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To: The Street who wrote (76839)	9/18/2001 8:58:34 AM
From: c.hinton	Read Replies (2) \| Respond to of 116753

How would God want us to respond to this test?

To: The Street who wrote (76839)	9/18/2001 12:13:11 PM
From: long-gone	Respond to of 116753

BEMA GOLD CORP - Julietta Mine, Magadan, Russia - Production Commences Ahead of - Schedule/Revised Development Plan Increases Projected Production -------------------------------------------------------------------------------- Story Filed: Tuesday, September 18, 2001 7:27 AM EST Toronto, Ontario, Sep 18, 2001 (Market News Publishing via COMTEX) -- Bema Gold Corporation ("Bema" or the "Company") and 79% owned Russian subsidiary Omsukchansk Mining and Geological Company ("OMGC") are pleased to announce that gold and silver production has commenced at the Julietta Mine more than two months ahead of schedule. In addition, a Revised Mine Development Plan has been completed that significantly increases projected production in the first few years of the mine life. Ore processing began on September 7th and mill commissioning is well underway. Over 3,400 metres of pre-production development drifting has been completed to access the main ore zones and approximately 8,000 tonnes of high grade ore have been stockpiled. The mill is scheduled to reach its projected average daily throughput by the end of September. Based on the Revised Mine Development Plan, the operation is now scheduled to mine and mill an average of 400 tonnes of ore per day, (an increase from the original plan of 350 tonnes per day), containing an average grade of 24.7 grams of gold and 407.5 grams of silver per tonne for the first four years. The new development plan optimizes cash flow from the operation by scheduling the most profitable ore in the early years of the mine life. In the first year of production the Julietta Mine is projected to produce over 140,000 ounces of gold and approximately 2.4 million ounces of silver, with cash operating costs per ounce of gold, net of silver credits, estimated at $25 per ounce and total cash cost per ounce of gold estimated at $70. (x) This represents a 31% increase in the first year's gold production from the previously announced development plan projections. Over the first four years of production the new plan estimates average annual production of approximately 100,000 ounces of gold and 1.7 million ounces of silver. Cash operating costs per ounce of gold, net of silver credits, are estimated to average approximately $56 per ounce and total cash costs per ounce of gold are estimated at $100. (x) Beyond the initial four years of mineable reserves, the Julietta Mine has an inferred resource that could add an additional four years to the mine life. In addition the potential to add to reserves and resources is excellent as many of the existing veins remain open along strike and at depth. Underground drilling to upgrade the resource and further explore the veins will commence shortly. The Julietta Mine reserves and resources are located in a small portion (an area measuring one kilometre by two kilometres) of the property's 225 square kilometre area. Several unexplored high grade showings have been discovered on the remainder of the property indicating the potential for more gold and silver vein deposits. The Julietta Mine development cost estimated at $45 million, was financed by a US$10 million equity contribution from Bema, a $25 million project loan from Hypo Vereinsbank AG and Standard Bank Limited and a $10 million project loan from the International Finance Corporation (a division of the World Bank). Based on the improved cash flows generated by the Revised Development Plan, the $35 million Project Loans would be repaid within 20 months. (assuming a gold price of $285 per ounce) Construction of the camp and mill facilities have been under the direction of Orocon Inc. of North Vancouver as general contractor. Bema personnel have been responsible for tailings pond construction and underground development drifting. The Julietta Mine has employed approximately 430 people during construction and now employs 320 people at the mine site and in the city of Magadan. The project has benefited from a highly skilled Russian workforce which makes up 94% of employees. A key factor in the successful development of the Julietta Mine has been the strong working relationship between Bema and it's Russian joint venture partners (21% owners of OMGC and the original discoverers of Julietta). In addition the financing and development of the mine would not have been possible without the ongoing support of the Magadan Government and the Russian federal administration. All dollar amounts are expressed in United States dollars unless otherwise noted. On behalf of BEMA GOLD CORPORATION "Clive T. Johnson" Chairman, C.E.O., & President (x)Operating Cash Costs, calculated in accordance with the Gold Institute Standard - includes direct mining and mine development expenses less silver by-product credits. Total cash costs, calculated in accordance with the Gold Institute Standard - includes direct mining expenses, mine development expenses, smelting and refining charges, transportation and selling expenses, royalties and production taxes, less silver by-product credits. Silver by-product credits based on a value of $4.50 per ounce. 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. CONTACT: TEL: (604) 681-8371 Bema Gold Investor Relations Toll-free 1-800-316-8855 INET : www.bema.com URL: www.bema.com MarketbyFax(tm) - To get the NEWS as it happens, call (604) 689-3041. (C) 2001 Market News Publishing Inc. KEYWORD: Toronto, Ontario Copyright © 2001, Market News Publishing, all rights reserved.