cash acquired - - - 6,742
Sale of EAGC special
warrants - - - 16,935
Other 477 (609) (699) (108)
-------- -------- -------- ---------
(43,831) (33,664) (131,665) (33,882)
-------- -------- -------- ---------
Effect of exchange
rate changes on cash
and cash equivalents (465) 78 (491) 772
-------- -------- -------- ---------
Increase (decrease) in
cash and cash equivalents 52,658 (34,267) 56,338 14,115
Cash and cash equivalents,
beginning of period 34,453 65,040 30,773 16,658
-------- -------- -------- ---------
Cash and cash equivalents,
end of period $ 87,111 $ 30,773 $ 87,111 $ 30,773
-------- -------- -------- ---------
-------- -------- -------- ---------
BEMA GOLD CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands of United States dollars)
As at As at
December 31 December 31
2004 2003
ASSETS
Current
Cash and cash equivalents $ 87,111 $ 30,773
Accounts receivable 8,019 5,754
Marketable securities
(Market value - $13.8 million;
December 31, 2003 - $12.1 million) 3,554 3,567
Inventories 16,113 14,932
Other 6,827 4,845
----------- -----------
121,624 59,871
Investments 5,593 2,706
Property, plant and equipment 418,883 304,044
Goodwill - 27,344
Unrealized fair value of derivatives 13,761 20,792
Deferred derivative losses 6,718 3,965
Future income tax assets 5,100 -
Other assets 21,374 14,206
----------- -----------
$ 593,053 $ 432,928
----------- -----------
----------- -----------
LIABILITIES
Current
Accounts payable $ 32,250 $ 23,292
Current portion of long-term debt 3,730 45,864
----------- -----------
35,980 69,156
Unrealized fair value of derivatives 49,299 48,382
Long-term debt 129,937 7,084
Future income tax liabilities 24,321 15,320
Asset retirement obligations 17,418 15,380
Other liabilities 664 3,465
Non-controlling interest 2,587 830
----------- -----------
260,206 159,617
----------- -----------
SHAREHOLDERS' EQUITY
Capital stock
Issued - 400,498,902 common shares
(December 31, 2003 - 355,688,190) 557,365 441,309
Value assigned to share purchase warrants
and stock options 19,060 14,814
Convertible debt 18,849 -
Deficit (262,427) (182,812)
----------- -----------
332,847 273,311
----------- -----------
$ 593,053 $ 432,928
----------- -----------
----------- -----------
Approved by the Directors
"Clive T. Johnson" "Robert J. Gayton"
Clive T. Johnson Robert J. Gayton
The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. neither approves nor disapproves the information contained in this News Release. Bema Gold Corporation (TSX:BGO) (AMEX:BGO) (AIM:BAU) |
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