Bema Enters Into Agreement to Acquire High Grade Gold and Silver Project in Russia
VANCOUVER, Oct 29, 2002 /PRNewswire-FirstCall via COMTEX/ -- Bema Gold Corporation ("Bema or the "Company") is pleased to announce that it entered into a letter agreement with the government of the Chukotka, an autonomous Okrug, in North East Russia to acquire up to a 75% interest in the high grade Kupol gold and silver project.
The Kupol project hosts a large epithermal gold and silver vein system that is up to 30 metres wide with significant values over a true width of up to 15 metres.
The vein system has been defined by a Russian operator using geological mapping, diamond drilling, trenching, geochemistry and geophysics over 4 kilometers of strike length and remains open along strike and at depth.
Approximately 35 trenches have been completed over 3 kilometers of strike length with several high grade intercepts occurring along an 1800 metre section including, 183.4 g/t gold and 2557.5 g/t silver over 11.8 metres in trench K-16 and 154.8 g/t gold and 548.8 g/t silver over 9 metres in trench K- 34.
Examples of significant trenching results are as follows:
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Trench No. From (m) To (m) Width (m) Gold g/t Silver g/t
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K-04(x) 60 70 10 58.4 530.0
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K-13 21.8 24.6 2.8 70.1 176.2
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K-12 5.2 16.6 11.4 13.0 147.5
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K-29(x) 37 44 7.0 23.5 160.7
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K-26(x) 27 30.9 3.9 28.0 102.4
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K-10(x) 57.2 61 3.8 20.3 124.7
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K-10(x) 76.5 84.0 7.5 11.3 111.7
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K-03 32.4 35.6 3.2 129.2 517.2
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K-01 38.8 50.8 12 30.7 329
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PL-49S(x) 4.0 56.04 259.9
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K-16 25.5 37.3 11.8 183.4 2557
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K-33(x) 10.8 14.0 3.2 23.4 114.6
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K-17 66.5 73.8 7.3 37.2 343.4
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K-34(x) 17.0 26.0 9.0 154.8 548.8
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K-18 106.6 109.9 3.3 16.2 103.0
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K-19 35.2 44.1 8.9 16.8 113.8
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K-20 77.3 83.5 6.2 18.2 147.0
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(x)Sampled and assayed by Bema, supervised by Tom Garagan, VP Exploration
Results have also been received from 20 diamond drill holes (approximately 2500 metres) that have been drilled along 400 meters of strike length within the zone to a maximum depth of 140 metres. Several holes returned high grade gold and silver intercepts including drill hole C-5 which reported 51.6 g/t gold and 530.9 g/t silver over 41.3 metres (true width 15 metres). Examples of significant drill results are as follows:
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Drill Hole From (m) To (m) Interval (m) Gold g/t Silver g/t
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C-14 30.8 37.1 6.3 32.2 206.7
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C-07 47.2 64.4 17.2 13.2 125.8
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C-02 77.5 84.1 6.6 85.3 704.4
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C-02 95.1 97.8 2.7 31.3 143.6
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C-05 153.7 195.0 41.3 51.6 530.9
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C-33 67.1 68.2 1.1 33.0 52.0
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C-34 147.8 177.0 29.2 16.0 340.1
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The Russian company that carried out the exploration work has calculated a C-1/C-2 reserve of 780,000 tonnes containing 835,000 ounces of gold and 9,350,000 ounces of silver with an average grade of 33.3 g/t gold and 372.8 g/t silver. The reserve was calculated from a 400 metre section of the vein strike length to a maximum depth of 100 metres and does not include many of the significant trench results. Bema's management believes that the Kupol property has the potential to host a multi million ounce high grade gold and silver deposit that could be exploited by both open pit and underground mining.
The Kupol project is located approximately 950 kilometers northeast of Bema's Julietta Mine and 200 kilometers east of the city of Bilibino. Access to the property is via dirt road and all terrain track in the summer and winter road for the remainder of the year or by helicopter from Bilibino.
Bema can acquire a 75% interest in the Kupol property through a series of payments and the completion of a feasibility study. Details of the agreement will be released upon completion of definitive documentation expected in November.
Bema intends to deliver camps, drill rigs and supplies to the Kupol site over the winter months and is planning an extensive trenching, drilling and metallurgical sampling program commencing in April 2003.
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.
SOURCE Bema Gold Corporation
CONTACT: Bema Gold 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.
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