Bema Gold and Arizona Star - Deep Drilling Commences at Cerro Casale Deposit Aldebaran Property, Chile.VANCOUVER, British Columbia--(BUSINESS WIRE)--May 13, 1996--BEMA GOLD CORPORATION (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ,VSE See DOS/VSE. VSE - Virtual Storage Extended ,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) VSE:AZS) Arizona Star Resource Corp. ("Arizona Star") and Bema Gold Corporation ("Bema") announce that drilling has now started on three newly identified targets underlying the Cerro Casale oxide gold deposit on the Aldebaran Property (Arizona Star 51 percent/Bema 49 percent) in northern Chile. Currently there are two drills on the property, one reverse-circulation and one diamond drill, with two additional diamond drills expected over the next 2 to 3 weeks. Recent feasibility study drilling of the low grade surface oxide gold deposit at Cerro Casale encountered a high grade gold intercept of 138 feet of 0.52 oz/t gold. Duplicate metallic screen assays from this interval have shown a slightly higher grade of 0.58 oz/t gold over 138 feet. The style of 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. intersected in this hole is very different from that of the porphyry style mineralization found to date at Cerro Casale and bears closer resemblance to that seen at Barrick's rich El Indio Mine 120 miles south of Aldebaran. This feasibility drilling also found significant grades in a chalcocite chalcocite Sulfide mineral, Cu2S, that may be an important ore of copper. It belongs to a group of sulfide minerals formed at relatively low temperatures. Chalcocite alters to native copper and other copper minerals. blanket between 50 feet and 150 feet thick containing 1 percent to 1.5 percent copper. Furthermore, underneath the oxide zone, drilling encountered an unoxidized diorite diorite Medium- to coarse-grained igneous rock that commonly is composed of about two-thirds plagioclase feldspar and one-third dark-coloured minerals, such as hornblende or biotite. porphyry with grades of approximately 0.5 percent copper and 0.03 oz/t gold which could represent the upper portions of a large copper/gold porphyry body. This new drilling campaign will be directed towards better defining all three of these targets. It is planned to drill at least 40,000 feet over the next few months. The budgeted cost of this program is approximately $6 million. A private placement financing with gross proceeds of $3 million was announced by Arizona Star on April 18, 1996 which will fund the company's 51 percent cost of this program. Arizona Star and Bema, in conjunction with an independent engineering company, Mineral Resource Development Inc., are in the process of completing a final feasibility study on the Cerro Casale oxide gold deposit. It is expected that this feasibility study will be completed in August 1996 and it is anticipated that the study will demonstrate that Cerro Casale can be developed as an economically viable open-pit, heap leach gold mine producing between 130,000 and 200,000 ounces of gold per year. Bema is the largest shareholder of Arizona Star. Bema currently owns 30 percent of the company and manages its affairs. BEMA GOLD CORPORATION Roger T. Richer Secretary ARIZONA STAR RESOURCE CORP. Christine Fowler Secretary The Vancouver and Toronto Stock Exchanges neither approve nor disapprove of the information contained in this News Release. Bema Gold Corporation trades on the Vancouver, Toronto and American Stock Exchanges This is a list of American stock exchanges. Stock exchanges in Latin America (where Spanish and Portuguese prevail) use the term Bolsa de Valores, meaning 'bag' or 'purse' of 'values'. , symbol BGO. Arizona Star Resource Corp. trades on the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). , symbol AZS. CONTACT: Bema Gold Corporation John Anderson, 604/681-8371 604/681-6209 (FAX) |
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