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Bema Gold Corporation Announces 2002 First Quarter Results
VANCOUVER, May 22, 2002 /PRNewswire-FirstCall via COMTEX/ -- Bema Gold Corporation ("Bema" or the "Company") reports results from its operations for the first quarter ended March 31, 2002.
The Julietta Mine
The Julietta Mine, owned 79% by Bema, is projected to be one of the world's lowest cost producing gold mines. In the first quarter of 2002, while continuing to ramp up to full capacity, the mine produced 22,717 ounces of gold at operating cash costs of $130 per ounce and total cash costs of $173 per ounce. These operating costs will decrease as the mine reaches full scale production. The Company has identified minor mill modifications, currently underway, which will bring the mill to full scale production averaging 400 tonnes per day yielding approximately 10,000 ounces per month by mid year. In the first four years, Julietta is projected to produce an average of 100,000 ounces of gold and 1.7 million ounces of silver per year at total cash costs, net of silver credits, estimated at $100 per ounce. Underground exploration drilling is being carried out on a regular basis with the costs already included in the total operating cash costs and a detailed surface drill program has commenced to further define the full potential of the Julietta property.
The Refugio Mine
Cia Minera Maricunga ("CMM") Bema 50%, Kinross 50%
In the first quarter of 2002 the company's share of production at Refugio was 6,564 ounces with operating cash costs of $116 per ounce and total cash costs of $123 per ounce. The low gold price throughout 2001 and the requirement for capital to build more leach pads in the latter half of 2001 prompted Bema and Kinross to agree to cease mining at Refugio, effective June 1, 2001, and commence residual leaching as the mining activities were placed on care and maintenance. Bema and Kinross have agreed that if at any time the gold price rises to $325 per ounce then utilizing the parameters set out in the current Life of Mine Operating Plan, CMM will develop a plan to recommence operations which must meet or exceed certain pre-established criteria. Based on the improvement in the performance of the mine in 2001, Bema's management fully expects the Refugio Mine operations to start up again once gold has reached and sustained a price of approximately $325 per ounce. In full production, Refugio is designed to crush and process 32,000 tonnes of ore per day and produce 230,000 ounces of gold per year at cash costs of approximately $220 per ounce.
All dollar amounts are expressed in United States dollars unless otherwise noted.
On behalf of BEMA GOLD CORPORATION
"Clive T. Johnson"
Chairman, C.E.O., & President
For more information on Bema Gold please contact Investor Relations at (604) 681-8371 or toll-free 1-800-316-8855 or alternatively contact our web- site at www.bema.com.
The Toronto Stock Exchanges neither approves nor disapproves the information contained in this News Release, Bema Gold Corporation trades on The Toronto and American stock exchanges. Symbol: BGO.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
BEMA GOLD CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands of United States dollars)
As at As at
March 31 December 31
2002 2001
(unaudited) (audited)
ASSETS
Current
Cash and cash equivalents $ 2,744 $ 4,133
Accounts receivable 3,251 2,529
Marketable securities 2,562 2,352
Inventories 8,354 6,405
Other 433 147
---------- ----------
17,344 15,566
Investments 2,508 2,525
Property, plant and equipment 146,885 149,160
Other assets 14,346 15,341
---------- ----------
$ 181,083 $ 182,592
---------- ----------
---------- ----------
LIABILITIES
Current
Accounts payable $ 4,097 $ 5,426
Current portion of long-term debt 14,668 9,584
---------- ----------
18,765 15,010
Deferred revenue 100 103
Long-term debt 28,507 33,910
Other liabilities 4,010 3,937
---------- ----------
51,382 52,960
---------- ----------
SHAREHOLDERS' EQUITY
Capital stock 266,615 265,080
Convertible debt, net of costs 13,844 13,697
Deficit (150,758) (149,145)
---------- ----------
129,701 129,632
---------- ----------
$ 181,083 $ 182,592
---------- ----------
