not sure, but might this not help them get other materials out of the country? btw here's the web site for the Russian CB with their buy sell / prices - bit better than you recalled?
cbr.ru
Bema and Puma Complete East Pansky PGE Property Agreement Puma Closes CDN$2.4 Million Private Placement
VANCOUVER, Aug 28, 2002 /PRNewswire-FirstCall via COMTEX/ -- Bema Gold Corporation ("Bema" or the "Company") and Consolidated Puma Minerals ("Puma") are pleased to announce that they have completed an assignment agreement which will entitle Puma to earn up to a 90% interest in the East Pansky Platinum Palladium property located in the Kola Peninsula of Western Russia. Puma has also closed a non-brokered private placement for gross proceeds of CDN$ 2.4 million.
Bema has assigned all of its rights to earn up to a 90% interest in the East Pansky Project to Puma. In consideration, the Company will receive 4 million shares of Puma at a price of CDN$0.25 per share as reimbursement for a preliminary drill program initiated by Bema and expenditures related to the acquisition of the property. In addition, the assignment agreement provides for Puma to settle CDN$4,432,800 of accumulated debt owed to Bema by the issuance of 13 million common shares. Bema manages Puma's corporate affairs and, upon the closing of this agreement, owns approximately 64% of Puma's common shares.
Platinum group mineralization on the East Pansky Property occurs within sulphide bearing horizons (reefs) within a layered intrusion. The best zones identified, by the Russian operators are the northern reef of the Churazorski zone and southern reef of the Pechampak zone. Previous drilling has identified significant intersections of platinum group elements and gold in these zones. Exploration drilling has commenced in order to determine the extent of the northern reef in the Churazorski zone and the southern reef of the Pechampak zone.
Puma is also pleased to announce that it has closed a non-brokered private placement issuing 6 million shares at CDN$0.40 per share for gross proceeds of CDN$2.4 million. The proceeds from this private placement will be used for exploration on the East Pansky Property, working capital and general corporate purposes.
Puma is setting 1.5 million stock options at CDN$0.45 for directors, officers and employees.
On behalf of BEMA GOLD CORPORATION
"Clive T. Johnson"
Chairman, C.E.O., & President
On behalf of PUMA MINERALS CORP.
"Roger Richer"
President & Director
For further information on Bema Gold, Puma or the East Pansky Property 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 and the TSX Venture Exchange neither approves nor disapproves the information contained in this News Release, Bema Gold Corporation trades on The Toronto and American stock exchanges. Symbol: BGO. Consolidated Puma Minerals Corp. trades on the TSX Venture Exchange. Symbol: CPW.
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.
SOURCE Bema Gold Corporation
CONTACT: Bema Gold, Puma or the East Pansky Property Investor Relations
at 604-681-8371 or toll-free 1-800-316-8855 or alternatively contact our
web-site at www.bema.com; |
