Not a bad series of news releases.
-- Monument Bay --
-- 2nd quarter results, not bad --
-- Puma news release --
-- BEMA SIGNS OPTION ON HIGH GRADE GOLD AND SILVER PROPERTY IN EL SALVADOR August 28, 2002 FOR IMMEDITATE RELEASE
Bema Gold Corporation ("Bema") is pleased to announce that it has signed a letter of intent with Intrepid Minerals Corporation ("Intrepid") for an option to earn up to 75% of the high grade Divisadero gold and silver property in El Salvador ("The Property").
The Divisadero property hosts the Carolina ore shoot, where mining prior to 1920, and again
for a limited time in the late 1970's, focused on a bonanza vein approximately 100 meters
long, averaging 8 meters wide, with reported grades of approximately 18 grams/tonne gold and
1080 grams/tonne silver.* Based on historic data as well as recent surface mapping and
sampling by Intrepid, Bema believes the Divisadero Property has the potential to host
multiple high grade vein targets as well as surface-mineable bulk tonnage stockwork zones.
The Property lies approximately 20 kilometers northeast of the city of San Miguel in the
lowland plateau of eastern El Salvador. It consists of a 12,500 hectare land position
covering an area of historical, shallow underground mines and prospects, mostly worked prior
to 1920. The area hosts a multiple vein swarm and associated stockwork zones within a
Tertiary volcanic package, transected by a northwest structural corridor 4 kilometers long
and up to 500 meters wide. Mineralization consists of variable to bonanza grade gold and
silver values within epithermal quartz veining of low-sulphidation character.
Under the terms of a two-stage agreement, Bema has the right to earn up to a 60% interest in
the Property through Stage 1 expenditures of US$2 million over 3 years, including a
guaranteed minimum program of 3500 meters of exploration drilling. Bema can then increase to
a 75% interest through an additional US$2 million of Stage 2 expenditures over the following
2 years. Should the Property host a drill inferred resource in excess of 2 million
gold-equivalent ounces at the conclusion of Stage 2, Intrepid retains the right to back in to
a 40% interest by funding ongoing expenditures of US$4 million.
Bema believes the Divisadero Property has excellent potential to host a high grade
gold-silver deposit. This target is consistent with Bema's objective to explore and develop
low cost gold reserves capable of producing strong cash flow at recent precious metals
prices.
Exploration work will commence immediately at Divisadero, with the objective of initiating a
diamond drill program in the fourth quarter of 2002.
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.
If we're not careful, we're going to make a profit.
:-) |