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Approved by the Directors
"Clive T. Johnson" "R. Stuart Angus"
------------------ -----------------
Clive T. Johnson R. Stuart Angus
BEMA GOLD CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended March 31
(Unaudited)
(in thousands of United States dollars,
except shares and per share amounts)
2002 2001
---- ----
GOLD REVENUE $ 9,073 $ 7,827
---------- ----------
EXPENSES (INCOME)
Operating costs 4,564 6,276
Depreciation and depletion 2,892 2,046
Other 64 73
---------- ----------
7,520 8,395
---------- ----------
OPERATING EARNINGS (LOSS) 1,553 (568)
---------- ----------
OTHER EXPENSES (INCOME)
General and administrative 658 664
Interest on long-term debt 1,186 329
Amortization of deferred financing
costs 993 645
General exploration 59 145
Other 327 206
---------- ----------
3,223 1,989
---------- ----------
LOSS BEFORE THE UNDERNOTED ITEMS 1,670 2,557
Equity in losses of associated companies 17 50
Investment (gains) losses (221) 303
---------- ----------
NET LOSS FOR THE PERIOD $ 1,466 $ 2,910
---------- ----------
---------- ----------
NET LOSS PER COMMON SHARE -
basic and diluted $ 0.01 $ 0.02
---------- ----------
---------- ----------
Weighted average number of common shares
outstanding (in thousands) 186,182 162,966
---------- ----------
---------- ----------
BEMA GOLD CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended March 31
(Unaudited)
(in thousands of United States dollars)
2002 2001
---- ----
OPERATING ACTIVITIES
Loss for the period $ (1,466) $ (2,910)
Non-cash charges (credits)
Depreciation and depletion 2,892 2,046
Amortization of deferred
financing costs 993 645
Equity in losses of associated
companies 17 21
Amortization of deferred revenue (3) (928)
Investment (gains) losses (221) 303
Other 291 230
-----------------------------
Cash provided by (used in) operating
activities 2,503 (593)
Change in non-cash working capital (1,908) 2,493
-----------------------------
Cash provided by operating activities
after changes in non-cash working
capital 595 1,900
-----------------------------
FINANCING ACTIVITIES
Common shares issued, net of issue
costs 1,467 -
Julietta project loans - 3,600
Refugio loan repayments (500) -
Deferred financing costs - (585)
Capital lease repayments - (224)
Other - (54)
-----------------------------
Cash provided by financing activities 967 2,737
-----------------------------
INVESTING ACTIVITIES
Refugio Mine - (12)
Julietta development and construction (2,435) (4,346)
Acquisition, exploration and
development (469) (250)
Promissory notes issued by associated
companies, net (28) (21)
Proceeds on sale of investments and
marketable securities 9 -
Proceeds from the sale of notes
receivable - 1,000
Other (6) 71
-----------------------------
Cash used in investing activities (2,929) (3,558)
-----------------------------
Effect of exchange rate changes on
cash and cash equivalents (22) (8)
-----------------------------
Increase (decrease) in cash and cash
equivalents (1,389) 1,071
Cash and cash equivalents, beginning
of period 4,133 3,223
-----------------------------
Cash and cash equivalents, end of period $ 2,744 $ 4,294
-----------------------------
-----------------------------
Operating Statistics
For the periods ended March 31
(Unaudited)
First Quarter
2002 2001
---- ----
Julietta Mine (100%)
Gold Production (ounces) 22,717
Operating cash cost per ounce $130
Total cash cost per ounce $173
Gold sales (ounces) 22,335
Average price received per ounce $309
Refugio Mine (50%)
Gold production (ounces) 6,564 25,760
Operating cash cost per ounce $116 $230
Total cash cost per ounce $123 $236
Gold sales (ounces) 7,568 26,168
Average price received per ounce $287 $299
Bema Consolidated
Gold production (ounces) 29,281 25,760
Operating cash cost per ounce $127 $230
Total cash cost per ounce $162 $236
Gold sales (ounces) 29,903 26,168
Average price received per ounce $303 $299
Average spot price per ounce $290 $264
SOURCE Bema Gold Corporation
CONTACT: Investor Relations at 604-681-8371 or toll-free 1-800-316-8855
or alternatively contact our web-site at www.bema.com;
To request a free copy of this organization's annual report, please go to
newswire.ca and click on reports@cnw.
(BGO. BGO)
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