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Gold/Mining/Energy : Bema(Bgo) and Arizona Star -- Ignore unavailable to you. Want to Upgrade?

To: Terry Swift who wrote (9931)	7/11/1999 11:47:00 AM
From: Syncrude	Respond to of 10482

Terry, I am not up-to-date on El Callao. Has a pre-feasibility or feasibility report been produced, or when is one due? What do they have so far? Thanks in advance.

To: Terry Swift who wrote (9931)	7/16/1999 12:03:00 AM
From: DennyKrane	Read Replies (2) \| Respond to of 10482

Dow Jones Newswires -- July 15, 1999 Dow Jones Newswires Bema Gold Reports New Refugio Mine Production Estimate VANCOUVER -- Bema Gold Corp. (BGO) said it has received a new production estimate for the Refugio Mine from CMM, the mine's operator. In a news release, the company said the new estimate for 2000-2004 has gold production averaging more than 240,000 ounces annually, assuming a daily ore throughput of about 35,500 metric tons. Bema's share would be 120,000 ounces. It said that, commensurate with the projected increased gold production and improved operating efficiencies, operating cash costs are expected to average less than $220 an ounce of gold. It said these new production figures compare with 1999 forecasted production of about 30,000 tons a day of ore yielding about 210,000 ounces of gold, with Bema's 50% share being 105,000 ounces, at an average cash cost of about $240 an ounce. The new production estimate reflects improvements made to the Refugio Mine by Bema and its partner over the last 18 months, the implementation of self-mining and the installation of new, more powerful and efficient third stage crushers. It is expected that the full changeover to self mining and the installation of the new crushers will be completed by the end of the third quarter. The company said that as of June, Kinross Gold Corp. (KGO) is responsible for overseeing the daily operations at Refugio. Ownership of the mine will remain 50/50 between Bema and Kinross, and all material decisions affecting CMM and the Refugio Mine will continue on a joint basis. Bema said the decision to appoint Kinross to oversee the daily operations of the mine was based on increasing daily efficiencies by eliminating the joint operator format and to capitalize on Kinross' technical and operating expertise. Bema and Kinross are gold mining companies. Wendy Lampert; 416-306-2100