This looks like continued good news to me. ----------
Friday June 28, 8:04 pm Eastern Time --- Bema Gold Sees More Acquisitions, Exploration In Russia
VANCOUVER -(Dow Jones)- Bema Gold Corp. plans to do further exploration drilling on the property around its 79% owned Julietta gold mine in Russia , President, Chief Executive and Chairman Clive Johnson said at the annual meeting Friday.
The Vancouver -based gold producer has already been getting some "fantastic" drill results at Julietta and is confident it can convert resources to reserves, as well as find new gold reserves, he said.
The company is also close to making a new acquisition in Russia , where it is comfortable doing business, Johnson said. He didn't reveal further details.
In Canada , the company plans to release a resource estimate next week for its new Monument Bay joint-venture property in Manitoba , and will likely increase the current C$1.8-million exploration budget there, he said.
Bema has an option with Wolfden Resources Inc. (V.YWO) to earn up to 70% of the Monument Bay property, located about 350 miles northeast of Winnipeg .
As for the company's assets in Chile - the 50%-owned Refugio mine and the 24%- owned Cerro Casale project - these "become much more significant" as the gold price strengthens Johnson told shareholders. "These aren't ounces that we have to find," he said.
Bema and partner Kinross Gold Corp. are discussing restarting the idle Refugio mine at a sustained gold price of $325 an ounce. Johnson said it could cost about $25 million to restart the mine.
If gold rises to $350 an ounce, the Cerro Casale project would be a "huge asset" for Bema as well, he said. Cerro Casale is owned 51% by Placer Dome Inc. (NYSE: PDG - News) and 25% by Arizona Star Resource Corp. (V.AZS).
The weakening U.S. dollar has been the biggest factor in the gold-price increase in the past six months, Johnson said. The second big influence boosting gold is investor skittishness toward U.S. equities after several major accounting scandals, he added.
Company Web Site: bema.com |
