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Gold/Mining/Energy : Bema(Bgo) and Arizona Star
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To: BAKE who wrote (10181)9/13/2000 11:32:49 AM
From: B. Dent  Read Replies (1) of 10482
 
What a total disgrace for Bema! They lose the bid for Bolivars assets to KRY the they they have to sell what is arguably their best development/exploration project to them. Placer must be laughing loudest when they see who Bema did a deal with considering the Las Christinas fiasco. According to Bema's past and current geologists, El Callao's known and potential resources is probably the best ground of any in the Guyana Shield. What do you think Newmont, Barrick and Teck are thinking of this as they have a real strong interest in this belt.

Let's see. Bema screws up the following: 1-Refugio (5 years of operating and not even close to hitting their forcasts); 2-Arizona Star (selling at +$15/share) and what ever happened to the 3 Amigos, Jotobeche et al,; 3- Quebrada; 4- Doing a deal with Equadorian Minerals admitting Bema's other assets aren't worthy or was it that Ecquadorian is run By Tony Williams(former Bema director and Arian Resources promoter and co-director with Clive on Southern Metals, Barry Rayment-Bema and Arizona Star and Southern Metals Director);5- Russia and even closing on the transaction without visiting the country; 6- $88 million exploration financing (what happened when only $47 million was spent on exploration); 7- US$20 million from Placer (what happened to Arizona Star's money?); 8- $35 million financing for exploration in South America after Arian deal done "we don't need any more money for Russia"; 9-the $1.0 million in the till of Victoria; 10- Huge overhead of management salaries and "bonuses"; 11- Bema taking care of El Callao shareholders as it El Callao is their best "project"!; 12- Investor Relations gets cut back then eliminated;
For all this Clive pays himself $450,000 a year! I hope he isn't doing any other stuff on shareholders time.
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